Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Australia's 2008-09 Federal budget - no surprises

Australia's 2008-09 Federal budget - no surprises in Wayne's World

Australian Treasurer Wayne Swan's maiden Budget delivered what was expected, including a mammoth budget surplus which, thanks to the mining boom and the boost to company tax receipts, is the biggest for nearly a decade (as a share of GDP). The Treasurer hinted pre-Budget that there would be few surprises and he delivered - this was a "rabbit-free" Budget.

The Budget delivered generous personal income tax cuts, changes to middle class welfare arrangements, and new spending on health, education, and infrastructure. Also, the government announced cuts to spending in other portfolios, which became bloated under the previous Coalition government.

The clear winners are lower income earners and Labor's ubiquitous "working families" - they received generous personal income tax relief, beneficial changes to Medicare arrangements, measures to improve housing affordability, and increased spending on public education and health.

The clear losers are higher income earners, who lose much of their current welfare payments via new means tests, had their income tax cuts promised by the previous Coalition government deferred by Labor, and have to pay more for their "luxury" cars.


See... Budget_summary.pdf

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

By May 2018: Wider, Earlier Microbead Ban

The sale and manufacture of wash-off products containing plastic microbeads will be banned in New Zealand earlier than previously expected, Associate Environment Minister Scott Simpson announced today. More>>

ALSO:

Snail-ier Mail: NZ Post To Ditch FastPost

New Zealand Post customers will see a change to how they can send priority mail from 1 January 2018. The FastPost service will no longer be available from this date. More>>

ALSO:

Property Institute: English Backs Of Debt To Income Plan

Property Institute of New Zealand Chief Executive Ashley Church is applauding today’s decision, by Prime Minister Bill English, to take Debt-to-income ratios off the table as a tool available to the Reserve Bank. More>>

ALSO:

Divesting: NZ Super Fund Shifts Passive Equities To Low-Carbon

The NZ$35 billion NZ Super Fund’s NZ$14 billion global passive equity portfolio, 40% of the overall Fund, is now low-carbon, the Guardians of New Zealand Superannuation announced today. More>>

ALSO:

Split Decision - Appeal Planned: EPA Allows Taranaki Bight Seabed Mine

The Decision-making Committee, appointed by the Board of the Environmental Protection Authority to decide a marine consent application by Trans-Tasman Resources Ltd, has granted consent, subject to conditions, for the company to mine iron sands off the South Taranaki Bight. More>>

ALSO: