Government delivers bad budget news in MYEFO report

MYEFO shows deficits will blow out by $10 billion over the next four years.

Government delivers bad budget news in MYEFO report

The release of the Mid-Year Economic and Fiscal Outlook (MYEFO) yesterday revealed that the Federal Budget deficit will increase by over $10 billion in the next four years, but the Government still maintains it will return to surplus in 2020/21.

Two-and-a-half years ago, former treasurer Joe Hockey claimed that the Coalition could return the budget to surplus by 2018/19. Now Mr Morrison says we won’t have that luxury for another two years beyond Mr Hockey’s projection.

Yesterday, Mr Morrison confirmed budget deficits of $36.5 billion for 2016/17 and $28.7 billion in 2017/18. In effect, the 2017/18 deficit will be six times larger than what was predicted by Mr Hockey.

The Government blames low wage growth and low non-mining company profits for the deficit blow out.

But the real failing seems to be a lack of income tax receipts, which are down by $3.7 billion this year and are estimated to be $30.7 billion lower over the next four years.

Cuts to welfare spending, as well as the scrapping of Tony Abbott-era policies, such as the Green Army program, child-care subsidies and the Assets Recycling Scheme and the shelving of the marriage plebiscite means the budget for this financial year shrunk by $600 million from $37.1 billion to $36.5 billion.

The Government also plans to save around $123.6 million over four years by scrapping the pension supplement for Australians who live overseas or have been out of the country for at least six weeks.

The abolition of these measures may be the reason the Government scraped through credit assessments to maintain our AAA credit rating, although Standard & Poor’s said it remains pessimistic about the Government’s ability to return the budget to surplus in the predicted timeframe.

Other key points about MYEFO:

  • net debt as a proportion of GDP will peak at 19 per cent in 2018/19
  • a Commonwealth penalty unit (used to describe the amount payable for fines under commonwealth laws) will increase by $30, from $180 to $210, which is expected to raise $90 million by 2019/20
  • changes to the superannuation system will save around $3 billion over the next four years
  • $21 billion of the Coalition's $40 billion proposed savings have passed Parliament since the July election.

MYEFO also revealed that, although many Australians will be asked to tighten their belts, our politicians will not, with between $35.8 million and $47.5 million over four years to be shared between MPs for extra staff, offices and parking.

There will also be $1.6 million put towards policing the ‘black economy’, tax avoidance and welfare fraud.

The Government has been called out for its perceived mismanagement of the budget, with Shadow Treasurer Chris Bowen saying the Coalition should adopt Labor’s proposed changes to negative gearing and capital gains tax and end corporate tax cuts.

On the other hand, Mr Morrison thinks corporate tax cuts are exactly what we need to stimulate economic growth.

"One of the important things that we need to see in the economy going forward is increased investment," said Mr Morrison.

The Australian Chamber of Commerce and Industry (ACCI) is also urging Labor and some crossbenchers to cease opposing the tax cut.

"They do need to happen, we can't afford not to do it," said ACCI's Jenny Lambert. "We are now 22nd in the competitiveness of the world economically, we need to improve our competitiveness and we need to make sure that company tax is one of those issues that all the political parties see the common sense with."

Regardless, if the Government can’t see its way back to surplus, Mr Morrison risks being the first treasurer in 30 years to have the nation’s credit rating downgraded during his tenure.

Read more at abc.net.au

What do you think of the job Mr Morrison has done so far? How will the scrapping of the pension supplement affect you? Do you think that slashing benefits for those who need them most is the way back to surplus? Is it time Mr Morrison accepted responsibility for his work instead of pointing the finger elsewhere? Has the Coalition delivered on its ‘Growth and Jobs’ mantra?

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    COMMENTS

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    MICK
    20th Dec 2016
    10:25am
    Come on Leon. You are missing the game plan.
    1. The Abbott and Turnbull governments promised to get the budget back into surplus. When they got into office they opened up the flood gates and now NEVER talk about the size of the deficit and how much it has grown since they got into office.
    2. All the BS about not opposing cuts and new taxes misses the point that the rich are getting tax cuts at the same time this government is crowing about having to get the budget back in the black.

