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  1. #1
    CC International Master Goughfather's Avatar
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    2010 Federal Budget

    I thought I'd dedicate a thread to discussion of the 2010 Federal Budget. It seems like perennial Rudd-Railers Jono and Howie have been atypically silent, which is interesting to say the least.

    I'm still working my way through the budget details and analysis so far. I've read Ross Gittins and Peter Hartcher's pieces in the Herald yesterday, which had some fairly reasonable criticisms to make.

    Abbott's budget reply will also be interesting. The big question will be whether the Opposition will outspend Labor after criticising their spending, like they did last year.
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  2. #2
    CC Grandmaster Basil's Avatar
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    Quote Originally Posted by Goughfather
    I thought I'd dedicate a thread to discussion of the 2010 Federal Budget. It seems like perennial Rudd-Railers Jono and Howie have been atypically silent, which is interesting to say the least.
    Might be interesting to you. There is much on the Rudd cock-up agenda I leave alone (as I do with the Footballers Behaving Badly and HADBBA threads - such is the volume of grist).

    I haven't had a good look at the budget since its release some 48 hours ago, but my assessment is that it is reasonably prudent given the self-inflicted circumstances in which the government finds itself, viz, no cash, no trust, no goodwill, massive debt, mines plundered - in all it's a head-down, bum up and hope for the best. Anything else would have been crucified.
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  3. #3
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    It had a declared 40 billion deficit, as well as undeclared (i.e. hidden) another 50 billions.
    Labor splurged money left by the Howard government, then railed the budget surplus leaving us in massive debt.
    Now they try to boast their economical credentials by claiming they will get budget in surplus in three years (which they will never do anyway).
    Getting budget in surplus means they will stop accumulating debt. What about repaying it? Labor tactfully avoid discussing how long it'll take to get rid of debt.

    Those that are still fooled by this Labor hypocrisy might be beyond hope, I genuinely feel sorry for them.
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  4. #4
    CC Grandmaster Basil's Avatar
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    This is what Gary Johns, a minister in the Keating government thinkas would a be good Budget reply.
    There is no cure for leftism. Its infestation of the host mostly diminishes with age except in the most rabid of specimens.

  5. #5
    CC Grandmaster Desmond's Avatar
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    Raising the threshold for claiming medical expenses as a tax deduction from $1500 to $2000. This is going to hurt vulnerable people. $1500 was already a lot.
    So what's your excuse? To run like the devil's chasing you.

    See you in another life, brotha.

  6. #6
    Account Shoutbox Banned antichrist's Avatar
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    Quote Originally Posted by Boris
    Raising the threshold for claiming medical expenses as a tax deduction from $1500 to $2000. This is going to hurt vulnerable people. $1500 was already a lot.
    But I think it was only worth claiming for the rich anyway, it was about 1000$ a few years ago. If one could afford to pay all those gap fees that funds don't cover one would have to be pretty rich anyway. The strugglers just aren't in the picture.

  7. #7
    CC International Master Goughfather's Avatar
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    Hey Big Spender!

    Surprise, surprise. Despite criticising the government for its "reckless spending", Abbott declared that he would spend more on health, would scrap the mining tax and would sell off the family silverware. As for the cost of his shambolic budget, Abbott has refused to provide details on how his initiative would be funded, probably because he doesn't want to admit that a Coalition government would only increase government debt. His insistence that his budget would return a bigger surplus than Labor is simply voodoo economics.
    "People with guns don't understand. That's why they get guns. Too many misunderstandings." - Jerry Seinfeld, The Little Kicks

  8. #8
    Monster of the deep Kevin Bonham's Avatar
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    I reckon that Labor's promise to put the budget back in surplus within three years may well come back to bite them in, oh, about three years, but we'll see ...
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  9. #9
    CC International Master Goughfather's Avatar
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    Quote Originally Posted by Kevin Bonham
    I reckon that Labor's promise to put the budget back in surplus within three years may well come back to bite them in, oh, about three years, but we'll see ...
    Assuming of course that they are still in power. I guess that's what this Budget is primarily about - getting to the point where it could potentially bite them. And if it does that, I guess they figure that they can cross that bridge when they come to it.
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  10. #10
    Monster of the deep Kevin Bonham's Avatar
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    Quote Originally Posted by Captain Underpants
    This is what Gary Johns, a minister in the Keating government thinkas would a be good Budget reply.
    I actually like it a lot better on the whole than I like the economics of either major party at the moment. Actually he comes across more like that apparently near-extinct species the Hewsonite Liberal, which given that he went almost directly to the Institute of Public Affairs after losing his seat is really no great surprise.
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  11. #11
    Monster of the deep Kevin Bonham's Avatar
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    Quote Originally Posted by Goughfather
    Assuming of course that they are still in power. I guess that's what this Budget is primarily about - getting to the point where it could potentially bite them. And if it does that, I guess they figure that they can cross that bridge when they come to it.
    Yes, and if they're really lucky the Coalition will have found a new heap to collapse in by then, so that even if they don't meet that commitment it won't matter.

