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



Morrison Warns Of Economic Complacency And Calls On ALP To Support Budget Repair Measures

The Treasurer, Scott Morrison, says there is a “terrible risk” that Australia’s economic success has sown the seeds of complacency.

Morrison

In a speech to Bloomberg, in Sydney, Morrison said there was a new divide in Australia between “the taxed and the taxed nots”. He warned of the complacency of a generation that “has grown up not ever having known a recession” and an attitude where “deficits are dismissed as temporary, cyclical and self-correcting”.

Morrison said there were three things the government must do over the next three years.

Firstly, it must “get debt under control by returning the budget to balance”.

Secondly, it must “support and implement policies that help us to increase what we can earn as a nation..in a low growth, low interest rate, low inflation, low wages growth, volatile world”.

Thirdly, Morrison warned against a return to “renewed protectionism” and an attitude that “trade, investment and positive immigration policies are increasingly seen as the problem and not the solution”. Whilst many Australians “feel the system no longer works for them”, Morrison cautioned against a cynical and populist political endorsement of this sentiment. “We cannot pull the doona over our head,” he said. “Rather than secure our economic future, it will cost it.” [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…]


Cormann Appears To Confirm Deficit Levy In Budget; Unease On Government Backbench

The Minister for Finance, Senator Mathias Cormann, has appeared to confirm that the federal government will introduce a deficit levy in next week’s Budget.

Cormann

Speaking at a press conference after a Cabinet meeting today, Cormann maintained the government’s line on what it says is a budget emergency. He said that people on high incomes had to play their part through what he termed “appropriately targeted measures”.

Cormann promoted a booklet titled “Labor’s Mess” that he said has been produced by Liberal backbencher Kelly O’Dwyer. In fact, the booklet is authorised by the Federal Director of the Liberal Party, Brian Loughnane. It appears on a Liberal Party website authorised by Loughnane. [Read more…]