Who's benefitting from our 'stronger' economy?

“Our economy is continuing to strengthen,” Federal Treasurer Scott Morrison told Australian Business Economists at a Sydney luncheon on Thursday last week.

And he may be right, considering that tax receipts are exceeding budget prediction so far this financial year.

Deloitte economist Chris Richardson also said in a budget monitor statement on Monday: “The rivers of gold are running again, with the global and Australian economies doing the budget plenty of favours.”

But who is benefitting from this ‘stronger’ economy?

Certainly not workers, whose wages have been wallowing in the ire for the better part of 10 years.

Certainly not Age Pension and Newstart recipients, whose income barely keeps its head above the poverty line.

Certainly not education and health, which has suffered through fund cuts and service restrictions for years, in an attempt to feed the nation’s bottom line.

So, as La Trobe University Vice Chancellor Tony Walker wrote about Scott Morrison’s monumental task in a Fairfax article on Sunday: “He needs to thread the needle between an electioneering budget and one that seeks to use windfall gains from sharply increased tax receipts to chart a course back to a sustainable surplus.”

What do you think Scott Morrison needs to do to make this a successful Federal Budget 2018? Consider your needs and the needs of the country: is there a way for both to be met?

14 comments

Scott Morrison cares NOTHING about us he lies and cheats says one thing one minute and another totally different the next.

It is big business that is doing well out of this lot.

"So who is benefitting by this stronger econemy?"  Well it's certainly not the pensioners or the workers. 

Have some patience HOLA. Many businesses are running out of carried forward losses from the Rudd/Gillard years. This is now providing the ATO with additional cash flow. The FTAs are starting to kick in also. Wages growth will follow. It may arrive quicker if we get tax cuts for both individuals and businesses.   

 

Time the TRICKLE DOWN stopped and they keep the penalty rates --and give the workers a decent rise -- don't these idiots know that if the public has more money they SPEND more and so the economy grows --

Cafes etc always charge a good % on weekends and public holidays so what the hell are they on about.

Although it would be MUCH better IF we had more industry HERE and also supported OUR own Farmers etc more

I would like to see some serious consideration given to infrastructure. Roads, rail, water etc.

The other question which I hope gets budget recognition is, "how can we enjoy cheap reliable energy?"

"how can we enjoy cheap reliable energy?"

That's easy. Just stand in the warmth of the sun all day like a lizard and at night cuddle up to someone's exterior hot water tank like a snake.

 

 

I would like to see more money directed towards the arts and science. Australia is making a name for itself on the scientific world stage and to continue doing this more money is needed..

There is so much talent in this country..singers, dancers, writers..we need all of these wonderful assets to our economy. Their contributions are invaluable in enticing other talented peole to our shores..

About time they give self funded retirees a break and with moeny in the bank they can now support them instead of fleecing them. 

I hope The Gov' dosen't stop chasing Big Business for there Tax avoidence schemes.

Make Social Security and OAP a % of minimum wage. 

In 2017 the minimum weekly income was $694.90

Full OAP with supplements for a single pensioner is $451.80 per week  in 2018. That's about 65.02% of the 2017 minimum wage, otherwise referred to as, Relative Poverty.

So, $694.90 shou'd be the full OAP for single pensioners. Don't you think?

Just count yourself lucky HS.

The single weekly full pension in the UK (given to all who worked (or were credited with NI payments e.g. the unemployed and at the same rate) is 162 POUNDS a week. That equates to $309.69 a week or $619.38 a fortnight today. And that includes the recent rise! A difference of $284.22 a fortnight.

And the UK has that illusive universal pension! Still want one?

 

KSS - the UK system is preferable to what we have. Its a fairer system and will stop this spend everything you have or dump it on your home and seek OAP mentality

Why I said % of Minimum Wage as this is "Set By An Independent Of Gov"

Thats what we are told.

By doing that every time The Minimum Wage Is Adjusted So Is OAP. 

It's funny 20 years ago businessis would never have charged a percentage  for using a credit card or a 15% on a Public Holiday that was all absorbed by the business, shops and cafes and restaurants would have had a riot on their hands I know I would have I was an sole trader and when I wanted to put my prices up by $1 customers said are you kidding we are not paying this how things and not for the better

I must have missed something ..what the treasurer said

"“Our economy is continuing to strengthen,”

Australia is still debt, the amount below we have to pay interest on ?

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Yes, This means we have a strong indebted economy going from strength to strength.

