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The Forum > Article Comments > Budget is good in some of its details, but can hardly be called 'tough' overall > Comments

Budget is good in some of its details, but can hardly be called 'tough' overall : Comments

By Saul Eslake, published 11/5/2011

From a micro-economic perspective, there is a lot to applaud in this budget.

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Swan and the treasury are leading Australians along with a carrot. They are saying that they will be in surplus within the next year. This is misleading as this means that they are simply saving more than they spend. The massive debt that they have, plus interest, will still be there.
Secondly, the savings are only illusory. These savings are based on the cuts made to future projected spending. This means that if the defence costs rise by $2 billion then the treasury will cut it, essentially giving no savings at all.
Very clever Mr. Swan... But perhaps not clever enough!
Posted by J W, Wednesday, 11 May 2011 12:18:44 PM
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Saul,

You said it all right here: "The net impact of all of the 'policy decisions' announced over the eight months up to an including last night's Budget is actually to increase the deficit by an average of $2.2bn per annum in 2010-11 and 2011-12"

and here:
"There was in fact no net reduction in government spending (abstracting from the $2 bn that the Government pulled out of its 'Contingency Reserve'); and the slight increases in the Budget surpluses in prospect for 2012-13 and 2013-14 are entirely attributable to tax increases."

The budget is basically a con based on churning money throught the coffers, and wealth redistribution (i.e.: buying votes from the bogans).

Simply more lies from a government who considers the rest of the populus to be stupid. Unfortunately they appear to be correct for the most part (they got back in didn't they?).

Nothing tough about it. They just can't help but spend on their little pet projects, and pork barrel ad infinitum.

Nice try Swan, but we're not all as dumb as you think.
Posted by Rechts, Wednesday, 11 May 2011 12:29:04 PM
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Did I get this right ?

"removing the low income tax offset for property income received by children"

Certainly a heroic effort to increase complexity.

We already have a low-income tax offset (why not just incorporate its effect in the regular income-based graduated tax scales?)

Now a certain sort of income received by a certain class of recipients is removed from this already unnecessarily complex feature of the tax system.

(Actually I can't even guess what it means to remove a certain class of income from a tax offset - but let's assume it actually means something with some sensible intention). Haven't they noticed that provisions as complex as this never have only the desired effect?
Posted by jeremy, Wednesday, 11 May 2011 2:59:57 PM
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http://www.smh.com.au/technology/biz-tech/how-google-australia-escapes-the-taxman-with-a-little-help-from-ireland-20110502-1e3os.html

If the Govt wants to get serious about the budget, they are clearly
going to have to hire a few brighter minds for their tax office.

Australian Corporations commonly pay heaps, the Australian public
do too. But if Google Australia earns 800 million and pays virtually
no tax, then leakage by overseas corporations is clearly huge!
Posted by Yabby, Wednesday, 11 May 2011 3:55:41 PM
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Was this budget some kind of joke? Mr Abbot and Costello Swan, seem to just love the whipping the slaves. Where are all these great emotions, that families are the important ones. See! What the Rich dont understand....we are the one's that make them rich:) If you want to play it One sided....so can we:) Now! Iam not going to get into a 350 word war, that The Greens " thats" US.....will have in the Big house:)

Dont you just love the balance of power....and balance is how to run a country.

Lets see what Bob brown does, when it comes to the crunch.

P/S....Australia is doing so well, and China holds 25%..exports future..Iam just about to faint, that the money generated in this country at this time.

Share the wealth! Well! where is the sharing?

LEAP
Posted by Quantumleap, Wednesday, 11 May 2011 9:13:22 PM
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Re the budget, the economy, the cost of living, the need to raise the commonwealths credit limit to 250 BILLION etc etc etc.

What would our future be if any combination of Gillard, Swan, Rudd, Wong, Brown, Oakeshot, Wilkie, Conroy, Roxon, Albanese, Garrett, Combet, Macklin or Ferguson just dropped dead, or perished in several accidents?

Australia would be well served by the death of several of these self serving ideological swine.

A terrible scenario you may say, a terrible thought given we have a democratic system that legally placed this enemy of the people government in power, but a thought I am warming to on a daily basis and as I see it the only solution to ridding Australia of this unrepresentative swill of a government.

The last ten Labor budgets, spread over the last fifty years has not had one budget in surplus, letís call that a Labor dozen, it mirrors their accounting style.

I am waiting for the next fed election but praying for the death of several Labor members of parliament or their rag tag supporters in the parliament.

I will add that I have never prayed for the death of another soul in my life, but I pray for the death of this enemy of my country or the individuals who make up the corium.
Posted by sonofgloin, Thursday, 12 May 2011 7:56:13 AM
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