    We are seeing class warfare in full swing. This lot are doing their best to send the nation's money to their rich constituents and at the same time squeeze the rest of Australians and impose new taxes on them.

    This is not a government. It is a rich man's cartel behaving like a dictatorship. It wishes!
    Rae
    20th Dec 2016
    2:20pm
    Servants of the plutocracy behave like this MICK. After all they need that extra $40 million to make things better for them.

    We will never have a budget surplus but we will have increasing poverty and bankruptcy.

    The IMF plan for privatisations to enrich their clients and austerity of the commons to pay for it is progressing nicely.
    Reeper
    20th Dec 2016
    10:33am
    Errr, do I detect the usual Marxist crap coming through in the reporting? The budget news was BETTER than predicted and Australia's AAA rating is unlikely to be affected.
    The ALP must be livid that the MYEFO did not meet with their hopes for a disaster - remember, much of the debt still lies with Rudd/Gillard/Rudd and that is fiscal fact.
    Of course the usual non-coms are talking about class war and the Lefty drivel which nothing in their comments supports them. Get a life people; the economy is a direct result of us wanting more and more and being used as a political tool by the Left to discredit the government.
    Slimmer Cat
    20th Dec 2016
    10:45am
    It would have been a very unhappy Bill Shorten and Company when the AAA credit rating was not cut yesterday.
    MICK
    20th Dec 2016
    10:51am
    Maybe mention something called the GFC and how many Australians lost their jobs (nil) as well as the amount of debt which has been put on the ticker by Abbott and Turnbull. Of course these are inconvenient facts to be avoided as you go on the 'leftie' rant.

    It never ceases to amaze me how narrow a focus the trolls have as they seek to blame the problems on everybody other than themselves.

    Let the $50 BILLION in tax cuts for the rich proceed. Budget emergency anybody?

    Finally, the economy is indeed partly due to people wanting more and top end greed is leading the way.
    mIKER
    20th Dec 2016
    10:57am
    Anyone who thinks that Labor would have been happy to see the country lose its AAA rating obviously doesn't have a clue about economics or fiscal policy.
    The loss of the rating would increase the cost of borrowing money that directly impacts on the projects promoted by labor like better public transport, hospitals and schools.

    So the last thing they would want to see the rating hard won by Wayne Swan lost by the ineptitude of the present incumbents.
    MICK
    20th Dec 2016
    11:06am
    I have no idea of what Labor would do mIKER but I do know Labor was pushed into office as the GFC hit. FUnny that. It then tried to keep Australians in a job which in turn created debt.
    I would think Labor and the Greens would go after corporate tax evading crooks and the rich, including Turnbull, who have the hide to call themselves 'Australians' whilst not paying the going tax rate because of their (contrived) tax shelter fiddles which allow them an out. Labor has also stated it would modify the Negative Gearing rules .
    The above two measures would create a surplus the likes of which has never been seen without cannibalising workers, the tool of choice from this government.
    Adrianus
    20th Dec 2016
    11:37am
    Reeper, I agree, there were a few disappointed that we managed to keep the AAA rating from all agencies. Some of those ratings agencies pointed to a negative in the Government unable to get legislation through the parliament. At least the unions have a little to cheer about there. Guess they will be back slapping and high fiving throughout the holiday. :(
    Rae
    20th Dec 2016
    2:27pm
    There are unions left? Bet there are more right wing think tanks than unions these days judging by that median wage of $43000 and that $3.3billion non payment of worker's superannuation.

