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Post by ppyenews on May 7, 2006 4:14:16 GMT -5
The Budget 2006
It all happens again this week when the Federal Governments Treasurer 'Peter Costello' announces what will be his 11th Budget. Naturally there is much speculation from many sectors as to what is in the 'Budget' but the question is, what's in it for Mr. & Mrs. Average Australia.
Recent times have seen a hefty climb in petrol prices which in turn has had a snowball effect on basic consumer items such as food. The increase in the price of petrol has hit all consumers whether they drive a motor vehicle or not and, Welfare Agencies have reported an increase in requests for basic assistance in items such as food and clothing.
The Finance Sector has also increased home loan interest rates which have seen the average Australian Home Buyer having to re-budget in order to keep a roof over their heads. Combined with consumer price increases the average family in Australia can easily see their monthly costs rise by at least $200. It has to create a worrying effect to many households and, one wonders what the next Federal Budget has in store to ease the burden.
Reports to date state that Treasurer Costello is concentrating on a budget that includes spending money on roads to speed up and assist in economizing the freight industry. He also intends bridging the gap in Childcare costs to encourage Mothers to return to the workforce. Mr Costello also says the Government wants to expand eligibility for Family Tax Benefits.
Credit to Peter Costello, he has to date cleared Australia of it's $96 billion overseas debt. Australia is basically now, debt free and an announcement of a surplus is predicted. Let's hope that the Federal Government uses some of that surplus in lowering the financial burdens that Mr. & Mrs. Average Australia have encumbered, after all, many of them too, have done their bit to support Australia.
I'm Phillip Pye.
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Post by buzz on May 7, 2006 12:53:22 GMT -5
To date, Peter Costello has been a miserable failure on the Australian economy. The Australian foreign debt has ballooned out to obscene levels, and the massive windfall from the China driven commodity boom has been practically wasted.. --- How Costello dropped $100b No one expected the China-driven global commodity boom to be as strong or as long-lasting as it already has been. So it is no surprise that the bonanza it has delivered to the Federal Government in terms of bumper tax revenues has far exceeded anything Treasury predicted four years ago. ANZ chief economist Saul Eslake has done the sums. He found that in the past four years the Government's upward revisions on its tax haul - that is, revisions as a result of anything other than a policy decision - have totalled $97.5 billion. But Mr Eslake found that even more was spent by the Government during that time. Policy decisions by the Federal Government over the same period cost $98.8 billion. He sees this as a huge missed opportunity by Treasurer Peter Costello. "The resources boom has dropped $100 billion into the Government's lap that they hadn't expected in 2002 and they've spent all of it and a bit more," Mr Eslake says. "And I honestly and genuinely struggle to find anything that has been done with it bar win elections." He says he wouldn't have minded if the Government had saved up to a half of this windfall, or had spent some of the money boosting the capacity of the economy so it could continue to grow after the period of strong commodity prices was over. www.theage.com.au/news/business/how-costello-dropped-100b/2006... 1146335965163.html |
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Post by phill on May 7, 2006 16:24:22 GMT -5
To date, Peter Costello has been a miserable failure on the Australian economy. The Australian foreign debt has ballooned out to obscene levels, and the massive windfall from the China driven commodity boom has been practically wasted.. --- How Costello dropped $100b No one expected the China-driven global commodity boom to be as strong or as long-lasting as it already has been. So it is no surprise that the bonanza it has delivered to the Federal Government in terms of bumper tax revenues has far exceeded anything Treasury predicted four years ago. ANZ chief economist Saul Eslake has done the sums. He found that in the past four years the Government's upward revisions on its tax haul - that is, revisions as a result of anything other than a policy decision - have totalled $97.5 billion. But Mr Eslake found that even more was spent by the Government during that time. Policy decisions by the Federal Government over the same period cost $98.8 billion. He sees this as a huge missed opportunity by Treasurer Peter Costello. "The resources boom has dropped $100 billion into the Government's lap that they hadn't expected in 2002 and they've spent all of it and a bit more," Mr Eslake says. "And I honestly and genuinely struggle to find anything that has been done with it bar win elections." He says he wouldn't have minded if the Government had saved up to a half of this windfall, or had spent some of the money boosting the capacity of the economy so it could continue to grow after the period of strong commodity prices was over. www.theage.com.au/news/business/how-costello-dropped-100b/2006... 1146335965163.html Thanks for that info Buzz People are interested in such facts. Please keep posting them. Phillip Pye |
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kerry
AussieSeek feral brat
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Post by kerry on May 8, 2006 2:01:14 GMT -5
The Federal Budget will punish the poor hitting disadvantaged Australians with cuts to income support and maintaining 'extreme' tax rates for low earners.
The gubernment has not failed to set WAR targets in Iraq and Afghanistan but has failed to implement necessary programs to support and assist the five per cent of Australians living below the breadline.
There should be a new national focus on the estimated one million Australians living in poverty and no Blood for Oil anywhere else in the world.
