12th May 2015
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Budget 2015/16 – what to expect

This year’s federal budget is expected to be far different to the ‘budget repair job’ of last year. Pension changes, new taxes to crackdown on multinational tax avoidance, GST on online sales, further cuts to foreign aid, cuts to health and company tax rate cuts for small businesses are just some of the expected announcements in tonight’s budget.

Announced on Thursday, plans to change the way in which pensions are indexed have been dumped and replaced by a proposal which will see wealthier pensioners lose their Age Pensions. The asset thresholds will be lowered and the pension taper rate changed. 170,000 pensioners with modest assets will be about $30 per fortnight better off.

The ‘engine room of the economy’, two million small businesses that employ over four million workers Australia-wide will benefit from a tax cut of at least 1.5% with the government hoping to win over this sector.

New legislation will be announced in this year’s budget to deal with 30 companies that are diverting profits offshore. Treasurer Joe Hockey has also announced plans to charge GST on transactions by companies such as Netflix and Amazon that provide online products such as television streaming services or the sale of ebooks.

Read more from www.abc.com.au
Read more from www.yourlifechoices.com.au

Soft budget following reality check

The Federal Budget being presented this evening is expected to be very different to the 2014/15 budget, which was labelled by some as the harshest budget in more than 20 years. After failing over the past year to push through the Senate several key policies that were introduced in the last budget, it’s no surprise that the government has back flipped on many unpopular issues, and has started to focus on the bigger picture.

Over the past three months, there has been a noticeable shift in the attitude of the government, away from targeting the poorest and most vulnerable, with a greater focus on boosting the economy. The large number of policies already announced suggesting that we aren’t in for many shocks. However, we can always still expect a few hidden surprises in the details.

One thing has been made crystal clear from all the talk surrounding the budget this year – don’t expect to see a budget surplus. In fact, if the figures from last week’s Deloitte Access Economics’ budget analysis are correct, we could be in for a $45 billion deficit due to flat wage growth and iron ore prices as low as $35 a tonne.

What are you wanting or expecting from this budget? Will the success of this budget keep Tony Abbott in power to contest the next election? Will it save the Treasurer Joe Hockey? Are you feeling more comfortable with the approach of the Federal Government compared to 12-months ago? 





    COMMENTS

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    Jurassicgeek
    12th May 2015
    10:11am
    the budget is just a legal way of saying "I want what you have and I'm going to take it"
    Anonymous
    12th May 2015
    11:17am
    Yes, Jurassicgeek. They couldn't get away with slugging the poor, so now they are attacking the lower to mid-range middle class - the workers and savers who have been hardest hit by falling investment returns. Now those who struggled to save will be worse in retirement of than anyone who didn't. Maybe their goal is to make us all spend like drunken sailors? They say they want to reduce the cost of aged pensions over time, but this latest move will increase the cost as it will push people who would otherwise have claimed a very small pension to spend their savings and need a full pension. But the good news is that the hard-working, frugal retirees who tried hard to save enough to fund their own retirement, but couldn't quite make it in a poor investment climate, will now generously sacrifice comfort in retirement to give more to the gamblers, drinkers, smokers, and others who enjoyed an extravagant lifestyle and now put their hands out for benefits. The Treasurer said a sincere thanks for this generosity. The beneficiaries of it are dancing in the street and claiming it's somehow ''fair'', and shouting that people should be happy to live on less than most pensioners get because it's ''good news for the poor''. And the Government is saying it's fine because they are only victimizing about 91,000 people. Well, that makes it okay then, doesn't it? Those 91,000 have suffered greater loss than anyone else in the community due to falling investment returns. Might as well finish them off completely. Just wipe out all their retirement plans altogether.
    MESSAGE TO YOUNG FOLK: Don't save for retirement! There is no benefit in being hard-working or frugal. It will all be taken from you later, and given to people who are, for the most part, far less deserving.
    MESSAGE TO RETIREES AND THOSE ABOUT TO RETIRE: If you've saved for retirement, go on a big spending spree now. Enjoy it while you can, because more of these unfair changes are coming, and you can be sure they will all victimize the savers.
    KSS
    12th May 2015
    12:22pm
    Not sure I entirely agree with you here Rainey. Its not quite that the Government is taking money off those with a modest saving, but more they expect them to spend it on what they saved it for - namely their retirement. However, as I said yesterday, I still think the proposed thresholds are too low.
    Stoker
    12th May 2015
    12:41pm
    Your right Jurassicgeek, or as Kevin07 said "I've got ya money and I'll spend it where and how I like".
    Reeper
    12th May 2015
    1:01pm
    The only thing missing from this post is either 'Proudly sponsored by the ALP and ACTU' or 'Australians for Anarchy'. Who do you expect to pay for the running of the country? It's easy to say the rich, but if you overload them they take their money and possibly their business overseas and you create unemployment. Fair shares does not mean because someone is able to earn double someones else they should pay more. Why! They won't get any better services, and in fact, will get less - certainly less than the dole bludgers who are the sweethearts of the ALP at present for their votes. Get real! National debts are debts of all Australians. How about paying back the $1000 you got for nothing, tax payer or not a couple of years ago!
    particolor
    12th May 2015
    1:42pm
    Gimme All Ya Money !!
    Ma Baker...
    TREBOR
    12th May 2015
    2:26pm
    Again - the idea was to spend the rewards generated from savings - not spend the savings themselves. I don't see a single politician in that position......

