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Budget 2019

Discussion in 'Business, Investment and Economics' started by Tink, Apr 2, 2019.

  1. Tink

    Tink

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  2. sptrawler

    sptrawler

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    That is pretty good, when you consider the tumultuous two terms they have had, with the Senate. Also no radical increases in taxes etc.
    It will leave Labor in a good position, when they get in.
     
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  3. PZ99

    PZ99 ( ͡° ͜ʖ ͡°)

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    That will be up to the monster budget tonight.

    Labor are already distrusting it so they'll be doing their own budget after the election if they win.
    So we will have two monster budgets this year :)

    Then we'll probably go broke.

    PS > that pic of ScoMo looks like we're going down the swanny :oops:
     
    Last edited: Apr 2, 2019
  4. Smurf1976

    Smurf1976

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    Back In Black?

    And there was I thinking they had us on the Highway To Hell.

    Or perhaps Dirty Deeds sums it up better where politicians are concerned. :D
     
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  5. Logique

    Logique Investor

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    One of their best!
     
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  6. sptrawler

    sptrawler

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    Sounds like a good steady budget, with flatter tax as the end game, nothing much to target there.
     
  7. Knobby22

    Knobby22 Mmmmmm 2nd breakfast

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    I get nothing of course.
    Just more bracket creep and a promise if they win the election in 3 years time that they will help.

    No attack the many ways the wealthy and multinationals avoid tax, just keep hitting PAYE tax payers.

    Steve Price called the budget " Labor Light".

    The whole system is biased to baby boomers.
     
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  8. sptrawler

    sptrawler

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    Bracket creep, when the aim is to reduce the tax to a flat 30%, for up to $200k.
    That is a realistic tax saving for most workers, especially when below $50k there is no effective tax collected, as handout s exceed collections.
    Sorry if there isn't anything there for you, but there wasn't much sympathy for low earners losing franking credits, that didn't seem to bother anyone too much.
    Don't worry too much, your parents are probably baby boomers, they will leave you something if labor hasn't taken it.
     
  9. Knobby22

    Knobby22 Mmmmmm 2nd breakfast

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    Yea, in 5 years time. The votes are with baby boomers, we must keep subsidising them.
    Hit us workers for more.
     
  10. sptrawler

    sptrawler

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    Well I'm a baby boomer, and there isn't anything in it for me either, I just don't get shafted.
    By the way, the tax rates were much higher when I was middle aged, than they are now.
    Sorry if it can't all be about you.
     
  11. Knobby22

    Knobby22 Mmmmmm 2nd breakfast

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    Yea, I,m used to it.
     
  12. sptrawler

    sptrawler

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    Haven't you noticed, the tax rates have been dropping for the last 20 years and the thresholds have been rising?
    15 years ago the first $4,700 was tax free, now it is $18,000, the thresholds were a lot lower to the next tax bracket. I think you need a reality check.
     
  13. Knobby22

    Knobby22 Mmmmmm 2nd breakfast

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    I will have to put something together but the truth is under this Liberal Government, taxes have risen to their highest level for 20 years. PAYE tax payers now pay over half the budget. This back in black is built on increasing tax rates.

    Increasing the min from 4700 to 18000 did not translate to tax cuts because taxes were increased at higher levels.

    Probably helped those double claiming share divs though.
     
  14. sptrawler

    sptrawler

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    You should do your sums.
    The other thing you have to remember is, someone has to pay for all those on less than $50k a year and there isn't enough retirees to rob to pay for them.
    Didn't someone post up that the welfare bill is $165b, if you think the PAYE isn't going to foot that your dreaming. Who do you think paid for my parents generation, the baby boomers did, that's what happens between generations.
     
    Last edited: Apr 2, 2019
  15. Smurf1976

    Smurf1976

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    The nastiness from all sides is what I really don't like with the way Australian politics is going.

    Labor targeting self-funded retirees.

    Liberal handing out cash to welfare recipients except those who most need it, the unemployed. If it's not those on the dole then it's asylum seekers or some other minority group.

    Greens trying to bring race and gender into it.

    Mainstream media with their "budget calculators" taking no account of what's good for the nation and which don't even have an income bracket low enough to cater for some.

    What we need is someone, from any party, willing to govern for the common good and put an end to the nastiness which pervades Australian politics at present. :2twocents
     
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  16. sptrawler

    sptrawler

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    Sounds as though low to middle income earners get something.

    https://www.theguardian.com/austral...-income-earners-with-195bn-tax-cuts-in-budget
    From the article:
    Middle-income earners will receive immediate tax relief regardless of who wins the election after the Coalition committed to give an extra $550 per year back to people earning between $50,000 and $90,000.

    The commitment in Tuesday’s budget more than doubles the low and middle-income tax offset, effectively matching Labor’s commitment in 2018 by providing relief to 10 million Australians, with 4.5 million receiving the full $550.

    The Coalition would also cut taxes for middle and high-income earners from 2024 by flattening brackets so those earning between $45,000 and $200,000 all paid a marginal rate of 30%, down from 32.5% when the Coalition unveiled its three-stage tax package in the 2018 budget.

    Together the income tax measures in Tuesday’s budget are worth $19.5bn over the forward estimates, or a total of $158bn over 10 years.

    In his speech, the treasurer, Josh Frydenberg, said the package amounted to “the largest personal income tax cuts since the Howard government”, spearheaded by the doubling of the offset, which would provide relief when Australians submit tax returns in 13 weeks’ time.
     
  17. sptrawler

    sptrawler

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    If you want to see bracket creep, check out tax scales 1983-84 to 2000, that is when the baby boomers were trying to save.
    Now look at 2000-2001 to latest and see how much the thresholds have been raised, do the sums. The only baby boomers that saved, were ones who scrounged and did without.

    https://www.ato.gov.au/Rates/Individual-income-tax-for-prior-years/

    Also the two statements you made above are rubbish, as can be seen by the scales posted, the tax scales and the $18,000 thresholds were brought in by Labor, in 2012-13.
    Before the Liberal Party attained office, which was Sept 2013.

    Also the threshold for 2018 was lifted from $87k to $90k for the 37cent bracket, so where you made up your story from is completely beyond me. You must be singing from silly billy's song book.
    https://www.ato.gov.au/Rates/Individual-income-tax-rates/
     
    Last edited: Apr 3, 2019
  18. Smurf1976

    Smurf1976

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    Yep - for rather a long time earning $50K a year, or about $25 an hour working full time, was the definition of "high income" so far as taxation was concerned.
     
  19. sptrawler

    sptrawler

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    It was bloody terrible, you had to work all hours god sent, to get ahead.
    Also check out 1983-1991 who was Prime Minister then, people have a weird way of twisting history, young people are in for the shock of their lives.IMO
    How these people think baby boomers saved all this money, when $35k started the 60c tax bracket, is just plain dumb. It was nothing but hard work.
     
    Last edited: Apr 3, 2019
  20. PZ99

    PZ99 ( ͡° ͜ʖ ͡°)

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    Yeah - I remember the days when for every 2 hours I worked I gave 1 hour and a bit to the Govt. Skilled workers with high incomes tended to flee this country because of its punitive tax rates.
    State taxes are the real killer these days IMV.

    So for 2019 most workers will get $550 a year as per last year. That may not sound like much but if you subtract $1100 off the average yearly power bill it's a 50% discount. In my case it's 100% :)

    Not a bad budget but it won't win the Coalition another term.
     
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