    What was it las count 11 workers out of 100 in a union. Most of them working for the government to boot where you need the legal to negotiate pay and protect from vicious legal suites.

    unions are a lost cause these days of serve yourself everything.
    Adrianus
    20th Dec 2016
    2:36pm
    Rae they have moved into politics. AND still collect fees.
    Retired Knowall
    20th Dec 2016
    4:20pm
    Maybe mention something called the GFC and how many Australians lost their jobs (nil), are you serious Mick? I was over the West when the GFC hit and the retrenchments from the Iron Ore miners was devastating.
    Adrianus
    20th Dec 2016
    4:32pm
    It's the mining sector we are grateful for keeping our AAA rating. The very industry Labor wanted closed down!!
    MICK
    20th Dec 2016
    4:44pm
    Are you kidding Retired Knowall? The mining industry kept on keeping on when the GFC hit. All over the world unemployment hit double figures with parts of Europe having youth unemployment like never before.
    You may have lost your job but MOST Australians worked on like nothing happened.
    Adrianus
    20th Dec 2016
    6:37pm
    And now the party is over. Gillard and Rudd have their big fat pensions, Shorten is party leader. And what of us? Well we're the idiots who now have to clean up and pay for that party!! Wake up Mick. Youre flogging a dead horse mate. We had the AFC 2-3 years after the GFC. Pink Batts had a marginal influence. But it was a government in crisis, more focussed on the mirror than us and you know it Mick!
    MICK
    20th Dec 2016
    8:08pm
    What a lot of crap you write Frank.
    Even creeps like Hockey got their pension and then another handout from your party. Tell me about the gravy train!
    I wish Abbott had been PM when the GFC hit. The hundreds of thousands of AUstralians would have been thrown out of a job and the smiles would have been on the other sides of liberal voters' faces then. I guess this will happen anyway as Abbott and now Turnbull are closing down all manufacturing in Australia and sending the jobs to the third world. When your children and their children complain about no opportunity try not to blame Labor for what coalition governments have intentionally engineered.
    It is sad you are still on pink batts. A small cost and at the very least makes many homes more energy efficient. If you really want to talk about waste focus on the $50 billion handout to rich people or even the lost revenue from the coal industry when Abbott repealed the Carbon Tax the rest of the planet is trying to embrace.
    I continue to realise you have no appetite for the truth and just want to troll the same BS. The facts will get you every time Frank. You can run but you can't hide.
    Old Geezer
    20th Dec 2016
    10:16pm
    Rudd panicked and over reacted considerably during the GFC and we are still paying for his bad management of it today. Abbott would have taken a more conservative approach and we would be now a thriving economy.

    I do however thank Rudd for my pink batts a truckload I got for just the cost of transport from a warehouse. I believe the government paid for them and just wanted them gone.
    MICK
    20th Dec 2016
    10:44pm
    Have you looked lately at the bad bad debt the Abbott and Turnbull crew have added? All well and good talking about what benefited you and others but let's talk about what the last 2 governments have done. Makes Rudd look like a boyscout.
    Rudd did not give his mates a $50 billion tax cut. Rudd did not to my knowledge have a tax haven so that he could avoid Australian tax. Rudd did not shield the banks from regulation. Abbott/Turnbull did all of the above with more to come.
    If you want to demonise Labor I'll gladly join you........after you expose the filth in government at present which is creating an American system where the rich own everything and the rest own zilch. Any talk about pink batts is chalk and cheese and very very small change Geezer.
    mIKER
    20th Dec 2016
    10:47am
    The conservatives who wished for the departure of progressive treasurers Swan and Bowen must now be kicking themselves after hopelessly incompetent reign of Hockey and Morrison has seen debt double, tax revenue decline rapidly and they just escaped the final ignominy of losing the AAA credit rating.
    And if Reeper thinks that the fiscal disaster of this MYEFO was better than expected, what did he expect federal bankruptcy?
    MICK
    20th Dec 2016
    11:01am
    Good post. The irony is that if we had a proper government rather than a mouthpiece for the top end we would not be in this position. It is incumbent on governments to COLLECT TAX and to fairly divvy up the cake. When you have a government which hands out tax cuts of $50 billion when the country is not in the black and then compounds the issue by allowing multinationals and the rich to create tax havens and avoid paying their taxes in Australia then you get what we have. Of course Morrison as usual has an/the answer: strip benefits from workers, increase taxes on them and find new ones. That is what is occurring and the mentally challenged who voted this crew in again should be thoroughly ashamed of themselves.
    Tombo
    20th Dec 2016
    12:56pm
    MICK, as a matter of interest, exactly how do you think the 'cake' that needs to be 'divvied up' is actually created?
    MICK
    20th Dec 2016
    1:37pm
    Fair comment Tombo. My question to you is whose roads, schools, hospitals, schools, etc. do you use?
    Your comment is not dissimilar to prospecting companies who find gold, demand everything for itself, pollute the environment, abuse the workers and then leave.
    Wealth is only 'created' because of a market. Were it not for the market then wealth would not exist. The point you and others miss is that those who find a market deserve to be rewarded. That is how capitalism works. THAT DOES NOT MEAN KEEP IT ALL.
    Sorry if you cannot see the logic in the argument. Greed has that effect on people.
    Tombo
    20th Dec 2016
    4:11pm
    MICK, I use the roads, schools, hospitals and schools that are provided by the government using taxpayers money. Do you believe there is some other provider - the tooth fairy perhaps? And of course wealth creation depends on a market. However the talent resides in the individual genius spotting a market that no one had previously thought existed. Think the internet, Facebook, Twitter, desktop computers etc etc etc. Did you spot those markets MICK? What a shame, you obviously didn't.