    No person should be compelled to spend the savings - when the revenue from those put-away for retirement savings drops below the level of pension - it should be made up by government to pension level. These same self-funders have paid levies for social security in their income tax all their lives as well as those who have little to nothing did, and are thus entitled to a part pension and benefits when their income falls below a certain level.

    To me - the idea is that it is the level of income from either or all that counts - not its nature and from where it is derived.
    TREBOR
    12th May 2015
    2:39pm
    Oh - and I think with 800,000+ unemployed and at least twice that under-employed - I think we can safely leave terms like 'dole bludger' behind for the foreseeable future. It's day, and that of all terms similar - is long gone from the Australian lexicon.

    These Social Security Recipients are receiving income support when there is no work for them.
    Bonny
    12th May 2015
    3:02pm
    Talking of unemployment a young fellow spoke to me this morning and said he had applied for a job a couple of months ago and they kept saying they would make a decision in a couple of days. He now tells me that they have decided not to employ anyone for the position. How many other employers are now having second thoughts?
    KSS
    12th May 2015
    3:35pm
    Bonny how does this man know they haven't already employed someone else? Or perhaps they just don't want him? There is not enough information here to make the judgment you are making.
    Bonny
    12th May 2015
    4:01pm
    The email clearly stated that they had decided to not offer the job. "We regret to inform you that we are unable to proceed with the recruitment of this vacancy"
    MICK
    12th May 2015
    9:38pm
    Reeper: I feel an election coming - soft soap before, vicious attacks on the poor and average citizens after.
    Sad that you again use this article to attack the previous government. As Rudd said during the last election "yes I was responsible for WWE. ..." so keep up the crap mate.
    The reality is that the rich expect to pay no tax and there are many tax minimization schemes set up for THE. The current super system has been one of the greatest rorts set up for the rich that we have ever seen. Even better than the Bottom of the Harbour Scheme.

    So maybe do something for the country Reeper, or whoever you are. Suggest changes which are fair and not destined to attack average citizens whilst the poor rort the pie. That is what a patriotic Australian would do.
    Supernan
    12th May 2015
    11:00am
    Sometimes I wonder how people expect to have Pulic Hospitals, Public Schools, Police & Emergency Services without there being any Taxation. The biggest problem is not Taxes but who pays, how much they pay & what the money is used for. Thats the real debate.

    For the first time ever, Social media & access to the Internet has allowed the middle income earners & the poor to have a voice & influence policy. There are more of us than there are rich people. So do yourself a favour, read the policies, read comments from all sides for & against the policies then you CAN make a difference.
    Reeper
    12th May 2015
    1:02pm
    Comments with sense...trouble is it isn't critical of the government so no one takes any notice!
    TREBOR
    12th May 2015
    2:28pm
    Wed ARE reading the thoughts and ideas on policies.... right here and elsewhere...when we decide is irrelevant.

