Thursday 25th of April 2024
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more garbage coming your way...

 

on the kerbside

Tomorrow's mid-year fiscal update will be the new Treasurer's chance to "take out the trash" of his predecessor, a leading budget watcher has said.

The Federal Government's Mid-Year Economic and Fiscal Outlook (MYEFO) is shaping up as an opportunity for Scott Morrison to dump some of his predecessor Joe Hockey's failed savings measures.

"What I expect the Treasurer to do in MYEFO is essentially to take out the trash," predicted Stephen Anthony, chief economist at Industry Super Australia and a former Treasury official.

"To discard some of the controversial saving options that have been blocked in the Senate to do with higher education and family and other budget savings, and to look to reboot the savings process around areas that are more measured, more balanced and sharing the load of adjustments across the community."

Mr Anthony said this MYEFO was likely to be as much a political document as a financial one.

"The whole idea is to do this now to essentially set the reset button to help rebuild political capital, particularly with the cross benchers, and to establish a sort of a reasonable framework around which significant tax reform can be part," he said.

http://www.abc.net.au/news/2015-12-14/treasurer-morrison-to-take-out-trash-in-myefo/7025432

 

balancing the garbage lid...

Treasurer Scott Morrison will this week reveal new budget cuts worth $5 billion over four years.

Every dollar in new spending announced since the May budget - which includes Prime Minister Malcolm Turnbull's $1.1 billion innovation strategy and the $700 million cost of resettling 12,000 Syrian refugees - will be offset through savings, Mr Morrison insisted on Sunday.

"The budget rules state that any new spending must be fully offset," he said.

 

read more: http://www.smh.com.au/federal-politics/political-news/scott-morrison-to-unveil-5-billion-in-budget-cuts-in-midyear-update-20151213-glmgvg.html

still thinking about how to screw you lightly...

 

Treasurer Scott Morrison has flagged there could be "difficulties" in cutting company tax, as small businesses warn they should not be ignored in the federal budget.

Key points:
  • Government remains committed to tackling bracket creep, admits will be a challenge
  • Opposition earlier criticised Mr Morrison on address, saying he failed to outline any substantial policies
  • Peter Strong said employers should not be forgotten in May budget

Mr Morrison said he has been forced to take a sober approach ahead of the May budget, flagging "modest" cuts to income tax.

It follows a decision not to go ahead with an increase to the Goods and Services Tax (GST), following months of debate.

The Government remains committed to tackling bracket creep, but admits it will be a challenge without lifting taxes or cutting spending elsewhere.

Mr Morrison said while he is "on the hunt" to cutting the company tax rate, it would need to be carefully thought through.

read more: http://www.abc.net.au/news/2016-02-18/scott-morrison-flags-difficulties-cutting-taxes-for-may-budget/7178848

 

See Morrison "on the hunt" in toon at top...