    As for your final point - did I see any logic in your argument? No, because, much as I tried, I couldn't see any.
    MICK
    20th Dec 2016
    4:50pm
    Vested interests never see issues other than through their own rose coloured glasses.
    I repeat: those who create wealth deserve to be rewarded but IT IS NOT ALL THEIRS. You seem to have a bit of a problem with understanding this and indeed what a market is. The fact that wealth only comes from providing a product to that market is not unique and this would occur from one of a number of players. Don't kid yourself that entrepreneurs are 'special'.
    You defy explanation Tombo. You use taxpayer provided services and believe you have the right to keep all of the loot for yourself. Unbelievable! The rich really are something else.....
    Tombo
    20th Dec 2016
    5:06pm
    MICK, could you please point out precisely where I have stated or even hinted that I 'use taxpayer provided services and believe I have the right to keep all the loot for myself'.

    I note that you have an unpleasant habit of doling out these kind of libels to other posters. Do it to me and I will call you out.
    MICK
    20th Dec 2016
    8:01pm
    We all do Tombo. You have to you drive your car. You have to if you need the police. You have to if you use the public education system or need to attend a public hospital for an operation. If you believe otherwise then you are in gah gah land mate.
    Libel? No. Facts.
    Poppa Bear
    20th Dec 2016
    11:21am
    All this crap about trolls is reminiscent of the old billygoat gruff story. How come only the government have trolls? Can't the opposition cross the bridge and meet some trolls for themselves? Sounds like a fairy tale to me.
    MICK
    20th Dec 2016
    1:41pm
    Maybe........but you know a troll when they refuse to discuss issues on their merit and instead invoke propaganda.
    If you want to hear how trolls often sound then listen to people like Morrison, Cormann, Pyne, Joyce and Turnbull to mention a few. What they all have in common is that their narrative is full of blatant lies, that they deny, deny deny and that they routinely blame the out side. Even when Turnbull was in Europe on an official function the first thing he did was to smear Shorten. Trolls are carbon copies. Not too difficult to spot.
    Adrianus
    20th Dec 2016
    11:39am
    Mick, what's all this carry on about a $50b tax cut for the rich? Please try to be truthful
    MICK
    20th Dec 2016
    1:41pm
    So there's no $50 billion tax cut for the wealthy???/ I must be dreamin'.
    Adrianus
    20th Dec 2016
    2:31pm
    It is $48b over 10 years and it is not a tax cut for the rich.
    Don't know if you understand the situation or you're just repeating mainstream media BS to promote a political ideology based on hatred and jealousy?
    If you bothered to read Leon's article you would have noticed that the ATO revenue problem is due to low profits. Consumer spending is still reasonably high, which means that our OZ businesses need to be more competitive.
    Have you ever pondered the notion that businesses could actually be paying more tax when they become more competitive?
    Try to think of it as a fisherman would use bait to catch bigger fish.
    Chris Bowen was highly critical of the reduction in the Company tax rate as well, but when asked by David Spears for an alternative policy to boost the economy what did he have? Nothing!!!