    12th May 2015
    11:22am
    Where do idiots get the idea that a 65-year-old couple with $823,000 in savings to get them through the next 30 years of inflation are ''wealthy''? How stupid! Well, they won't be now. They will be worse off than pensioners until they erode their capital away and fall back below the new threshold, and ultimately they will cost the government MORE in pension costs over their retirement lifetime. At the same time, this cruel move that victimizes those who worked hard and saved carefully will discourage younger folk from saving for retirement. It sends a strong message: There's no benefit in being responsible and doing what successive governments have urged us to do. Those who spend like drunken sailors will be rewarded, and the savers will suffer. If you have more than $820,000 (or $550 for a single person), go spend it quickly! Enjoy it while you can.
    Tom Tank
    12th May 2015
    12:09pm
    Compared to the average retiree mate you are well off, perhaps not wealthy but certainly sitting nicely. You just don't know it compared to the rest of us.
    Radish
    12th May 2015
    4:07pm
    Living to 95 would not be the average. More like 20 years of retirement if you retired at 65 would be normal. I agree spend your money and enjoy it...that is what you worked for.
    Radish
    12th May 2015
    4:09pm
    Remember as you get older you dont spend as much anyway. Most would probably not be interested in travelling or have health issues which prevent it anyway.
    Sum1
    12th May 2015
    4:35pm
    Rainey...I guess saving for a rainy day has lost a little of its meaning with the new Super thresholds. Your comments are well founded but people like myself get around them. Upgrade your house to $1m plus...become the loan bank for your children before you are 65...$'$$$??????...
    Keep your Super at no more than $400000.
    Receive close to full pension $33,000 plus $20,000 draw down on a tax free Super Fund annuity plus other benefits...53000 pa tax free. This also comes with the valuable tag of now just being a battler and ergo no flack from the "forever needy" who always want the spoils but not the toils.
    TREBOR
    12th May 2015
    11:09pm
    I don;t know about you all - but I had heart troubles at 51 after a lifetime of extreme fitness (you may not ask), and just started the cancer scare at 65. Not a problem to me - I'll get through... but let's be honest.... 20 years after retiring at 65?

    School mates died at 58.. my brother at 59.... every week a list of people fall from the tree starting at around 48...... a gentleman I know turned 80 last week - the first man in his family to ever do so....

    How many actually do make it to 85?
    Adrianus
    14th May 2015
    7:29am
    Good plan Rainey! I'm not retiring until I have enough to last me 55 years. Just in case I outlive the previous oldest person in the world.
    Patriot
    12th May 2015
    12:08pm
    Soft Budget & Snap Election if we "Soften Up" to the currently Criminal & Intimidating regime.
    Just hope that we'll have a "More Sustained" memory and not FALL for the current lolly.

    Sad enough, who else is there to "Really be worth voting for".
    Which party which FAIRLY has the interest of ALL Australians in it's CrossHairs?
    particolor
    12th May 2015
    1:49pm
    :-) Do you really think there is an Honest answer to that question ?
    TREBOR
    12th May 2015
    2:31pm
    The Grey Panther Party..
    Patriot
    12th May 2015
    3:50pm
    particolor,
    NONE of the main ones and - with the system "set Up" as i currently is - the little/new/minor ones might be honest before they get in - but they'll soon succumb to the bribes from the Multinational Cartels.
    They "Simply Have NO Choice"!
    We MUST Introduce "Citizen's Referendum & Voters Veto" as a "People's Power mechanism" to 'KEEP THE BASTARDS HONEST" !!!
    particolor
    12th May 2015
    9:28pm
    Keeping the Bustard's Honest went the way of the DoDo !!
    TREBOR
    12th May 2015
    11:14pm
    The great truth about politicians is that no matter how honourable their intentions when seeking election, once elected, the easy money and easy lifestyle, as well as handling billions on a daily basis, immediately gull them into the false belief that everyone else has it so easy, and that a few dollars here and there mean nothing.

    On top of that they soon find out that they must toe the party line or cop it, and that to attain anything at all means having to compromise.

    Some greater man than I once wrote that the moment they are thus compromised, they are compromised in all ways.... or words to that effect.

    Thus we can expect very little from an elected politician. It could be argued that the lifestyle of a politician is geared to ensure their compliance and total lack of understanding of real issues.

