Australian budget

And the loser is polling.

Via David Crowe: “Over the short-term, it’s quite clear that these are modest tax changes and that Labor are ahead in terms of what they offer,” said Australian National University associate professor Ben Phillips.

Let’s take an amusing trip down memory lane to assess WA Budget forecast performances.

By Leith van Onselen In Tuesday’s Budget speech, Treasurer Scott Morrison proclaimed that the Government is “busting congestion in our cities” and announced “a $1 billion Urban Congestion Fund to support projects at a State level to fix pinch points and improve traffic flow and safety”.

Via The Guardian: Bill Shorten has pledged to “go further and do better” for low and middle-income Australians, supporting the Turnbull government’s first phase of budget tax cuts, and then almost doubling the tax relief from 2019-20 for up to 10 million workers.

By Leith van Onselen The Federal Budget’s decision to slash the permanent funding of the Australian Securities and Investments Commission (ASIC) by $26 million to $320 million by 2020-21, as well as cut staff numbers at the agency by 30 investigators, has been slammed by Labor MP and former federal prosecutor, Matt Keogh.

Cross-posted from The Conversation: In the federal budget, Treasurer Scott Morrison promised tax cuts to all working Australians in the form of an offset and changes to tax income thresholds.

By Leith van Onselen Since the 7-Eleven migrant worker scandal broke in 2015, there has been a regular flow of reports about the systemic abuse of Australia’s various migrant worker programs and visa system, as well as widespread wages theft across multiple business lines.

By Leith van Onselen The chorus calling for a lift in Australia’s pathetically low Newstart Allowance for unemployed workers (the ‘dole’) is getting too loud to ignore.

By Leith van Onselen Analysts have attacked last night’s Budget measure to assist 20,000 more older Australians stay in their homes, claiming it will worsen housing affordability by locking-up family friendly homes.

By Leith van Onselen The Turnbull Government’s stubborn insistence on cutting Australia’s company tax rate to 25% from 30% has hit an insurmountable roadblock, with the four crucial Senate cross-benchers required to pass the legislation digging in against the package.

Or in the common tongue, bullshido.

By Leith van Onselen According to this year’s Budget papers, every dollar the federal government invests in infrastructure it would deliver a return of $4 to the economy.

By Leith van Onselen The Australian has reported that this year’s Federal Budget has slashed funding for apprenticeships by $200 million: Federal funding promised for apprenticeships and training by 2021 has been cut by $200 million as a revenue shortfall forces the government to overhaul and extend its troubled skilled workers fund.

By Leith van Onselen In years gone past, the Federal Budget gave us a clear indication of the size of Australia’s immigration program for the year ahead by explicitly publishing the intake.

Via the excellent Damien Boey at Credit Suisse: No stimulus here Overnight, we published a note about the likely economic impact of the FY19 budget (“Budget FY19 – no stimulus here”, dated 8 May 2018).

By Leith van Onselen The Budget delivered tonight by Treasurer Scott Morrison was a fairly dull affair with most of the measures leaked beforehand, therefore ensuring there were no major surprises. There is not a lot in here to upset anybody, but also nothing to ‘wow’ the electorate either (and that’s a good thing).

Futureboom!

You’ve got to love Chris Joye, salesman par excellence: Treasurer Scott Morrison has delivered a brilliant, election-winning budget that could be a game-changer by tapping into deep community discontent with political weasel-words that for a decade have overpromised and undelivered, eroding trust in our leaders.

By Leith van Onselen The Australia Institute (TAI) has released its latest Follow The Money podcast, which provides “14 reasons why the case for a company tax cut has collapsed”.

Cross-posted from The Conversation: Treasurer Scott Morrison faces a difficult balancing act in the federal budget.