    His response was to poor more money into the NBN.
    God help us if your Labor Party get back in. :)
    Old Geezer
    20th Dec 2016
    2:37pm
    I agree if you think the LNP is bad then you aint seen nothing yet if Labor gets back in. They will be after every penny they can for the easiest targets they can find.
    Adrianus
    20th Dec 2016
    4:03pm
    Yep pouring more money into the NBN to fix the economy. Kinda reminds me of some of their other brilliant economy boosting ideas. Cash for Clunkers, Pink Batts, return to the grid power buy back. Whatever happened to the $10b Green Fund? Did Al Gore get all of that? Labor did create a lot of jobs building detention centres. LOL
    MICK
    20th Dec 2016
    4:57pm
    Actually Frank low profits are not just occurring in Australia and tax cuts will do nothing other than give the top end more money to indulge.
    The issue is not low profits. The issue is this government is tied to its wealthy contributors of funding and will not rock the boat. Why do you think multinational tax avoidance is not addressed? Why do you think that offshore tax havens (places of tax avoidance?) are not only ignored but allowed to thrive?
    And last of all you fall back on pink batts? You must be desperate Frank. You forgot to mention that your employer has done his best to destroy renewable energy and that Australia has slipped into the red tens of BILLIONS of dollars since Abbott took office, that we are close to the bottom of the international scale on renewable energy and that class warfare is in full swing.
    I really don't know why I bother with you. You are such a troll posting propaganda whilst ignoring the real data.
    rtrish
    20th Dec 2016
    12:09pm
    "although many Australians will be asked to tighten their belts, our politicians will not". Says it all, really.
    MICK
    20th Dec 2016
    1:42pm
    Not them.
    HarrysOpinion
    20th Dec 2016
    12:37pm
    "But the real failing seems to be A LACK OF INCOME TAX RECEIPTS, which are down by $3.7 billion this year and are estimated to be $30.7 billion lower over the next four years."

    - All the more reason to keep the corporate tax at 30%. Corporate tax cuts do not create job growth.Corporate tax cuts create the opportunity for company directors to pay themselves higher salaries and public listed companies to bolster their profits and share dividend payments.Workers have been frozen out of salary growth for over a decade and some workers for over two decades. The "official" inflation figures are manipulated. Not 1 % but more like 40%. This reflects on progressive lower consumer retail spending, less local manufacturing and less imports. The Liberal National Coalition government needs to wake up to itself and stop governing like a bunch of crooked charlatans. They still don't get it that they just scraped in at the last federal election because they lost the faith and trust of nearly 20% of the voters who supported them in 2013.
    Old Geezer
    20th Dec 2016
    12:55pm
    Wrong if they need to cut the company tax rate so that companies pay their tax here and not elsewhere in the world. Our company tax rates are too expensive compared to the rest of the world.

    If you know anything about the tax system you would realise that the more these directors earn the more personal tax they pay.

