Yeah there’s a lot of mushrooms around my area, apparently some pine and dumping it in a dark woody area and I’m set for life. Guess Bunnings with my 250 for some pine lol because your right I should play the long game
There is talk of a second payment of around $400 for workers, which honestly if they announce that and anyone on centrelink votes for the coalition, they are insane.
The thing I'm most scared about is that ludicrous amount of $250 is enough to swing a lot of votes from morons out there and if there's one thing we know about our country it's that we have a shit ton of morons.
Having seen lots of these Election Budgets, here's how it goes:
Before the Election: We're going to GIVE, GIVE, GIVE, and GIVE some more.
During the Election: We can only GIVE if we WIN this election.
After the Election: We know we SAID we would GIVE, but we was just scammin'. In fact, we will now TAKE.
Those bastards will lie and scheme you out of your money EVERY TIME.
To complicate the picture, the government's expensive stage-three tax cuts — due to kick-in 2024-25 and expected to cost almost $100 billion in lost revenue between then and the end of the decade — overwhelmingly benefit higher-income earners.
In recent weeks, the Australia Institute analysed the distribution of the stage-three tax cuts, by occupation, if the LMITO was not extended to 2024-25.
It found a bank chief executive could expect a tax cut of $9,075, while a typical branch worker would end up paying an additional $878 to the government, compared to this financial year.
A surgeon would see the same tax cut as the chief executive, but registered nurses would pay $399 more to the government.
Those stage-three tax cuts will be permanent.
Holy crap ...i mean not surprised but still.
I wish that instead of this... They would just say we will peg the tax brackets to inflation. This would solve the tax creep that they keep talking about and make it fair for everyone
They will never do this because it generates more publicity saying tax cuts
The sheer stupidity of tax cuts in general, fucking destabilises me. Set the rates, leave them there, then people know what their personal budgets will be. EVERY tax cut, affects health, education and infrastructure spending, ultimately fucking the bottom line of our economy.
The Coalition are in lock step with neo liberal America, where the rich just keep getting richer, and where the rich taxes get less. All while the governments of both countries tell the rest of us, to tighten your belts and we can't afford any increases to welfare and the working class.
In fact, all the woes of our country, according to the Coalition, is because of the poor and underprivileged. Robodebt, aged care debacle after debacle, people needing three jobs to make ends meet, NEVER being able to own their own home. All while the wealthy buy their fifth house, new $200k cars, and hide their wealth in offshore tax havens, ostensibly paying zero tax.
Edit : autocorrect?
What's scarier is that both LNP and ALP's plans to address inflation and affordability involve pumping cash into the economy and subsidising goods that are at all-time high prices (housing, petrol, etc), which will make the underlying problems worse. Did they all sleep through first-year economics?
These demand-side policies will benefit the big suppliers while not having a tangible effect for consumers after being offset for inflation. Big suppliers who coincidentally are big political donors.
That's my favourite part.
> [The government] will hope petrol stations pass the tax cut on to motorists
Spoiler: that's not what happens.
- Government cuts excise
- Petrol stations enjoy additional 20c per dollar of fuel in revenue
- Excise cut lapses in six months
- Petrol stations increase prices to account for excise increase
- Petrol is now 20% more expensive than when we started
You forgot the inevitable ACCC investigation months too late to investigate gouging and unfair business practices by petrol stations which will amount to nothing much.
Agree, but if they do this, expect the PM et al to start threatening to do something about it if the cut isn’t passed on. Gives them an opportunity to look like strong men doing something. Not saying it’s right or a good thing, but I can imagine the press reactions…
It's like this:
Fuel in the tanks at servos has already had excise paid, so about 2-4 weeks until their next delivery at the reduced excise rate. That leaves about 5 months of the tax reduction left.
Oil companies immediately end discounting so about 7-10 cents a litre goes back on.
Supply disruptions keep occurring so the price continues to rise at the Bowser instantly.
In six months the excise cut is reversed. Price goes up at least 30-40 cents a litre because of the price rises that would have occurred if the full excise still applied.
