Money Minute – May 9 2017 “Budget Special”

Big Budget Day

Aussie dollar this morning seventy three point eight US cents.

It’s going to be a big day for the government and the country though you sense and the reason for that is it allows the government to lay out its blueprint for the next four years and beyond.

For Malcolm Turnbull and Scott Morrison who’d been in office eight months when the last budget was delivered, they consider this to be their first chance to set the economic agenda.

National Disability Scheme

Now there will be  surprises in tonight’s budget, though the government leaked a lot of the details, say university fees, education spending, funding the National Disability Scheme,  changes to media laws, funding infrastructure in WA and for a second Sydney Airport and money for people on low incomes to cope with rising energy bills.  I suspect there’s still more measures to come.

Budget

Now when it comes to reading the budget itself, from 7:30 Australian Eastern Time, go to www.Budget.gov.au, my tip start on budget paper number one, it just gives you a big overview and lets you quickly see the economic outlook. That’s the key to understanding if spending measures can be afforded. The first hit about this year’s budget is the economic growth rate is likely to be upgraded to close on 3% in the coming three years. That’s close as the long-term trend and should start to create more employment so the more employment, the more tax the government collects, so the more the budget can either be repaired or the more the government can spend. In document one you’ll also see where the government is spending it’s money and where it gets the money from. Half of it comes from you, the workers, PAYE taxpayers. That’s rising because of bracket creep, where your wages rise and push you into higher tax bracket. Now the government doesn’t like this and would like to offer lower personal taxes, just pure speculation here but I wonder if they might offer a tax cut tonight, maybe has a trade-off for a way of doing away with work-related tax deduction.

Donald Trump has just proposed that remember.

Now if you can’t be bothered reading the budget, we will have full coverage right here on Nine tonight from around 1040 and of course tomorrow right here on TODAY  [and we’ve had a little reminder there somewhere of budgets past years].So that is the budget tonight we’ll have full coverage of course coming up, Karl, Lisa.

Karl:  You explain that photo at the start of your segment there rossco?

Ross: I can, that was last year’s budget and that’s the sort of in-depth research and work that we will do on our budget coverage here to tomorrow

Source: Today Money Minute/Ross Greenwood

Other related links to Budget 2017:

26-07-2017 I d manage the budget differently!

07-06-2017 Australia grabs record for longest time without a recession

07-06-2017 Treasurer Scott Morrison: We do not want a recession

30-05-2017 Bank executives to be held accountable

30-05-2017 Treasurer Scott Morrison “Crackdown on Bank Execs”

19-05-2017 Newsletter – May 19th 2017

18-05-2017 9News: Bank Battle

18-05-2017 Treasurer Scott Morrison – “Let me tell you about Ken Henry…”

16-05-2017 NAB Chairman Ken Henry wants an inquiry into the bank levy

13-05-2017 Ross Greenwood Newsletter 12 May 2017

10-05-2017 2017 Budget Podcast Speech 33 Minutes

10-05-2017 9News: Budget reveals big taxes on banks

10-05-2017 Anna Bligh – Australian Bankers Association – Bank Levy

10-05-2017 Chris Bowen Shadow Treasurer

10-05-2017 Treasurer Scott Morrison High Taxes, High Spending

08-05-2017 Budget preview – Bob Deutsch

10-04-2017 Negative Gearing Reform – Saul Eslake

 

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