    Do you really think that the alternative government would be any better? Certainly more cuts to the seniors welfare payment for those with assets including your house.
    MICK
    20th Dec 2016
    1:46pm
    Spot on the money HS. Turnbull is selling the 'Trickle down effect' and claims jobs will be created. This has been tried overseas and has been shown for the con that it is.
    I agree that inflation is a lot higher than the official massaged figures. Anybody who does the grocery shopping, buys consumer goods and pays bills knows that.
    Out of interest sake Groupon has now moved its offices to Ireland........another tax evasion company set up.
    The real crookedness from this government is that it is going after average citizens whilst pushing for tax cuts for its wealthy supporters and rubber stamping tax avoidance on a grand scale. Those facts are pretty well unavoidable.
    MICK
    20th Dec 2016
    1:46pm
    Spot on the money HS. Turnbull is selling the 'Trickle down effect' and claims jobs will be created. This has been tried overseas and has been shown for the con that it is.
    I agree that inflation is a lot higher than the official massaged figures. Anybody who does the grocery shopping, buys consumer goods and pays bills knows that.
    Out of interest sake Groupon has now moved its offices to Ireland........another tax evasion company set up.
    The real crookedness from this government is that it is going after average citizens whilst pushing for tax cuts for its wealthy supporters and rubber stamping tax avoidance on a grand scale. Those facts are pretty well unavoidable.
    HarrysOpinion
    20th Dec 2016
    2:09pm
    Old Geezer - I think that, an intelligent, alternative government can. Unfortunately the current government is not in the same class.
    As for your income tax expertise and comment regarding director's contribution of personal taxable income tax - Dribble !
    Old Geezer
    20th Dec 2016
    2:30pm
    No Groupon Australia has been taken over by Groupon Ireland. It is not just moving to Ireland.

    So I wasted all those years learning about income tax works then.
    Rae
    20th Dec 2016
    2:44pm
    No they'll just buy back more shares and take those and get a government rebate cheque for the imputation. That $50 billion is money going to the corporations. They won't pay more tax we will pay them more rebates, or concessions or refunds.

    The IMF want it and the pay off is that $40 million extra they get for their mates and friends and stuff.
    MICK
    20th Dec 2016
    3:23pm
    Received the email today Geezer. They are going to Ireland although the company will be operating as usual in Australia.
    Guess why????? You guessed it: to avoid the Australian tax jurisdiction. The next one gone! Soon only wage earners will be paying tax.
    Old Geezer
    20th Dec 2016
    4:35pm
    Sounds like a takeover to me.

    Groupon Australia Pty Ltd will be transitioning operation of its marketplace and services. Groupon International Limited located at Lower Ground Floor‚ Connaught House‚ 1 Burlington Road‚ Dublin 4‚ 216410 Ireland will become the operator of www.groupon.com.au and marketplace effective January 18‚ 2017. Local vouchers‚ goods‚ and travel deals will continue to be sold by Groupon Australia Pty Ltd.
    MICK
    20th Dec 2016
    4:59pm
    Takeover? They're all subsidiaries of the parent company aren't they? I'd be thinking this is just the next company making money in our country and moving its profits to a low tax environment.
    The real question is WHY will our government not step in and end the game? That should be the starting point.
    Old Geezer
    20th Dec 2016
    5:08pm
    Don't buy any products from companies not paying tax in Australia. If everyone did this then they might just have to give their tax situation another look.
    MICK
    20th Dec 2016
    7:58pm
    The reality of life is that we have to buy certain products. For me, I will be putting on storage batteries as soon as they become a bit more affordable and going off grid. My statement!
    Old Geezer
    20th Dec 2016
    10:30pm
    The meter reader came around today and he said that he was now seeing lots of batteries installed in houses.
    particolor
    20th Dec 2016
    10:39pm
    Prepare for a Price Hike to make up for the Customer loss :-( :-( :-(
    MICK
    20th Dec 2016
    10:45pm
    You obviously live in Rose Bay Geezer.
    Old Geezer
    20th Dec 2016
    10:46pm
    It's only standby power so if it's gets too expensive I'll have it disconnected.
    disillusioned
    20th Dec 2016
    2:27pm
    Meanwhile, polly's salaries, entitlements and staffing levels are all going up, up, up! Welcome to the "Lucky Country" where those in charge and Big Business grow richer, while those who helped Australia to grow great (i.e. us oldies) get screwed out of any benefit and/or entitlement the government can think of. The Age of Entitlement may be over for us, but for those at the top the rewards just go on and on and on!!
    Old Geezer
    20th Dec 2016
    2:30pm
    A mere drop in the ocean.
    Old Man
    20th Dec 2016
    3:21pm
    Just like those Democrats in the US who won't accept that Trump has won, Labor in Australia won't accept that Australians voted to accept the Coalition's policies, not Labor's. Labor took negative gearing and CGT to the last election and lost, the Coalition took a tax reduction for businesses and won.
    MICK
    20th Dec 2016
    3:25pm
    Are you for real? This bunch of misfits fell over the line BY 1 VOTE. Nothing like the US at all. Oh that's right..........'we have a mandate' as the imbeciles keep repeating on prime time TV. That one is just like 'you have high electricity prices because of the Carbon Tax'. Do tell.
    FYI - voters did NOT vote for tax cuts for the rich!
    Adrianus
    20th Dec 2016
    3:55pm
    MICK, it's impossible to reduce the tax on the poor. They don't pay any tax.
    Old Man
    20th Dec 2016
    4:14pm
    My apologies MICK, here I was thinking that the Coalition formed the government of Australia. I didn't mention anything about a mandate, nor did I mention anything resembling a carbon tax. No, voters did not vote for tax cuts for the rich because that was not the Coalition's policy. What you choose to interpret policies as is up to you.