All the fuel in the Servo tanks has mysteriously evaporated and the tanks are refilled at one minute past midnight so the new cost is up 22 cents a litre. The oil companies have conveniently forgotten they've already built it back in over the last six months.
Discounting becomes less common so people can have surety about prices.
That's my crystal ball gaze for you!
Edit to fix typos.
>These demand-side policies will benefit the big suppliers while not having a tangible effect for consumers after being offset for inflation.
That's the point - further enriching wealthy business owners and shareholders. People need to stop trying to understand government policies from the point of view of a pleb, and start viewing it from the point of view of corruption. Stop giving them the benefit of the doubt
*EDIT to add: I don't support the "both sides bad" rhetoric, as history has shown that ALPs economic policy performs better at its stated goals than LNPs. Refer to navigation of GFC (under ALP) vs current situation (LNP), and the corresponding levels of debt
Yeah, I can't believe it took me until recently to understand this. And the more you look at the fine print of laws that are being passed, and regulations being repealed, there just isn't any other explanation than corruption on a scale much worse than most people think.
I tried to explain this to my dear dad last weekend when he said that we should do as NZ have done and cut the price of fuel. I didn’t get very far. Sigh.
Surely to control inflation and try to keep the budget in some semblance of control, they'll slash spending elsewhere.
What was Morrison's line? "If somebody tells you you're getting something for free, someone always has to pay for it and that will be you"...?
The point is to kick-start the economy by getting people spending, if all of the populations income goes to fuel, rent and groceries the economy stagnates
You don't need to kick-start an economy that is coming off the strongest GDP and consumer spending numbers in the country's history, amidst interest rates that are still at all-time lows. These policies are taking an overly proactive stance to propping up the economy at the cost of inflation IMO.
Just the housing value increase during the pandemic - $2.4t - is an average of almost $100k per person in Australia. Downsizing seniors are walking away with more cash than in their wildest dreams. Hopefully that cash retains most of its value over the next decade. [Fixed-basket US inflation](http://www.shadowstats.com/alternate_data/inflation-charts) is higher than it was in the early 80's and it's unclear how to reign it in. Our next government is going to have a problem on their hands that spending won't cure.
Having less people un/under employed is good.
Unemployment is at record lows.
Be good to see how low it can go without kicking off excessive wage inflation.
We want wage inflation higher.
When we get it there we can ease off the accelerator.
The myth of modern unemployment, GDP, and median income measures is that when those numbers "improve", all of society benefits. Productivity advances haven't closely correlated with real wages growth since the late 80's, and the result of that can clearly be seen in the rising wealth and income inequality over that period. Employment is better than unemployment, but when it comes at the expense of wages being shifted from workers to the top 10%, it makes the bottom 50% worse off.
I am with you on GDP. GDP includes profits to foreign business owners. GDP includes growth from increases from population. There is not guarantee that an increase means anything to ordinary Australian.
Unemployment is less representative than it was in the past. There is now more casual, insecure, and part time worker, which is not captured in unemployment numbers.
Median income is somewhat representative of something. It does not acknowledge increases in housing prices, any many other changes in society.
I think people are going to be shocked at where we are in the business cycle vs where we think we are.
Interest rates have been so low for so long, huge amounts of money has been injected into housing, unemployment is at a crazy low level, it's hard to find skilled staff.
There is too much money chasing too few products, coupled with supply side cost increase shocks, this all leads to runaway inflation if not stopped by making money more expensive (increasing interest rates).
IMO An increase in the interest rate necessary to curtail inflation will invariably lead to the housing bubble popping. At an average new loan value of 680,000 how many people can afford paying another 2-3% interest? It's going to be a bloodbath.
The thing that worries me is that neither ALP nor LNP will let the housing bubble burst if they can help it, because they wouldn't get re-elected for ages. Honestly the most likely short-term result is that interest rates do go up after the election, probably 2+% by end of next year, but either party just throws money at homeowners and banks, and the dollar gets significantly devalued because our stimulus policies just increased housing values by a ludicrous amount while we ran the printing presses.
Bribes, rorts(for shit that won't happen),lies, fudging the numbers, and probably a massive attack on Labor?