    12th May 2015
    12:23pm
    Budget 2015: Expect little improvement, get even less.
    tiger
    12th May 2015
    1:05pm
    A modest asset I probably come just under that. Single Age pensioner 77years. Term deposit and a healthy savings account of which is too high. I have to spend some of it and buy a new BBQ this week.Senior homes fee $ 40 p/w, I own the equity. Pay all my bills on time and really want for nothing. I usually buy the best at Supermarkets. Not wealthy or well off but better off than most. Why doesn't the current Govt. see that common sense prevails. Co-payment gone, Indexation gone, Uni-education gone, and now I believe the 6 months wait for the dole has gone replaced in tonights Budget by something else. Why are not the Politician's taken a pay cut to help the bottom line of the budget. Why is it always the low, poor and pensioners targeted all the time. The Lib's have to go at the next Polls or sooner. They have learnt nothing from the last Buget and are still as Rude and arrogant as ever.
    particolor
    12th May 2015
    2:00pm
    I like Rude !! :-) My dictionary sais ... Impolte..Coarse..Vulgar..Primitive..Roughly Made.. Uneducated.. Sudden,Violent!!..:-) Yep !!
    Bonny
    12th May 2015
    2:58pm
    I expect anything other than as little pain as possible.
    Sum1
    12th May 2015
    4:52pm
    Tiger ...Who now picks up the tab for all the gones...Co-Payment...Uni fees...Pensions to CPI...6 month wait for unemployment. No not those poor old pensioners tiger....the poor old worker often single wage with children has to foot the bill...yes the one that doesn't understand why a Uni Student should be given a $50000 handout or why most citizens couldn't afford $7 to see a doctor. Why so many are happy to do nothing and live off the excesses other produce. Try for a little balance in your comments without the obvious bias.
    TREBOR
    12th May 2015
    11:20pm
    Incorrect sum1 - the tax system is far more comprehensive and all-encompassing than income tax, and every time a dollar is spent it incurs tax. Then when it is spent again it incurs tax.. and so on.

    EVERYBODY pays tax - the simple reality is that those with less pay less tax overall, but much more in proportion to earnings.

    So, NO - it is NOT the workers who will be funding these changes.... it is everyone who pays their fair share of tax.

    THAT is the biggest issue facing government at this time - who actually is paying their fair share of tax?
    TREBOR
    12th May 2015
    11:21pm
    So, NO - it is NOT the workers who will be funding these changes.... it is everyone who pays their fair share of tax.

    My apologies - I should add to that "and those who evade and avoid tax also contribute on a sliding scale depending on how much they can evade or avoid'.....

    Have to remain fair....
    Patriot
    13th May 2015
    7:55am
    Don't forget about the "Indirect Taxes" we ALL pay when we Purchase goods & Services.
    These could amount to an amazing 40 to 50%.
    Wstaton
    15th May 2015
    2:48pm
    It has been demonstrated often that it is not so much the tax take that is the problem it is the tax given away as concessions that is the problem. As has been demonstrated time and time again it is those that really don't need these concessions that mainly benefit.

    Why is it that these people or businesses are called the lifters yet need concessions to remain so.
    Adrianus
    15th May 2015
    3:12pm
    Well Wstaton you will be happy to know that the Super concession has just been watered down.
    Jen
    12th May 2015
    12:41pm
    No, I'm not feeling more comfortable with the government's softer approach because they've already shown what their agenda is, and they're only softening up the gullible for the next election. It's just more cunning on top of the manure.
    Patriot
    12th May 2015
    12:44pm
    Spot on Jen
    Wstaton
    15th May 2015
    2:50pm
    A neat way of putting it Jen.
    dougie
    12th May 2015
    1:01pm
    Read the Budget not the stupid or hysterical comments. Tomorrow is the day to make reasoned statements and comments as we will then be aware of what is actually in the budget.
    KSS
    12th May 2015
    1:02pm
    Agree Dougie!
    TREBOR
    12th May 2015
    2:32pm
    OK - we'll give 'em a fair trial and then we'll hang 'em slowly.
    Bonny
    12th May 2015
    2:57pm
    Agree it's all too suss for me.
    dougie
    12th May 2015
    3:26pm
    Trebor,
    Just watch out they may just hang you out to dry. Happy days!
    TREBOR
    12th May 2015
    3:31pm
    Ha ha - I doubt that.... they would be ill-advised to try.
    TREBOR
    12th May 2015
    3:33pm
    You're not suggesting we live in a country where dissidents can be gulaged, set up as criminals, and otherwise beaten up on without recourse to justice, truth or even Law, are you?