    I'll be busy until after Christmas MICK so let me take this opportunity to wish you and yours a Merry Christmas and a Happy and Healthy New Year. We'll continue to agree on some things and disagree on others next year.
    Old Geezer
    20th Dec 2016
    4:38pm
    Mick there are a lot more than I vote in seat. LNP governs in it's own right not like a certain other government did awhile back.
    MICK
    20th Dec 2016
    5:05pm
    Geezer: why have there been coalition governments for 16 years out of the past 20 years? That is a good place to begin and it has nothing to do with being better managers and everything to do with who is behind them. Nothing different now other than the current lot having to bribe Independents to get their way. But the ship appears to be heading for an iceberg methinks and no amount of squealing about everything being Labor's fault is going to stop what is coming.
    I feel sorry for people who voted for this lot and can only see 2 reasons why they did it: they are rich people with skin in the game or they lack the intelligence to see what they voted for.
    Old Geezer
    20th Dec 2016
    5:10pm
    Governments are decided before the ballot box even opens Mick. If you think your vote counts then think again.
    MICK
    20th Dec 2016
    7:56pm
    You are spot on there Geezer but people who refuse to be groomed can change the game.
    I guess you are referring to government by unelected third parties. I recognised years ago that governments were tightly controlled and this is why I struggle against the evil which we all live under.
    Rodent
    20th Dec 2016
    3:26pm
    Here are some "interesting comments" about MYEFO, as one person described this as Money from behind the back of the couch!!!

    Once again the big hit was due to parameter changes – changes to economic growth estimates such as nominal GDP growth, wages and consumption growth.

    Since the pre-election economic and fiscal outlook (Pefo), parameter changes have reduced expected revenue of the four years of the budget by $30.5bn.

    Individual income tax is now expected to be $18.3bn less over the next four years than was thought in May, and company tax, despite improvement in the export prices of iron ore and coal, is expected to be $5.9bn less over that period.

    Equally, parameter changes also cause expected expenditure to fall by a total of $16.5bn over four years.

    For example, slower than expected wages growth, which is tied to age pension payments, means $2.7bn less is expected to be spent on the age pension over the next four years.

    Similarly, childcare has been taken up less than was expected and this will save the government a whopping $7.6bn over four years. Oddly, the Myefo papers do not actually explain why such a drop in childcare payments is expected – which is perplexing to say the least given the huge amount of money.