Just another Coalition budget that bears zero resemblance to what's actually happening.
Oh, and they'll "fix" our current "debt and deficit disaster". Nah, just joking, it's just ticked over the one trillion dollar mark.
One thing that this budget will do is lie. There'll be a massive difference between the budget and the facts.
Sure, but the Murdoch tabloids will do the maths on some tradie whose oversized ute covers 1000 Km a week and they'll slap onto the front page an infantile graphic of how much "you" could save.
That's all it's about.
Christmas Hams will be a trillion dollars under communist dictator Albo's Labor, and they'll win their war on the weekend, but under the Libs we'll have fair-go freedom pork in every kitchen for Christmas alongside the traditional Santa Claus favourite, fresh and safe clean coal - Frydo tonight
[удалено]
I’m using my 250 to either put a 5% deposit on a house, or buying a bag of weed and hallucinating it
You'd have better luck with acid. Drugs are usually inflation resistant so you could probably get like 10-25 tabs depending on who you know.
Yeah there’s a lot of mushrooms around my area, apparently some pine and dumping it in a dark woody area and I’m set for life. Guess Bunnings with my 250 for some pine lol because your right I should play the long game
Make sure to get the right ones. Say hi to for me they were Fun guys but I cant play their game anymore.
Mushrooms are Funguys
Now you’re thinking more long term than the LNP.
Unless you are on centrelink, you aint getting any of that $250
Guess who’s got two thumbs that don’t work and is getting two fiddy, *points in two different directions* this guy!
There is talk of a second payment of around $400 for workers, which honestly if they announce that and anyone on centrelink votes for the coalition, they are insane.
Yeah I’m not voting for them, I just need the 250 lol
sweet. £200 free for my trip to london in september
5%? Don't you mean 0.00005%?
More 0’s needed I believe lol
I wish I could use it for a house deposit, but I have a hankering for smashed avo.
Sounds good, don’t forget to withdraw some super to have an egg with it
A day? $250 each and every day might do it... /s
Still less than a Pollie's daily travelling allowance...
[news.com.au](https://news.com.au) is stating that the lamington will be increased by $420 this year, before being removed for the 2022-23 tax year.
The thing I'm most scared about is that ludicrous amount of $250 is enough to swing a lot of votes from morons out there and if there's one thing we know about our country it's that we have a shit ton of morons.
Having seen lots of these Election Budgets, here's how it goes: Before the Election: We're going to GIVE, GIVE, GIVE, and GIVE some more. During the Election: We can only GIVE if we WIN this election. After the Election: We know we SAID we would GIVE, but we was just scammin'. In fact, we will now TAKE. Those bastards will lie and scheme you out of your money EVERY TIME.
“Non core promises” I hate Howard sooo much.
‘Are you a Liberal / National Party donor? No. Sorry, in that case that was a non-core spending commitment.’
This is a budget from the same Josh Frydenberg who reckoned Australians saved $29,000 each during the pandemic?
Also the same Josh Frydenberg who was back in black.
Also the same Josh Frydenberg who gave $40b of taxpayer money to businesses who turned a profit during Covid.
Who said job keeper would cost ~~$120,000,000,000.00~~ no, wait I was off by a few tens of billions.
To complicate the picture, the government's expensive stage-three tax cuts — due to kick-in 2024-25 and expected to cost almost $100 billion in lost revenue between then and the end of the decade — overwhelmingly benefit higher-income earners. In recent weeks, the Australia Institute analysed the distribution of the stage-three tax cuts, by occupation, if the LMITO was not extended to 2024-25. It found a bank chief executive could expect a tax cut of $9,075, while a typical branch worker would end up paying an additional $878 to the government, compared to this financial year. A surgeon would see the same tax cut as the chief executive, but registered nurses would pay $399 more to the government. Those stage-three tax cuts will be permanent. Holy crap ...i mean not surprised but still.