    Careful - you are skating very close to the truth there.......
    Patriot
    12th May 2015
    4:54pm
    TREBOR
    Sad enough - You're right!
    Wonga
    12th May 2015
    1:47pm
    I also think the thresholds are to low.Single part pension modest house with assets well below the current threshold.But come Jan 2017 I will lose the part pension.So I intend to sell my modest home and build a new home to bring under the new threshold.In the long run this will cost the government more.
    Sceptic
    12th May 2015
    3:56pm
    Wonga, don't you mean cost the people that are paying tax more? Every cent that is paid out in welfare payments comes out of current taxation or current borrowings and future taxation.
    Sum1
    12th May 2015
    4:59pm
    Sceptic...The evidence is that people don't mind paying more tax or increasing the welfare payments...if they did mind we would not endure Labor Governments.
    Mar
    12th May 2015
    2:59pm
    SPOT ON TREBOR!
    TREBOR
    12th May 2015
    3:07pm
    The bit about not being forced to spend your retirement savings and/or down-size your bought and paid for home?

    That's putting pensioners in the same bracket as unemployed people, who have to spend all before they can get assistance. Now Tony and Joey and Corrmit the Frog, and Morrie might think that a reasonable position - but they encouraged those people to save and also levied part of their income tax for retirement funding - they are as entitled as anyone else to have a top-up without selling their family jewels.

    It's stupid - they'll all end up on a pension anyway if this line is pursued.

    Better to give this lot (and their Opposition) time to re-write the speeches before tonight when they face the cameras....

    (oops - they don't like it - Amelia - where's that Plan B draft.....)
    TREBOR
    12th May 2015
    11:30pm
    I'm going to add this now - why should a person suddenly thrust onto unemployment also have to spend down every cent they have tried to save before getting assistance to live?

    They also pay into Social Security via levies on income tax - all their lives by now - and are entitled to a fair go at the support mechanism. You may argue that young people leaving school are not in that position - in that case when they find work they should not be levied for that proportion of income tax to support social security. I would also argue that since their parents paid into that scheme as a family unit, their children are entitled to draw on it in time of need.

    Anyone else rubbing hands in glee that Tone told us that the 'Age Of Entitlement' was over? Now we are all busily working out what are Rights and what are 'Entitlements', a term which has become skewed into something it never was to suit a political agenda.

    entitlement
    ?n?t??t(?)lm?nt/
    noun
    noun: entitlement; plural noun: entitlements

    the fact of having a right to something.
    "full entitlement to fees and maintenance should be offered"
    synonyms: right, prerogative, claim, title, licence; More
    permission, dispensation, privilege, liberty
    "their entitlement to social-security benefits"
    the amount to which a person has a right.
    "her annual leave entitlement"
    synonyms: allowance, allocation, allotment, quota, ration, grant, limit
    "your annual holiday entitlement"
    the belief that one is inherently deserving of privileges or special treatment.
    "no wonder your kids have a sense of entitlement"
    TREBOR
    12th May 2015
    11:39pm
    the belief that one is inherently deserving of privileges or special treatment.
    "no wonder your kids have a sense of entitlement"

    This is the part of the definition that ToJo cling to like a drowning sailor.

    Could someone explain to me how a pensioner or a person unemployed has any sense of expecting privileges or special treatment? What are these 'privileges' or 'special treatment' that these 'leaners' expect??

    They only ask for a return from the Bank of Social Security that they bought stocks in for years as a hedge against age and unemployment- when they need it.

    I think that pretty well ties it all up.
    cynic
    12th May 2015
    3:02pm
    Will there be enough money left over for us to pick another fight next year
    Mar
    12th May 2015
    3:11pm
    All I know is that in Tonight's Budget, the Pensioners will be the clear losers. Our taxes paved the way and grew this country and now we are still expected to pay.
    KSS
    12th May 2015
    3:39pm
    Good to see your crystal ball is working! Or is it the cards you are reading?
    Sum1
    12th May 2015
    5:02pm
    What a vacuous statement.
    particolor
    12th May 2015
    9:33pm
    I just smelled Cigar Smoke !! Not Celebrating again Surely ? :-(
    And I think You paid for it too Mar !!
    Adrianus
    14th May 2015
    7:21am
    Turns out the pensioners are the winners. Those who can afford to live full time on a cruise ship at the taxpayers expense are the losers.
    HappySoul
    12th May 2015
    3:28pm
    A the present time, until tonight, we do not know what is in the budget, with a few exceptions and by some of the comments here it is glaringly obvious that it doesn't matter what this this Government did, the whingers would still whinge incessantly because of their "I am owed mentality".
    Get real and face the facts - this country has a massive debt that is still growing because of the Labor and Greens alliance locking so much debt into the future.

