Budget May 2023

[benj1980]

Not sure what to make of the latest budget. It certainly doesn't support me as we feel the pinch. But in reality, I'm much more comfortable than many others so who can complain?

[BendigoBoy]

It's a balancing act, I suppose.

Don't get me wrong, those in most need need support, no argument there.

Not sure couples earning between $250,000 and $530,000 a year need help with childcare costs when we've got a national debt to bring down.

If they do go ahead with these stage 3 tax cuts, my savings are going to the Smith Family.  Just hope they do actually scrap the stage 3 cuts before they come in; doubt we'll see it though.  Labor rolled over on those the same way they did on their pledge to ditch negative gearing.

[Parley]

6 hours ago, BendigoBoy said:

If they do go ahead with these stage 3 tax cuts, my savings are going to the Smith Family.  Just hope they do actually scrap the stage 3 cuts before they come in; doubt we'll see it though.  Labor rolled over on those the same way they did on their pledge to ditch negative gearing.

It comes down to keeping your commitments at the election in terms of what you campaigned to do.

They promised a the election to keep the tax cuts and won. They won't want to backflip and be seen as untrustworthy for the next election.

Similarly in 2019 they campaigned on ditching negative gearing. That was Bill Shorten's major policy. The people resoundingly rejected it and he lost the unloseable election. So that issue is dead and buried. No way will they risk bringing that back.

[Jon the Hat]

7 hours ago, BendigoBoy said:

Not sure couples earning between $250,000 and $530,000 a year need help with childcare costs when we've got a national debt to bring down.

If one of the couple is earning in that range and the point is to encourage their partner to work it makes sense.  It also likely pays for itself in tax revenues from the worker and the childcare employees.

[Blue Flu]

There is a huge amount going untaxed by means of illegal activities. Highly disruptive to the economy not to say ethics. This comes at an equally high price to our hospitals, crime, road accidents and house explosions. (much unreported) 

[Jon the Hat]

34 minutes ago, Blue Flu said:

There is a huge amount going untaxed by means of illegal activities. Highly disruptive to the economy not to say ethics. This comes at an equally high price to our hospitals, crime, road accidents and house explosions. (much unreported) 

Taxing the illegal activities would make one complicit no?  Hard to justify.  Also illegally earned money is often laundered, which does tend to attract tax.

[FirstWorldProblems]

1 hour ago, Jon the Hat said:

If one of the couple is earning in that range and the point is to encourage their partner to work it makes sense.  It also likely pays for itself in tax revenues from the worker and the childcare employees.

Is this because there is a workforce shortage and so they want to encourage the stay at home parent back to the workplace?

 

[Blue Flu]

2 hours ago, Jon the Hat said:

Taxing the illegal activities would make one complicit no?  Hard to justify.  Also illegally earned money is often laundered, which does tend to attract tax.

Well no as obviously the government would bring  a sense of order by decriminalising drugs  so stated activity under a degree of control. Thus removing the incentive of tax free money at minimal risk. 

It just requires the incentive and wiliness to act. Illegally earned money is of course laundered into various things especially the real estate market. This of course raises the cost to others and allows drug syndicates ever more influence in the housing market with the potential to corrupt all in its wake. 

[benj1980]

There was me thinking the housing market was influenced by migration, lack of new builds, supply of materials etc

[Nemesis]

2 hours ago, benj1980 said:

There was me thinking the housing market was influenced by migration, lack of new builds, supply of materials etc

Noooo, its all down to the " house explosions. (much unreported) "..........

[Jon the Hat]

19 hours ago, FirstWorldProblems said:

Is this because there is a workforce shortage and so they want to encourage the stay at home parent back to the workplace?

 

Yes I think so.

[Blue Flu]

2 hours ago, benj1980 said:

There was me thinking the housing market was influenced by migration, lack of new builds, supply of materials etc

Well  glad to have been able to shed further light on the matter. Of course turbo migration plays a part. Just  not the entire picture. I will keep an eye out on a rental across from me in regards to if more of the same or indeed once referred to as living a more conventual 'lifestyle'.  

[Blue Flu]

41 minutes ago, Nemesis said:

Noooo, its all down to the " house explosions. (much unreported) "..........

Interesting how the same gang on here 'jest' at what is after all besides being illegal is a very serious business causing distress and injury, at times death . Yes it is under reported. 

[InnerVoice]

4 hours ago, benj1980 said:

There was me thinking the housing market was influenced by migration, lack of new builds, supply of materials etc

I think you can add the lack of social housing to that list. My understanding is that hardly any has been built here in decades. Same problem in the UK too.

