9News: Budget Boost
Deborah Knight, NineNews Sydney: Until it was overshadowed by scandal, the Government released its best budget numbers in a decade.
A four-billion-dollar surplus is forecast next year, and even bigger ones beyond that… but only if there’s no economic downturn in the meantime.
Ross Greenwood:It seems the Government’s best chance to win the 2019 Federal Election is its economic track record.
Today, the Treasurer reinvented an old Paul Keating line
Treasurer Josh Frydenberg: These are the surpluses that Australia needs to have
Chris Richardson, DeloiteeAccess Economics Chief Economist: The economies delivered in the budget an extra $30billion.
Greenwood: From next year, 10 years of profitable budgets would almost eradicate Australia’s $351 billion net debt.
But only if everything goes right. No serious economic downturn…it’s a big call.
Richardson: Downturns are dire for the budget, they lead to deficits very fast.
Greenwood: The government has bragging right that at the last budget surplus was in 2007-2008 – the last budget of the Howard-Costello era.
Peter Costello,Former Federal Treasurer: For the 10th time, I am outlining a budget that will be in surplus.
Greenwood: But with interest rates at emergency lows, if there is a downturn, there is little the Reserve Bank can do. The Government would have to step in – spending and borrowing to try and boost the economy. Ruining this rosy budget picture.
Right now though, the cash is pouring in.
It gives plenty of scope for more personal tax cuts.
Mathias Cormann, Finance Minister: It is no secret that we are committed to lower taxes as part of our plan.
Frydenberg: We are not going to make any announcements today
Greenwood: They give Labor an equal chance to make promises.
Chris Bowen, Shadow Treasurer: They have tax cuts in the never-never, we have tax cuts to be delivered over the forward estimates for every Australian earning less than $125,000.
Greenwood: In the budget update today, a $9 billion election war chest was revealed.
These are decisions taken, but not yet released.
Richardson: Half a milkshake, half a sandwich if you like.
Greenwood: So with substantive tax cuts, election winning tax cuts, are announced to be announced– tens of billions of dollars more will need to be found fast.
Budget needs ‘bigger buffer’ to get through tougher times on the horizon
9News: Budget Breakdown 2018
Budget reply | Opposition claims it can double government’s income tax cuts
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Why Labor is committing to ‘progressive taxation’
Federal Budget 2018 wrap: ‘It’s an election budget’
Should we have income tax cuts?
Does Australia still have a AAA credit rating?
Is there an infrastructure crisis in Queensland?
Budget outlook promising as the ‘trend is our friend’
Is the Royal Commission affecting property prices?
Australia is set to get a pay rise, but at what cost?
The man who is key to company tax cuts
What is this GST ‘pie’ and is it fair for all states?
What do these income tax cuts mean for you?
Can Company Tax Cuts pass now?
Scott Morrison says ‘we’re not at war’, will not go after Liddell
Will the Coalition dump their Company Tax Cuts policy?
Is Australia’s economy growing?
Ross Greenwood, Nine News
Ross Greenwood
Ross Greenwood is the Nine Network’s business and finance editor, and hosts Sydney's top-rating radio program, Money News, for 2GB, 4BC. 3AW and all networked stations across the Macquarie Media group. He appears daily on the Today Show - and Nine News.