    Rainey - you are ill informed. Drunken sailors stop spending when they run out of money so it the aim of this Government is to make you spend in that fashion then you have nothing to worry about. Now if it was a Labor government encouraging you to spend in the same fashion, you would be in real trouble as they continue to spend when the treasury has no money. They just borrow it and so mortgage the future of our children, grandchildren and future generations.
    Jen
    12th May 2015
    3:50pm
    Here we go again. If we see through the manure this government puts out, or disagree with a point, we're in the "I am owed mentality." When nothing could be further from the truth. It's you, HappySoul, who should "get real and face the facts." You've been well and truly duped.
    Sceptic
    12th May 2015
    4:02pm
    Just re-read the posts Jen and then try to deny there is a preponderance of "I am owed."
    Patriot
    12th May 2015
    4:35pm
    Sceptic
    We have paid TAXES towards our "Retirement Kiddy" for many years.
    Taxes were increased when Age pension was Introduced to be Preserved in its "Own Fund" in order to be able to dispense if/when we got to retirement age.
    So, YES, we are owed --- Or was this all so a B*llSh*t MASSIVE LIE at that time ????
    Jen
    12th May 2015
    4:45pm
    You may see it that way Sceptic. But I don't. That's just a cop out. The people disagree, give them a nasty brand. That's the way of the Liberal Party. I read a quote from Noam Chomsky today and it says it all. "As long as the general population is passive, apathetic, diverted to consumerism or hatred of the vulnerable, then the powerful can do as they please, and those who survive will be left to contemplate the outcome."
    Patriot
    12th May 2015
    4:51pm
    Noam is a brilliant man.
    He's getting old - as we all are - and it will be a "SAD DAY FOR THE FUTURE of a FREE WORLD" the day he departs this life!
    Sum1
    12th May 2015
    5:25pm
    Coalition of the ABC, Environmental Extremists, Feminists, Gays, Government Workers, Union Members, Indigenous, The Media, uninformed young people, the "forever needy," the chronically unemployed, disability fraudsters, illegal's aliens and other "fellow travellers" have ended Australia the lucky country.
    Patriot
    12th May 2015
    5:46pm
    Sum1
    You forgot the International Bankers & Corporations.
    Just must have slipped your mind ?!?!?!?!
    Sum1
    12th May 2015
    7:21pm
    A great deal of the things I enjoy most in life are provided because of reliable and trustworthy Banking System and by large Corporations. I love my O/s trip each year ( Azamara cruises), I love my new car (Honda CR-V) love my 65" smart TV.(Panasonic), love my new house on the lakefront (Scott Salisbury) love my computer and laptop (Apple) love all the latest mod cons plus the surveillance technology in my house. Big Corporations have given me all the comforts I desire from all the hard yards I put in. Sorry patriot for the oversight in not mentioning these wonderful corporations before.
    Patriot
    12th May 2015
    9:21pm
    Sum1,
    You're obviously very "well to do" and therefore can afford to be very arrogant about your lifestyle.
    Many of us have not been so lucky, smart, or whatever you want to call it!
    We are NOT BLINDED to the evils the International Bankers and the Multinational Corporations are inflicting upon our "layer of existence".
    I now can - very well - understand where you're coming from!
    Thanks for clearing that up.
    Young Simmo
    12th May 2015
    3:29pm
    I haven't actually heard much news today, but while walking past the Telly I heard something about waiting 6 months to get the dole.
    Can somebody please enlighten me to exactly what was said.
    I mean Hateful Hockey saying 60 year olds have to get a job, seems to make that rule worse than telling the Muslims to read the bible.
    KSS
    12th May 2015
    3:40pm
    Waiting 6 months for the dole was one of the proposals last year and was meant to apply to school leavers. It was never passed in the Senate.
    Young Simmo
    12th May 2015
    3:43pm
    Thanks KSS, that sounds a whole lot more palatable.
    Bonny
    12th May 2015
    4:08pm
    Also young people can't get the dole straight away if they have any assets such as a car or cash so they either don't save or hide their assets. On the other hand financial institutions want to see savings history so it's a no win situation for them too now.
    Patriot
    12th May 2015
    4:38pm
    Bonny,
    It is now a "No Win" situation for "The Common People" who are not in the position of privilege!!!
    ONLY ELITE NEED APPLY !!!
    Wstaton
    15th May 2015
    3:01pm
    I guess then a youngster divesting his car asset then does not have the ability to travel to some interviews in order to try and get a job.
    Wstaton
    15th May 2015
    3:01pm
    I guess then a youngster divesting his car asset then does not have the ability to travel to some interviews in order to try and get a job.
    Captain
    12th May 2015
    5:17pm
    I decided when I was about that I would not rely on the Government to look after me when I turned 65 so started saving for my future. I was an apprentice then and also decided that I should educate myself (not at public expense).