For 10 long years, Australians doing it tough have been marginalised by the hoWARd gubernment, who has spent billions on war, military hardware, and building a police state with lots of jails.
The poor and disadvantaged should all try to attend today's May Day Rally in support of a better, fair and decent Australia.
Event date: Today
Location: Hyde Park North
Time: Assemble 11am - March at Noon
With the recent activation of the gubernment's No Work Choices and the imminent arrival of its new (Disabled and Desperate to work policy), people will be 'Forced' to work under the, any conditions welfare regime.
Some who can't find a job on less than $10 a day working for the dole? That's the workers safety net!
We can only conclude that life is about to get a whole lot bleaker for Australians who are already on the fringes or who lose their job tomorrow.
In short the safety net for workers who fall over has holes in it. So Workers will have nowhere to go if the boss decides that You're Sacked! Tell me then, how are we going to feed the kids?
It's time for a national commitment to tackle poverty, and the disadvantage and social exclusion instead of having a national commitment to WAR.
What do we get for the war dollar? Death and destruction! it is also time to get back our work choices, our safety net for workers, and to repeal all draconian laws.
We need to restore the balance in the workplace and in the welfare system, and we need to base our social and community services on sound policy principles.
The government's focus on providing tax relief for higher income earners, with Tuesday's Budget likely to cut the top marginal rate.
Absent from the tax debate had been any discussion about helping people in poverty?
For john hoWARd poverty is simply not a priority like illegal and degrading war is and his silence on this issue is deafening.
Sadly, his Americanisation of our industrial relations system and the welfare cuts which take effect in July will make life a lot harder for those Australians who are already doing it tough.
It's time for us all to open our eyes and our hearts to the panorama of poverty that hangs in every city and town across the country.
While the government's recent comments indicated possible tax cuts for middle and lower income earners such relief was in stark contrast to the welfare changes which come into effect on July 1.
The force-to-work regime, to be funded in next week's Budget, will force some single parents and people on disability support back into the workforce.
The changes were unfair and amount to kicking someone while they're down.
Shame hoWARd shame on you!
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Post by keith on May 9, 2006 5:24:27 GMT -5
Tax breaks for all in Budget
By Katie Franklin and Ben Hays
Every income earner across the country will receive tax cuts and, as expected, families are the big winners, in Treasurer Peter Costello's 11th Budget announced in Federal Parliament tonight.
Mr Costello has also announced a plan for sweeping changes to Australia's superannuation system and has forecast an underlying cash surplus of $10.8 billion for 2006/07.
The announcement of universal tax cuts flies in the face of warnings from economists, concerned about the effect of putting money back in consumers' pockets after the Reserve Bank of Australia last week increased interest rates to temper consumer spending.
But Mr Costello says in an effort to encourage Australians into the workforce, tax cuts worth $36.7 billion over the next four years have been delivered to all, to take effect from July 1, 2006.
The 30 per cent threshold will increase from $21,600 to $25,001, the 42 per cent marginal tax rate will be cut to 40 per cent and the threshold will increase to $75,001.
Mr Costello says only 2 per cent of taxpayers will be subject to the top marginal tax rate of 45 per cent, down from 47 per cent, with the threshold increasing to $150,001.
In real terms the cuts will deliver annual tax savings of $365 for those earning up to $20,000, $510 for those on $40,000 to $60,000 and $2,700 for those earning $100,000.
The Low Income Tax Offset (LITO) will increase from $235 to $600 and will begin to phase-out from $25,000, up from $21,600.
In addition, those eligible for the full LITO will not pay tax until their annual income exceeds $10,000.
The Fringe Benefits Tax rate will be cut to 46.5 per cent.
Families to benefit
The Treasurer's 11th Budget is, as promised, family-friendly, delivering increased family payments and additional childcare places.
Integral to the Government's family package is its decision to raise the lower income threshold level for Family Tax Benefit Part A.
From July 1, families will now be able to earn $40,000 a year, up from $33,361, without having their entitlement reduced.
The Government says the measure will put an extra $9.60 per fortnight in the pockets of around 480,000 families with dependent children.
In addition, the Large Family Supplement of $248 a year - currently received by families with four children or more - will be extended to eligible families with three children with effect from July 1.
In an effort to improve the supply of child care, the Government will remove the cap on the number of Outside School Hours Care and Family Day Care places, at a cost of $60 million over four years.
The Government estimates an extra 25,000 places will be created by the measure.
Superannuation overhaul
The Treasurer has also announced a plan that would see sweeping changes to Australia's superannuation system.
Under the plan, Australians aged 60 and over, who have already paid tax on their superannuation contributions and earnings, would not pay tax on their superannuation benefits from July 1 2007.
Mr Costello says this would provide an incentive to continue to work because superannuation benefits would no longer be considered assessable income.
The plan would also abolish reasonable benefit limits and the ability to make deductible superannuation contributions would be extended to the age of 75.
Pensioners will also benefit from a reduction in the assets test taper rate from $3 for every $1,000 of assets, to $1.50 for every $1,000. This will take affect from September 20, 2007.