A strionger economy obviously means more people employed and welath being created

Obvioulsy y the increased tax take from individuals and corporations that economic activity has increased with more people being employed and wages increasing

Increae in tax take means ability to reduce debt, once the goivernment gets the budget back into surplus after years of mismanagement by labor, and inrease spending on infrastructure and other assets that will spur further economic growth

We cannot afford to go back to the labor years of spend spend spend. Surpluses are needed and spending on wasteful programs needs to stop

Now hold on there Raphael,   if it hadn't been for Rudd we would have been in DEEP $---- he got us out of the GFC and also put a $250.000 guarantee on bank accounts too -- if it had been up to Little Johny we would all have been up that well-known creek WITHOUT A PADDLE

The Libs have us in more debt now than Lab ever did.

No he didnt - that's the biggest lie ever told

We were riding on the back of a resource boom and the economy would have been done just as well without the billions poured down the drain on useless programs that did nothing for the economy

Libs were left with a a lot of crap to clean up - expenditure committed on wasteful programs that you couldnt turn off immediately

Libs will get the budget back into surplus by 2020-21

PlanB, if you check back on the GFC and the way Australia got through it, you will not find the names Rudd or Swan having much impact. There were two main things that saved Australia, the first was no debt and funds held in reserve and the second was a directive to the Australian banks to not trade in the junk bonds that brought down so many American institutions. Rudd can only claim that he was PM when the GFC struck.

As regards Swan guaranteeing the banks, it was merely a gesture to try and appear to be in control as the banks didn't need the guarantee. Interestingly, Swan charged the banks an exorbitant fee for providing the guarantee which was not needed.

 

PlanB, Kevin Rudd was goaded into upping the bank guarantee by Malcolm Turmbull. Turnbull should have known better .

It wasnt necessary and did nothing but cause widespread panic. There was a run on funds on relatively secure investments. Managed funds needed to impose a moratorium on redemptioms because of Rudds stupidity. Mortgage funds needed to sell prime real estate at a bargain in order to raise liquidity.  Rudd took a lot of advice from Ken Henry who in turn took advice from his mum. In short we had the most inexperienced government of all time passing on conflicting messages about our true position.  When it was all coming undone at Fannie Mae, Swan and Rudd were telling us our economic strength was underpinned by a pipeline of Chinese contracts. We had nothing to be concerned about. It was just something which is confined to the USA. In a matter of a few short weeks their story had changed.

Political opportunism?? 

In the wash up, it was the USA Federal Reserve which came to the aid of Westpac and NAB to the tune of about $5B.

Rudd may not have been our worst ever PM but if he is not then he runs a close second to Gillard!!

National debt is not such a bad thing. By being in a little debt, the countries that we owe money to would defend us in war because they don't want to lose their investment. The want their money back!

 As long as we pay back the debt, with interest, other countries are more willing to be friendly with us because we are a good economic investment, in other words proved we are mugs. If we were to have no debt, other countries would have no vested interest in us.

You  have to know the difference between “good debts” and “bad debts”, ask ruffello, he’s learning about international law at the moment.

Yes it may be OK as long as the interest rates remain low.

 

We have to pay back as much as we can NOW while interest rates are low.  I believe the current government is doing well in its efforts to get rid of the debt by 20-21.

It is hoped that when they do people remember who got them into debt in the first place and who got them out.

Also remember who stopped the boats;  this  was a huge cost to this country while the people smugglers were operating.  People do not want this to start up "again".

In fact I bet a lot of people do not know this....happened last month (April).

"Indonesian police say they have worked with the Australian Federal Police to unravel a people-smuggling network that was active in "bringing in fake Rohingya refugees to Australia".

Our economy was never shown legibly to ordinary people. All they say is that economy is going good but low income earners never felt it nor experience it. Why? Because nothing is change, we still live in our old world where we wake up early in the morning, go to work 5 times a week or less and get paid weekly or forthnightly and that's it. We never felt if there was any change even we have a a very small increase on our pay. Only the rich and the businesses can feel if the economy is doing good or bad because they are the ones getting the benefits if ever it goes strong or weak. They are the ones who benefits but the poor doesn't. Our only work is to earn the tax money for the government so they have some money to spend on their luxury meetings here and abroad. If the economy goes weak they cannot do their lavish spending and they blame the taxpayers for the economy's lost. That's how they react to our economy. We are only there to take the blame 

Just check our $A against all other world currency and you will see we are sliding downhill fast.

All imports are costing more and we produce very little to sell overseas.

Australians owe mullti billions on credit cards alone because they want it all and they want it NOW. 

I see a big crash ahead.

Yes it will happen when interest takes off

...then these same people will want victim's compensation for their stupidity.

Financial literacy should be taught in schools (as many parents would not have a clue themselves).

How to handle credit cards should be top of the list.

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