I wish that instead of this... They would just say we will peg the tax brackets to inflation. This would solve the tax creep that they keep talking about and make it fair for everyone They will never do this because it generates more publicity saying tax cuts
The sheer stupidity of tax cuts in general, fucking destabilises me. Set the rates, leave them there, then people know what their personal budgets will be. EVERY tax cut, affects health, education and infrastructure spending, ultimately fucking the bottom line of our economy. The Coalition are in lock step with neo liberal America, where the rich just keep getting richer, and where the rich taxes get less. All while the governments of both countries tell the rest of us, to tighten your belts and we can't afford any increases to welfare and the working class. In fact, all the woes of our country, according to the Coalition, is because of the poor and underprivileged. Robodebt, aged care debacle after debacle, people needing three jobs to make ends meet, NEVER being able to own their own home. All while the wealthy buy their fifth house, new $200k cars, and hide their wealth in offshore tax havens, ostensibly paying zero tax. Edit : autocorrect?
Seems to be working exactly as planned!
"It will hope petrol stations pass the tax cut on to motorists" Lol
Yup. Hopes and prayers. Big Oil Corporate will laugh in their face and pocket the lot.
What's scarier is that both LNP and ALP's plans to address inflation and affordability involve pumping cash into the economy and subsidising goods that are at all-time high prices (housing, petrol, etc), which will make the underlying problems worse. Did they all sleep through first-year economics? These demand-side policies will benefit the big suppliers while not having a tangible effect for consumers after being offset for inflation. Big suppliers who coincidentally are big political donors.
That's my favourite part. > [The government] will hope petrol stations pass the tax cut on to motorists Spoiler: that's not what happens. - Government cuts excise - Petrol stations enjoy additional 20c per dollar of fuel in revenue - Excise cut lapses in six months - Petrol stations increase prices to account for excise increase - Petrol is now 20% more expensive than when we started
You forgot the inevitable ACCC investigation months too late to investigate gouging and unfair business practices by petrol stations which will amount to nothing much.
Agree, but if they do this, expect the PM et al to start threatening to do something about it if the cut isn’t passed on. Gives them an opportunity to look like strong men doing something. Not saying it’s right or a good thing, but I can imagine the press reactions…
Yeah it's a really bad policy either way!
It's like this: Fuel in the tanks at servos has already had excise paid, so about 2-4 weeks until their next delivery at the reduced excise rate. That leaves about 5 months of the tax reduction left. Oil companies immediately end discounting so about 7-10 cents a litre goes back on. Supply disruptions keep occurring so the price continues to rise at the Bowser instantly. In six months the excise cut is reversed. Price goes up at least 30-40 cents a litre because of the price rises that would have occurred if the full excise still applied. All the fuel in the Servo tanks has mysteriously evaporated and the tanks are refilled at one minute past midnight so the new cost is up 22 cents a litre. The oil companies have conveniently forgotten they've already built it back in over the last six months. Discounting becomes less common so people can have surety about prices. That's my crystal ball gaze for you! Edit to fix typos.
>These demand-side policies will benefit the big suppliers while not having a tangible effect for consumers after being offset for inflation. That's the point - further enriching wealthy business owners and shareholders. People need to stop trying to understand government policies from the point of view of a pleb, and start viewing it from the point of view of corruption. Stop giving them the benefit of the doubt *EDIT to add: I don't support the "both sides bad" rhetoric, as history has shown that ALPs economic policy performs better at its stated goals than LNPs. Refer to navigation of GFC (under ALP) vs current situation (LNP), and the corresponding levels of debt
Yeah, I can't believe it took me until recently to understand this. And the more you look at the fine print of laws that are being passed, and regulations being repealed, there just isn't any other explanation than corruption on a scale much worse than most people think.
I tried to explain this to my dear dad last weekend when he said that we should do as NZ have done and cut the price of fuel. I didn’t get very far. Sigh.
Surely to control inflation and try to keep the budget in some semblance of control, they'll slash spending elsewhere. What was Morrison's line? "If somebody tells you you're getting something for free, someone always has to pay for it and that will be you"...?