In other developments:
The Federal Treasurer, Peter Costello, confirmed the speculation in the lead up to tonight's Budget, that the Murray-Darling Basin will receive $500 million in an effort to restore the waterway's health. (Full Story)
The Federal Government has delivered an additional $4.2 billion in funding for the health and ageing sector.
The Federal Treasurer, Peter Costello has this evening announced transport infrastructure, nationwide, will receive a spending budget of $5 billion in 2005/06 and 2006/07.
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The Australian Broadcasting Corporation, the Australian Youth Orchestra and performing arts are to receive a funding boost, following the announcement of the 2006/07 Budget. (Full Story)
The Federal Government will be providing nearly $9.3 billion in funding for schools as part of the 2006/07 Budget.
The Federal Government has put on the shelf, plans to build detention centres in Melbourne and Brisbane.
Science and innovation will receive a record $5.97 billion in 2006/07 as part of this year's Budget.
The 2006-07 Budget provides $3.3 billion in funding for Indigenous programs, including $488 million for key areas such as health, education, housing, governance and leadership.
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ABC
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Post by phill on May 9, 2006 6:03:43 GMT -5
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Post by rkba on May 9, 2006 17:43:03 GMT -5
Does anyone else feel like our votes are being bought about this time every year with the budget?
Mat
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Post by dobbie on May 9, 2006 21:02:27 GMT -5
Treasurer to Dump Surplus Cash in Disused River
Peter Costello will tackle the growing budget surplus by pouring money into the Murray-Darling basin. The river system has long been used for the disposal of local waste and the Treasurer believes the odd half a billion dollars can be dumped there without anyone noticing.
He had been keeping some of the money under his mattress but when the surplus stacked up still further he had to look for other places to put it.
Struggling families have also won in the budget. From now on couples forced to sell their children to make ends meet will not be charged GST on the sale.
There was tension between the Treasurer and the Prime Minister yesterday when a journalist asked Mr Howard what he thought about the tax creep and he said he thought he was doing a good job.
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Post by keith on May 10, 2006 5:24:12 GMT -5
Mixed response to budget allocations
CANBERRA: Australia’s two public broadcasters, the ABC and SBS, have thrown up mixed reactions to the federal government’s next round of triennial funding.
The ABC has described the 2006/07 budget outcome as the “the best for the ABC in more than 20 years”.
On top of its base funding of $1.6 billion over the next three years, the federal government has allocated an extra $88 million for new initiatives.
These include $30 million for Australian drama and documentaries, $45 million to maintain infrastructure and equipment, and $13.2 million to sustain regional and local programming initiatives.
ABC chairman Donald McDonald said ABC TV is watched by more than 13 million Australians each week and the additional funding for Australian content is a recognition of the ABC’s key role Australian cultural life.
McDonald said the budget marked the culmination of not only the regular triennial funding review, but also an independent review of the adequacy and efficiency of ABC funding, conducted by KPMG.
“Most importantly, the triennial funding outcome provides certainty, allowing the ABC to face the future with confidence and set strategic priorities for the next three years and beyond,” McDonald said.
“In a changing media environment, work is already underway within the ABC to set priorities for the type of content we need to provide on radio and television, along with ABC Online and new digital media platforms, to best serve our audiences.
While it's all good news for the ABC, SBS has expressed “disappointment” that its total funding will be less than the 2005/06 allocations.
While base funding for SBS has been maintained, key funding increases sought by SBS in its submission were unsuccessful.
The government has not renewed the $4.7 million provided in last year’s budget to allow SBS to acquire sports broadcast rights, nor did it support SBS’s bid for an extra $11 million per annum to SBS Independent to commission more Australian programming.
In a further blow to SBS, the government rejected the broadcaster's request for $9.2 million for digital radio services, $2.3 million to extend the transmission of its full 68-language service on SBS Radio’s national network, and $3.1 million for a marketing fund to increase audience awareness and take-up of digital services.
“I’m concerned that there is a widening gap between the services we should provide our audiences and the funds available for us to do that,” SBS managing director Shaun Brown said.
“Audiences have responded very positively to the distinctive Australian programs and the big sports events that SBS has provided over the past couple of years. Obviously, that is now at risk. We will need to reassess how SBS can continue to support Australian programs and events.”
Story by: Matthew Eaton
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naw there is to much pro exreme islam stuff on
SBS. Thats the real reason
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Post by lennie on May 11, 2006 17:29:38 GMT -5
Kim Beazley failed miserably last night to lay any punches to the opposition party. He really didn't come up with anything that was forcible enough to make any real impact. His speech writers did an OK job and his delivery was that of a skilled debater but the result was worthy of zero points. The fact is that his days are numbered and he knows there is unrest in his own party. He is obviously tired of attempting to be the pleaser of the party to save face. He is obviously realising that there is more to politics than just being a nice guy. Give it up Kim - Give it to Julia Gillard.
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