[Ken]

On 10/05/2023 at 08:10, BendigoBoy said:

It's a balancing act, I suppose.

Don't get me wrong, those in most need need support, no argument there.

Not sure couples earning between $250,000 and $530,000 a year need help with childcare costs when we've got a national debt to bring down.

If they do go ahead with these stage 3 tax cuts, my savings are going to the Smith Family.  Just hope they do actually scrap the stage 3 cuts before they come in; doubt we'll see it though.  Labor rolled over on those the same way they did on their pledge to ditch negative gearing.

The problem is they made an election pledge that they would go ahead with the stage 3 tax cuts despite voting against the legislation when it was passed. They're very worried about being accused of breaking that pledge. Can't see why they don't scrap the tax cut and just blame it on Putin though.

[Jon the Hat]

3 hours ago, Blue Flu said:

Well  glad to have been able to shed further light on the matter. Of course turbo migration plays a part. Just  not the entire picture. I will keep an eye out on a rental across from me in regards to if more of the same or indeed once referred to as living a more conventual 'lifestyle'.  

Have the baddies gone?

[Jon the Hat]

1 hour ago, Ken said:

The problem is they made an election pledge that they would go ahead with the stage 3 tax cuts despite voting against the legislation when it was passed. They're very worried about being accused of breaking that pledge. Can't see why they don't scrap the tax cut and just blame it on Putin though.

They don't need to scrap it, but it would be better to lower the threshold of the higher rate to ensure the lower paid do better without handing $10,000 tax cut to those earning over $200k.

[benj1980]

7 hours ago, InnerVoice said:

I think you can add the lack of social housing to that list. My understanding is that hardly any has been built here in decades. Same problem in the UK too.

There's some being built in a neighbouring suburb, that suburb isn't very impressed. The houses are going up very quickly (hopefully there's still quality in the build), but look incredibly small with little to no garden. Not exactly the Australian house dream...

[Ausvisitor]

14 hours ago, Jon the Hat said:

They don't need to scrap it, but it would be better to lower the threshold of the higher rate to ensure the lower paid do better without handing $10,000 tax cut to those earning over $200k.

I don't see any problem with the tax cut.

But then I'm in the group that everyone seems to be treating like lepers (you know that group so good at what they do they get paid over $250k for doing it - and in the process also pay for everyone else to get tax cuts and benefits).

This might be the first time in my 40 years on the planet when I actually benefit from something in the budget and you all want to take that away from me

Edited May 11, 2023 by Ausvisitor

[Bulya]

Anybody watch Herr Kipflers budget reply?  It was all over the place…

[Parley]

10 hours ago, benj1980 said:

There's some being built in a neighbouring suburb, that suburb isn't very impressed. The houses are going up very quickly (hopefully there's still quality in the build), but look incredibly small with little to no garden. Not exactly the Australian house dream...

Not the Australian government's job to give people their dream home, or any home for that matter.

People need to work to own a home or rent one.

[Parley]

17 minutes ago, Ausvisitor said:

I don't see any problem with the tax cut.

But then I'm in the group that everyone seems to be treating like lepers (you know that group so good at what they do they get paid over $250k for doing it - and in the process also pay for everyone else to get tax cuts and benefits).

This might be the first time in my 40 years on the planet when I actually benefit from something in the budget and you all want to take that away from me

You don't need the money though. A lot more deserving cases out there.

[Blue Flu]

19 hours ago, InnerVoice said:

I think you can add the lack of social housing to that list. My understanding is that hardly any has been built here in decades. Same problem in the UK too.

But is social housing really the answer? It could be a part of the solution, but why not rental controls as in Europe?  

[Blue Flu]

1 hour ago, Ausvisitor said:

I don't see any problem with the tax cut.

But then I'm in the group that everyone seems to be treating like lepers (you know that group so good at what they do they get paid over $250k for doing it - and in the process also pay for everyone else to get tax cuts and benefits).

This might be the first time in my 40 years on the planet when I actually benefit from something in the budget and you all want to take that away from me

Perhaps because the country can ill afford it. If one has the fortune to be among the highest earners why shouldn't they contribute accordingly? We have an ever increasing inequality in this country. Why increase that? There are countless creative accounting ways in place in order to minimise tax. 

[Blue Flu]

1 hour ago, Parley said:

Not the Australian government's job to give people their dream home, or any home for that matter.

People need to work to own a home or rent one.

Like Britain, working no longer guarantees old certainties like the ability to purchase a house. But throwing money on misdirected housing schemes (like first home owners grant) does little but increase prices. 

Since a house has become a commodity with expected never ending price growth, well above inflation, the situation has worsened by the year.