    So 45 years later and 5 years into retirement I thought that we (my wife and I) would at least receive some kind of discount on gas elect rego and land rates but no we get nothing.

    We never expected any pension, did not want any, but there should at least be some kind of discount on the above for all our hard work for over a combined 90 years.

    As for advising you people not to save for their that is a load of rubbish. For those under 40 their super should support them when they retire, so encourage them to save and not spend everything.
    Bonny
    12th May 2015
    7:24pm
    I did the same but when we turned 55 we both decided that we could retire and why not access our super as well so our super fund no longer had to pay any tax. So years later super fund earns more than we take out and grows a bit more very year. No discounts on rates etc. Do have a seniors card that funny enough seems to give me more discounts when I travel interstate.

    I would still advise people to save as there becomes a time when previous financial disasters start to become inconveniences. One can now weather being out of a job for awhile etc.

    Would I save on in super? Answer is NO. I would only put the minimum required into super as the rules will change many times before retirement and heaven forbid if super is ever nationalised you don't want all your wealth tied up in it. So invest elsewhere and pay a bit more tax with any other savings.

    If you don't know about super being nationalised then basically what would happen is that on reaching retirement age one would be required to invest in an annuity based on their life expectancy. Anything leftover in your super upon your death would go into general revenue to help pays others retirement income. Scary stuff indeed.
    Captain
    12th May 2015
    8:33pm
    Oops left out "when I was about 19".

    Superannuation is a good way to save for the future as it is difficult to get out funds before you are 55 (currently) and over the long term, compound interest does the rest.

    What really needs to happen is to educate our young in financial matters. I explained the wonders of compound interest to our son when he was 4, at age 5 he asked me to explain it again. He is now 30, owns 1 investment property, is buying his own home and looking at a second investment property. I suppose some will think he is taking advantage of negative gearing but I say good luck to him.

    Also a SMSF is a vehicle for moving super funds into your children's accounts as you can have 4 people in the fund.
    Chris B T
    12th May 2015
    8:46pm
    A Low Income Card (Centrelink) or a State Government Seniors card can get you most of the utilities, rego for 1, council rates depend on different councils requirements some have a 10 year existing paying and living in area, pension only.
    Just ask next time you pay rates.
    Low Income Card gives similar to Health Card from Centerlink.
    May help.
    TREBOR
    12th May 2015
    11:01pm
    Captain - I have to agree with you. Just because you are self-funded doesn't mean you should miss out on the benefits that should accrue to a pensioner. You've paid your levies for decades into Social Security via income tax.

    The ONLY criteria for not receiving PBS and all the other goodies is if your income from assets is above a certain amount - not just that you are self-funded and thus deserve no consideration.

    All should be on a level playing field there, and on the same income sliding scale, meaning that if I am a pensioner with a job (I am) my extra income reduces pension when it is above a certain amount.... same calculation should apply to self-fundeds.

    On top of that - the savings accrued should not have to be spent - the whole issue of super etc was supposed to make people pension-proof. Why should those who are pension-proof, then fall below that income level (pension) temporarily due to low interest rates etc - not receive a top-up and retain their saved assets for when the rates go up and they rise above pension again?

