Treasurer Scott Morrison Delivers 2017 Federal Budget

The Treasurer, Scott Morrison, has delivered the Turnbull government’s second Budget, forecasting a return to surplus in four years, abandoning stalled budget cuts, guaranteeing Medicare and the PBS, incresing the Medicare levy and imposing a new levy on the commercial banks.

The Budget also includes provisions for first home buyers to salary sacrifice into their superannuation. It includes a crackdown on welfare recipients.

The Budget marks a break with the Abbott years. It abandons the “zombie” cuts stalled in the Senate whilst increasing spending in traditional Labor areas. Morrison said it was a “reset”.

  • Listen to Scott Morrison deliver the Budget (32m)
  • Watch Morrison (32m)

Budget Documents – PDF downloads

17-05-09_budget-speech


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…]


Abbott Says No To Superannuation Levy Increase But Won’t Repeal In Government

Opposition Leader Tony Abbott says the coalition will not support increases to the superannuation levy but nor will it repeal them in government.

Tony Abbott addresses the Financial Services Council

The Gillard government is proposing to increase the compulsory superannuation levy from 9% to 12% over eight years.

Speaking to the Financial Services Council today, Abbott said his party’s instinct “is to provide incentives, not to coerce people. Nevertheless, once these things are there we don’t add to them but we don’t roll them back and that is the approach that we will take to the current legislation. We aren’t going to support it in the Parliament but if it goes through we will not try to rescind it. We do accept that it is very important that people have adequate retirement incomes, particularly with an ageing population.”

  • Listen to Tony Abbott’s speech (18m)
  • Listen to Tony Abbott’s media doorstop (3m)

Transcript of Tony Abbott’s speech to the Financial Services Council.

Well, Craig, thank you so much. John, thank you very much for the invitation to be here. It is good to be amongst so many people who are so important to the retirement savings of our nation. It’s great to have the Shadow Minister for Seniors, Bronwyn Bishop here. It’s also good to have my colleague from Bradfield, Paul Fletcher here.

I really do want to say at the outset just how important you are to all of us. As John pointed out earlier this morning, you have $1.8 trillion of our money in your hands and that’s a heavy responsibility. We want our nest egg to grow and it will grow because of the intelligent decisions that you make. So, you are very important to our people, very important to our country and it gives me great confidence to be here today and to see how obviously enthusiastic you are about the work you do and how extraordinarily conscientious you are about the work you do. [Read more…]


“It’s Really Bad, But Economy In Strong Shape,” Says Rudd

Kevin Rudd, has said the international financial situation is “really bad, let’s not mince words about it”.

But the Prime Minister emphasised the soundness of the Australian banking system, referring to a report from the World Economic Forum. He said: “Australia is ranked fourth out of 134 and to put that into context the UK ranks at number 44, the United States number 40 and Germany at number 39.”

Rudd said that the financial crisis would have a direct impact on superannuation funds. [Read more…]


Paul Keating Laments Failure Of Imagination On Superannuation; Prompts Ringtone

Former Prime Minister Paul Keating has criticised the ALP for not adopting his proposal for extending compulsory superannuation.

Keating described the ALP’s attitude as a “failure of imagination”.

In an interview on the ABC’s The World Today, Keating also commented on former Western Australian Premier Brian Burke.

The interview was conducted on the 24th anniversary of the election of the Hawke government in 1983. Following the interview, a ringtone was produced using the more memorable Keating quotes. [Read more…]


Howard Closes Off Parliamentary Superannuation Scheme; New MPs To Receive Community Standard 9%

Prime Minister John Howard has announced that the government will legislate immediately to close down the existing Commonwealth Parliamentary superannuation scheme to new MPs.

The scheme will be replaced by one with a government (employer) contribution of 9%.

Howard said he had decided to act immediately on parliamentary superannuation “to get it off the agenda as a partisan political issue”. The move follows campaigning on the issue by new Opposition Leader Mark Latham. [Read more…]


Latham Announces Policy To Restrict Parliamentary Superannuation

A Labor government will close down the existing superannuation schemes for MPs, judges and the Governor-General, and replace them with schemes more in keeping with the “community standard”.

The policy was released today by the Opposition Leader, Mark Latham. He said the schemes were a “major source of public dissatisfaction and cynicism in modern politics”.

No new entrants will be allowed into the schemes, but all current members will receive their entitlements.

  • Listen to Latham’s Announcement (8m)

This is a media statement released by Mark Latham.

Today I can announce that a Labor Government will close down the superannuation schemes for Federal MPs, judges and the Governor-General. [Read more…]