Treasurer Scott Morrison’s third Federal Budget contained few surprises, given the orchestrated leaking of its contents in the weeks prior.
In his 4pm press conference, Mr Morrison supported the Budget tagline, ‘A plan for a stronger economy’, emphasising the decrease in net debt in recent years and the projected return to surplus in Budget 2019-20.
The cornerstone of this Budget is income tax cuts in the low and middle-wage brackets, with a seven-year plan to reduce income tax rates and thus prevent bracket creep, which Mr Morrison believes is a disincentive to earn more.
Budget 2018-19 has also been called a ‘Baby Boomer budget’, but this is lazy shorthand for a handful of initiatives that do little to address the widening gap between the ‘haves’ and ‘have nots’ in retirement in modern day Australia.
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