    To do otherwise is to condemn people to spend their assets to get a pension, and when that occurs - they will be on pension for life.

    Defeats the whole purpose.

    I'll be in Cambella tomorrow - what would you like me to say to ToJo?
    Patriot
    13th May 2015
    7:58am
    Get Marsupialised - Get "Roo-Ted!!!!!" The Lot of them
    Not Senile Yet!
    12th May 2015
    9:16pm
    The Present Government is not Broke!!!
    They have told a big Porky to one and ALL!!!
    Yes they have a deficit ....but no it is not enormous....but probably less than every tax paying adult!!!
    We have larger deficits simply because we count on an income producing wage...which we have to work for.....where as the Government's income comes from everything that moves....through GST,Fuel,Tobacco,Alcohol,Gambling etc...and tax on wages!!
    This has not shrunk but increased at a higher and faster rate than our wages!!
    So too has the population increased...ie more workers!!!
    So why are they saying they are Broke???? or Not balancing OUR Budget???
    It is because they are Overspending through over-subsidising Big Companies with OUR tax Dollars!!!
    Further to that Both Party Political Leaders are prepared to cut back only by attacking Seniors or Medicare or other outgoing expenditure by stating this is their Largest Expenditure!!!
    Another Lie!!!
    They are spending 50 Billion on War Aircraft bought from the USA!
    They refuse to disclose how much is spent on Defence or Stopping the Boats....which amounts to MORE than what they will save in cutting Pension entitlements!!!
    Both Parties agreed to RAID the Pensioner Reserve Fund (Paid by higher tax on Baby Boomers) in the 90's and refused to replace it!!!
    We have 30 Million People NOT 300Million.....we pay the highest rate of Tax in the world for WAGE Earners and the LEAST amount for Company Taxes when tax exemptions are applied!!!
    It is the Retired and the Baby Boomers that are soon to retire that paid for every Road, Every Power Station, Dams, Bridges, Parks,Hospitals & Schools(be it private or Public) and all this was done before Tolls!!! The retired need to be cared for NOT PUNISHED with penalty Legislation for Savings that were already taxed!!!
    Those who think that this Government Policy is Ok ....need a brain transplant....because yours id full of Party Propergander!!!
    The idea that ur either Black or White....is a smug....and full of divide and Conquer Mentality.....and ignorance!!!
    Between the Back and the White lie the majority who are a multitude of different shades of Grey....for a multitude of reasons!!!
    To label everyone into Lifters or Leaners is pure ignorance...nothing else!!
    A society that pays $100 a day to feed & house it's Criminals whilst paying Less to those who have worked 40/45 years of their life and paid taxes whilst obeying the Law....needs to question what the Hell they are Doing?????
    The Politicians that propose buying 50Billion worth of Planes and then screwing their Old Aged.....needs to be sent to oblivion!!!
    The Grey Army of Baby Boomers will not take this Government or Any Government Lightly.....their Lies will cost them!!!!
    Unless that is .....Demetia and Oldtimers ....prevent them from remembering!!!!!
    Adrianus
    14th May 2015
    7:41am
    Good News!!! The Budget came in at a $41b deficit which is $7b lower than Labor's handover Budget deficit of $48b and rising.
    Bill Shorten is whinging that the Budget is heading in the wrong direction. I assume he wants a much larger deficit.
    It would appear the government has stopped the Labor runaway train wreck from occurring for now.
    What I would like to see from Abbott is more Leadership.
    He should be shouting out "I'm steering this ship around. Who's with me? Who else will stand up for this country?!"
    Wstaton
    15th May 2015
    3:10pm
    Seems similar to profit shifting to me.
    bookwyrm
    16th May 2015
    3:45pm
    I would trust a rabid dog more than this government. Has anyone else noticed Australia has gone into a recession since these sharks got into power? They want Australia to be like the dysfunctional USA, where you get $7 or $8 to work, if you don‘t have health insurance you can just die, and there is no welfare state so if you don‘t have a job and somewhere to live, you end up on the streets. A real paradise!
    Jen
    16th May 2015
    4:25pm
    Absolutely bookwyrm. I couldn't agree more.
    Young Simmo
    16th May 2015
    5:05pm
    I am just so thrilled and happy with the big lift us pensioners are getting from the new budget. Instead of buying a new electric kettle in 2017, we will be able to get one next year.


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