    All up, parameter changes hit the budget bottom line over four years to the tune of $12.8bn, whereas policy decisions to raise taxes or cut spending only improve the balance by $2.5bn.
    HarrysOpinion
    20th Dec 2016
    3:41pm
    Hmm... - this government is deplorable ! -
    MICK
    20th Dec 2016
    3:53pm
    Facts:

    1. you cannot believe growth forecasts from any government. They all dodge the figures and outright lie.
    2. of course tax revenue is down. It will continue to go down as the wealthy cheats and their multinational corporations investments continue to head for zero tax countries and/or continue to flood the market with offshore tax havens. The only people paying tax soon will be wage and lower level salary earners who are trapped.

    You can predict all you like but you have to run a fair system rather than a rich man's casino. The current government is intent on running the casino. That much is obvious from the policies coming before the nation.
    particolor
    20th Dec 2016
    4:58pm
    Any chance of sending Him and his Sidekicks to "GET REAL" School ?? :-) :-) :-)
    Not Senile Yet!
    20th Dec 2016
    7:03pm
    Getting sick of reading pro Right & Left Wing rants and blaming on this Site!
    You all need to Grow a Brain....insread of being Brainwashed by Political Propaganda!
    Politics is about Negotiation....not the Rule of ideas that are Inflexible!
    The present Government needs to stand up to it's Dominating Numbers of Right Whingers...as does the Labor Party to it's dominate Left whingers!
    Progress is made only through discussion combined with free thinking debate!
    Neither Big Party is prepared to allow their Party Owned Puppets to do this....the boys in the back room have become Corrupt with Power & Influence to the point of Chasing their Own Agendas....and have ignored the Voting Publics Cry for Compromise!
    The people want the Tax Loopholes that allow Big Corps to dodge paying a Fair Share of tax....Not allow them to continue doing so!
    Both Parties failyre to address this is what is Blowing their Income to Balance the Budget out the Door!
    Compromise is needed from both sides to get back on track....Not we are right you are wrong....by either of them!
    If the libs continue on their Current Path of being Deaf & Mute...when it comes to Corporate Tax Evasion....they loose all credibility when attacking Welfare Recipients...who obviously have personal and health issues...labelling them bludgers!
    There is No Bigger Bludger than a Corporate who avoids paying a Fair Share of tax.
    Tie their taxation to the issuing of an ABN Number on an Annual Basis.....Set a fair Tax of 5% minimum rising to 10% maximum for 10years...then review it!
    Only in exceptional circumstances should any Corp not contribute tax to the Country it derives a profit from.
    Both Parties need to address this issue or the Voters will turn on them BOTH....Label them Corrupt....and have no other course of Action but to PUT THEM BOTH LAST....when Voting and Vote Independants 1st...to make their point!
    Don't laugh! This has already been happening in other Western Democracies.....where Voters are Sick of the Blame Game and Party Puppets collecting their income for only doing as their told!
    Beware....the new world of technology...is making Voters think twice....as Part Loyalty shrinks....and Party Corruption from within Grows!
    MICK
    20th Dec 2016
    7:52pm
    "Puppets" is the correct word but I suggest you do not understand the workings of the Liberal Party. It cannot stop multinational tax fraud because the day it does its electoral funding from the big end of town dries up. Game over.
    If you want real politics and negotiation then elect a parliament of Independents and that is what you will get. First Bill: make donations and inducements of any kind illegal and punishable with a hefty jail sentence. Then you'll get government for the nation rather than government for the vested interests.
    Adrianus
    22nd Dec 2016
    1:35pm
    Ha Ha Ha Ha!!! That's funny. :-)
    "Getting sick of reading pro Right & Left Wing rants and blaming on this Site!"
    So the two biggest pro lefty , anti government posters have a rant. Gotta love it HA HA!!
    libsareliars
    21st Dec 2016
    2:20pm
    What do I think about the job Morrison has done so far? Crap.
    particolor
    21st Dec 2016
    2:50pm
    Want Fry's with that ? :-) :-)