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 Talks Of Economic Reform In Speech To London Institute

The Treasurer, Joe Hockey, has addressed the Institute of Economic Affairs in London on the future of the Australian economy.

HockeyIn his speech, Hockey discussed the importance of economic change. “Economies, and their enterprises, that are slow to adapt will be left behind,” he said.

Hockey compared Ford and Google: “The Ford Motor Company, which revolutionised manufacturing and the auto industry in the 20th century, currently has a market capitalisation of $53 billion after 110 years of operation. Google is more than 7 times larger in just 15 years.”

Structural reform will “lay the foundation for a more promising and secure future,” Hockey said. “Over the next decade, the traditional macroeconomic levers of monetary and fiscal policy will not deliver enduring growth… With fiscal policy constrained and monetary policy limited, the only alternative to facilitate growth is to undertake further structural reform in response to global change. Structural reform is indeed the key plank of Australia’s economic strategy under the Abbott Government.” [Read more…]


Ken Henry’s Address To The National Press Club

The Treasury Secretary, Ken Henry, has addressed the National Press Club, in Canberra.

HenryAn affable, confident, articulate and impressive Henry delivered a speech on taxation and then took questions on allegations from the Liberal Party that he has conspired with the Federal government to manipulate the economic growth forecasts.

The speech introduced Jim from Jericho, an Australian equivalent of Joe the Plumber, who gave Henry a lesson on the taxation of fencing wire.

  • Listen to Ken Henry’s speech (55m)

Text of Ken Henry’s prepared speech:

Towards a tax and transfer system of human scale

1. My working holiday

As people all around the world quickly learned – such is the reach of the electronic media these days – I spent July with my wife, Naomi, in the Epping Forest Scientific National Park in central Queensland, helping look after what may be the last 115 northern hairy nosed wombats left on the planet.

The care of our native wildlife is one of my passions. Another is tax policy. That, too, has occupied a fair bit of my time this year as we have been undertaking one of the most fundamental tax reviews ever attempted in this country.

Spending time on one’s passions would normally be considered a good thing. In some respects, then, this has been a good year. [Read more…]


Calculate Your Tax Cut: Obama’s Online Widget

The Obama campaign is using an internet widget to allow voters to calculate their tax cuts under the Obama and McCain plans.

As the 2008 presidential campaign enters its final 10 days, it is clear that Obama has made more extensive use of the internet, particularly social networking sites, to disseminate his message. The tax cut calculator is in addition to an extensive online campaign of voter registration, get-out-the-vote and fundraising strategies.




2008-09 Federal Budget: Full Text Of Treasurer’s Speech

This is the full text of Treasurer Wayne Swan’s Budget Speech to the House of Representatives. Click the play button to listen to the speech:

Text of Treasurer Wayne Swan’s first Budget speech to the House of Representatives.

Mr Speaker, I move that the Bill now be read a second time.

Introduction

This Budget is designed to meet the big challenges of the future.

It is a Budget that strengthens Australia’s economic foundations, and delivers for working families under pressure.

It is the responsible Budget our nation needs at this time of international turbulence, and high inflation at home.

A Budget carefully designed to fight inflation, and ensure we meet the uncertainties of the future from a position of strength. [Read more…]


Howard And Costello Offer Tax Cuts Package

On the first full day of the 2007 election campaign, the coalition has announced a tax package offering income tax reductions across the board.

A re-elected coalition government is proposing to reduce the number of tax brackets to four over a five-year period: 15, 30, 35 and 40 cents in the dollar. It proposes raising the tax-free threshold to $14,000 next year.

The tax cuts are worth more than $34 billion.

The aim of the restructure is to arrive at a tax-free threshold of $20,000 with the top marginal rate set at 40 cents. [Read more…]


New Taxation Era As GST Begins

Major taxation changes, including the introduction of a 10% Goods and Services Tax, began today in Australia. Reaction to the changes is likely to determine the fate of the Prime Minister, John Howard, his government and the Opposition over the coming months.

HowardThe Wholesale Sales Tax (WST) system that has operated since the 1930s is now abolished. The differential rates of WST operated as taxes on business production. They have been replaced with a flat 10% tax which covers not only goods, but previously untaxed services. The GST operates at the consumption end of the production chain.

Basic food, education, child-care and health are exempt from the GST. Food was included in the government’s original plan, but exempted following the deal struck with the Australian Democrats last year that ensured the passage of the legislation through the Federal Parliament. [Read more…]