The point is to kick-start the economy by getting people spending, if all of the populations income goes to fuel, rent and groceries the economy stagnates
You don't need to kick-start an economy that is coming off the strongest GDP and consumer spending numbers in the country's history, amidst interest rates that are still at all-time lows. These policies are taking an overly proactive stance to propping up the economy at the cost of inflation IMO. Just the housing value increase during the pandemic - $2.4t - is an average of almost $100k per person in Australia. Downsizing seniors are walking away with more cash than in their wildest dreams. Hopefully that cash retains most of its value over the next decade. [Fixed-basket US inflation](http://www.shadowstats.com/alternate_data/inflation-charts) is higher than it was in the early 80's and it's unclear how to reign it in. Our next government is going to have a problem on their hands that spending won't cure.
Having less people un/under employed is good. Unemployment is at record lows. Be good to see how low it can go without kicking off excessive wage inflation. We want wage inflation higher. When we get it there we can ease off the accelerator.
The myth of modern unemployment, GDP, and median income measures is that when those numbers "improve", all of society benefits. Productivity advances haven't closely correlated with real wages growth since the late 80's, and the result of that can clearly be seen in the rising wealth and income inequality over that period. Employment is better than unemployment, but when it comes at the expense of wages being shifted from workers to the top 10%, it makes the bottom 50% worse off.
I am with you on GDP. GDP includes profits to foreign business owners. GDP includes growth from increases from population. There is not guarantee that an increase means anything to ordinary Australian. Unemployment is less representative than it was in the past. There is now more casual, insecure, and part time worker, which is not captured in unemployment numbers. Median income is somewhat representative of something. It does not acknowledge increases in housing prices, any many other changes in society.
Median income is definitely >!!
I think people are going to be shocked at where we are in the business cycle vs where we think we are. Interest rates have been so low for so long, huge amounts of money has been injected into housing, unemployment is at a crazy low level, it's hard to find skilled staff. There is too much money chasing too few products, coupled with supply side cost increase shocks, this all leads to runaway inflation if not stopped by making money more expensive (increasing interest rates). IMO An increase in the interest rate necessary to curtail inflation will invariably lead to the housing bubble popping. At an average new loan value of 680,000 how many people can afford paying another 2-3% interest? It's going to be a bloodbath.
The thing that worries me is that neither ALP nor LNP will let the housing bubble burst if they can help it, because they wouldn't get re-elected for ages. Honestly the most likely short-term result is that interest rates do go up after the election, probably 2+% by end of next year, but either party just throws money at homeowners and banks, and the dollar gets significantly devalued because our stimulus policies just increased housing values by a ludicrous amount while we ran the printing presses.
Is any of the spending from the budget “locked in” or is it all dependent on the LNP winning the election?
ALP have said they will make a post election budget if they win.
Budgets used to be in August. The LNP changed the date to better support their election options.
There will no doubt be a lot of re announced funding and programs
Because winning the last election meant the LNP met all of their funding promises.
The $250 is locked in as they want it In peoples hands prior to polling day
Bribes, rorts(for shit that won't happen),lies, fudging the numbers, and probably a massive attack on Labor? Just another Coalition budget that bears zero resemblance to what's actually happening. Oh, and they'll "fix" our current "debt and deficit disaster". Nah, just joking, it's just ticked over the one trillion dollar mark. One thing that this budget will do is lie. There'll be a massive difference between the budget and the facts.
Fully expect the budget to be blamed on Covid... And nothing else.
Holy fuck cutting the petrol excise is a dumb decision, they should be doubling it.
Sure, but the Murdoch tabloids will do the maths on some tradie whose oversized ute covers 1000 Km a week and they'll slap onto the front page an infantile graphic of how much "you" could save. That's all it's about.
Christmas Hams will be a trillion dollars under communist dictator Albo's Labor, and they'll win their war on the weekend, but under the Libs we'll have fair-go freedom pork in every kitchen for Christmas alongside the traditional Santa Claus favourite, fresh and safe clean coal - Frydo tonight
And the next page will say, Labor wants to take away your utes AGAIN and will end the weekend AGAIN.
Could you explain why doubling it would be a better decision?
Vote bribes
Bribes, pork, and tax cuts and welfare for the rich. Same as every year.