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The Federal Treasurer, Joe Hockey, says his first Budget changes the country for the better.
Delivering the traditional post-Budget Address to the National Press Club, Hockey said: “We now have a fire in the kitchen – we have to put it out.”
Hockey claimed there is significant structural change in the Budget that “takes us back to surplus”. [Read more…]
The Treasurer, Joe Hockey, has delivered the first Federal Budget of the Abbott government, increasing taxation on high income earners and re-introducing fuel excise indexation. Big cuts in foreign aid head a raft of spending reductions across most government departments with health, education, the young unemployed and seniors hit hard.
The government has earmarked $11.6 billion for infrastructure spending on road and rail projects, and will establish a $20 billion medical research fund from a new $7 co-payment for visits to the doctor.
The Budget forecasts a deficit in 2014-15 of $29.8 billion, down from the $49.9 billion deficit for 2013-14. It predicts an economic growth rate of 2.5%, a consumer price index increase of 2.25%, and a small increase in unemployment to 6.25%.
As revealed over recent weeks, the Budget imposes a 2% levy on people earning over $180,000. This is expected to raise $3.1 billion over 4 years. Indexation of fuel excise is re-introduced and is expected to raise $2.2 billion over 4 years. Company tax will be cut from 30% to 28.5% in 2015. [Read more…]
The first Budget of the Abbott government is due to be delivered at 7.30pm tomorrow.
The Treasurer, Joe Hockey, released this video message today.
The federal government has released the report of the National Commission of Audit.
The report makes 86 recommendations – 64 dealing with budget finances and 22 dealing with public sector performance and accountability as well as infrastructure.
The Commission says: “The recommendations offer savings estimated at $60 to $70 billion per year within ten years. On top of this with the reduction of debt there will be a significant annual saving in interest.”
Amongst other things, the report calls for the income taxing power to be returned to the states in order to address vertical fiscal imbalance and to allow the states to be 100% responsible for policies in areas such as education and health. [Read more…]
The Treasurer, Joe Hockey, says the government will release the Commission of Audit report on May 1, in advance of the May 13 Budget which he says will begin a repair job on the nation’s finances.
Hockey made the announcement during a speech at an event organised by The Spectator Australia. He also spoke with the British journalist and chairman of Spectator Magazines, Andrew Neil.
Hockey said all Australians had to contribute to the “heavy lifting” needed to get the Budget “back on track”. He said the fiscal consolidation programme to be announced in the Budget “will establish a clear path back to a surplus of 1 per cent of GDP by 2024”. [Read more…]
The federal government has refused to provide a debt guarantee or a line of credit for Qantas but says it will relax ownership restrictions by repealing Part 3 of the Qantas Sale Act.
Amongst other provisions, Part 3 restricts foreign ownership of the airline to 49%. It restricts foreign airlines from owning more than 35% of Qantas. It stipulates that maintenance jobs are based in Australia. The full text of Part 3 is available here in a popup window. [Read more…]
The G20 Finance Ministers have committed to a collective growth rate of 2% above the current trajectory over the next five years.
Speaking after the meeting of Finance Ministers and Central Bank Governors in Sydney, Treasurer Joe Hockey said: “Realistically, these policies could mean an extra US$2 trillion in global economic activity and tens of millions of additional jobs.” [Read more…]
Federal Treasurer Joe Hockey has delivered a speech in which he says the age of personal and corporate responsibility has begun.
Addressing the Lowy Institute in Sydney, Hockey said: “Individuals must do more for themselves, they must become more self-reliant. And the business sector must shoulder more of the burden. It must restore corporate accountability, and rely less on government assistance. It must stand on its own feet, and it must pay its fair share of tax.” [Read more…]
Inflation edged up slightly in the December quarter and Treasurer Joe Hockey says it’s the fault of the carbon tax.
The December quarter rise in the Consumer Price Index was 0.8%. Headline inflation was 2.7% through the year, up from 2.2% in the September quarter.
Treasurer Joe Hockey said: “The inflation rate continues to be impacted by Labor’s Carbon Tax.” He said electricity prices have increased by 22.5% since the introduction of the tax in July 2012. He called on Labor senators to pass the carbon tax repeal legislation when Parliament meets again in February.
Hockey also commented on new figures from the International Monetary Fund which project that global economic growth will increase from 3% in 2013 to 3.7% in 2014. He said: “The IMF underscores the importance of managing vulnerabilities, notwithstanding the expected strengthening in global economic activity.”
Media release from Treasurer Joe Hockey.
Consumer Price Index – December Quarter 2013
Today’s release of the Consumer Price Index (CPI) for the December Quarter shows that inflation is slightly above the middle of the Reserve Bank of Australia’s target band. [Read more…]
The Federal Treasurer, Joe Hockey, has extended the Commission of Audit’s first reporting date by two weeks.
The Commission requested an extension of its January 31 deadline.
Text of media release from Treasurer Joe Hockey.
Commission of Audit’s phase one reporting date
The Federal Government has granted a request from the Commission of Audit to extend its reporting date for the phase one report by up to two weeks. [Read more…]