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Victorian Budget Delivered: Big Surplus, Capital Works, Transport Projects

The Victorian Treasurer, Tim Pallas, has delivered the State Budget for 2016-17.

The Budget has a surplus of $2.9 billion, with surpluses averaging $2.1 billion a year over the forward estimates. Net debt is forecast to gall from 5.9% of GSP this year to 4.8% by June 2020.

The Budget includes capital funding – “the most..ever” – for new and upgraded schools, and for road and rail projects. There is up to $12.4 billion in new capital investment, and an average of $7.4 billion a year t0 2020.

The Budget allocates $572 million for action on family violence. [Read more…]


2013-14 Budget Comes In With $48.5 Billion Deficit

The 2013-14 Federal Budget finished with a deficit of $48.5 billion.

Hockey-Cormann

The Final Budget Outcome was announced today by the Treasurer, Joe Hockey, and the Minister for Finance, Senator Mathias Cormann. [Read more…]


Hockey And Cormann Hail Mining Tax Repeal As Best Possible Deal In The National Interest

Following today’s vote in the Senate to repeal the mining tax, the Treasurer, Joe Hockey, says the government has delivered on another of its election commitments.

Hockey

Hockey, speaking at a joint press conference with the Finance Minister, Senator Mathias Cormann, said the government had secured the best possible deal it could in the national interest. He attacked the Labor Party for dealing itself out of negotiations. The Palmer United Party was only relevant, Hockey said, because the ALP would not negotiate. [Read more…]


Clive Palmer Addresses The National Press Club; Confirms PUP Opposition To Budget Cuts

Clive Palmer has addressed the National Press Club and confirmed that his party will oppose $9 billion of Budget cuts.

Palmer

Palmer said that the Palmer United Party (PUP) senators would oppose measures linked to the repeal of the mining tax, including the abolition of the Schoolkids Bonus, low income support and superannuation rebates for low-income earners. [Read more…]


Clive Palmer And Andrew Wilkie Vote Against Budget Bills

Clive Palmer and Andrew Wilkie were the only members of the House of Representatives to vote against three Appropriation Bills late today.

WilkiePalmer, the member for Fairfax in Queensland, and Wilkie, the member for Denison in Tasmania, voted against Appropriation Bill No.1, Appropriation Bill No.2 and Appropriation (Parliamentary Departments) Bill No.1. The first two bills constitute a significant proportion of the Budget, including the “ordinary annual services” of the government, such as public service salaries. They used to be known as the Supply Bills.

In a bizarre media statement, Wilkie called on the Senate to block the Appropriation Bills as a means of forcing the government “back to the drawing board to prepare a fair budget”. Wilkie argued that blocking the bills would not cause a constitutional crisis because pension payments are covered by Standing Appropriations, “and Clive and I did not move to block the other Appropriation Bills”.

Wilkie said: ““If the Senate blocks the key Appropriation Bills the Government could give itself time to remedy the Budget. Interim budgets were implemented in 1984, 1987 and 1996. And even if an election was triggered then so what?” [Read more…]


Joe Hockey Defends His Budget In Speech To The Sydney Institute

The Treasurer, Joe Hockey, has delivered an aggressive defence of his first Budget, in a speech to The Sydney Institute tonight.

Hockey

Hockey took issue with claims that the Budget increases inequality: “I would argue the comments about inequality in Australia are largely misguided, both from an historical perspective, and from the perspective of the Budget.” [Read more…]


Queensland Government Delivers $188 Million Surplus In State Budget

The Queensland Treasurer, Tim Nicholls, has delivered a State Budget with a projected surplus of $188 million, the first surplus in a decade.

NichollsNicholls said surpluses were also predicted in each year of the forward estimates. “No longer will Queensland have to go cap in hand to financiers meekly asking for loans,” Nicholls said. “We will have stopped the long descent into debt that Labor charted with its locked in deficits of the last half dozen years.”

Government expenses will grow by 2.2% in the current financial year, following growth of 0.2% in 2012-13.

Nicholls said: “The Budget I present today is not one of flashy new announcements and programs. It is not a Budget of big headlines or irresponsible spending sprees. It is a Budget that is right for the times.” [Read more…]