    This kind of one-election-cycle-at-a-time thinking is quite common from incumbent governments.
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  12. #12
    CC Grandmaster Capablanca-Fan's Avatar
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    Andrew Bolt on Abbott's budget reply:

    Tony Abbott’s address in reply to the Budget was typically clear and well-written, but also very effective politically. The take-out line - and the election strategy, attacking both Rudd’s manic spending and broken promises:

    I have one message for Mr Rudd. It’s one he should be familiar with: this reckless spending must stop.

    A brave analogy:

    I know, as anyone who has spent time in remote indigenous townships should, that you can’t have much of a community without an economy to sustain it.

    And, even braver, this promise to take away some toys:

    A good cause never justifies wasting money. On coming to government the Coalition would immediately restructure the school hall programme and provide further funding to school communities, not to state bureaucracies.

    This we already know, and, unlike the previous promise, will probably be delivered:

    Likewise, the Coalition won’t go ahead with the National Broadband Network avoiding the creation of a $43 billion white elephant.

    Not dodging this fight, and not least because dodging it would seem weak and lacking in credibility, so why not argue back:

    The former government’s workplace reforms went too far but they helped to create more than 2 million new jobs, lift real wages by 20 per cent and more than double net household wealth between 1996 and 2007. We’ll seek to take the unfair dismissal monkey off the back of small businesses which are more like families than institutions.

    We’ll make Labor’s transitional employment agreements less transitional and Labor’s individual flexibility agreements more flexible. We have faith in Australian workers who are not as easily pushed around and exploited as the ACTU’s dishonest ad campaign is already making out.

    Sadly, this mad and expensive promise hasn’t been ditched:

    For starters, there’ll be a fair dinkum paid parental leave scheme which gives women six months leave at their full pay… But all benefits have to be paid for and the fairest way to have a paid parental leave scheme anytime soon is through a modest levy on companies’ taxable income over $5 million a year.

    A relative easy cut to promise, since it’s achieved by simply freezing Rudd’s expansion plans - a $4 billion gift to Abbott:

    To rein in spending, the Coalition will introduce a two year recruitment freeze to reduce public servant numbers through natural attrition.,, This should deliver a modest reduction in public sector numbers without compromising essential services and save about $4 billion over the forward estimates.

    More easy savings - the best part of another $1 billion over four years - that will hurt no one but green carpetbaggers and the Liberals themselves:

    As well, the Coalition would not proceed with the budget increase to the renewable energy future fund and will cut government advertising by 25 per cent.

    Yet another saving (and Abbott says Hockey will shortly outline more):

    Of course, there should be an electronic health record but hundreds of millions of dollars have already been spent to make this a reality and no more should be spent until it’s certain that we’re not throwing good money after bad.

    But all those savings and more will be needed to make up for blocking the Government’s $9 billion a year “super profits” tax on miners, which Abbott sees as a battle-turner:

    ...a different great big new tax that will now be the issue on which the election turns.

    A credible pitch, and on economic management - which should always be the preferred battlefield for the Liberals. And hammering Labor right where it hurts.
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  13. #13
    CC Grandmaster Capablanca-Fan's Avatar
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    Thumbs up

    Quote Originally Posted by Kevin Bonham
    I actually like it a lot better on the whole than I like the economics of either major party at the moment. Actually he comes across more like that apparently near-extinct species the Hewsonite Liberal, which given that he went almost directly to the Institute of Public Affairs after losing his seat is really no great surprise.
    Yes, that was pretty good.
    “The history of the 20th century is full of examples of countries that set out to redistribute wealth and ended up redistributing poverty.”
    “There’s no point blaming the tragedies of socialism on the flaws or corruption of particular leaders. Any system which allows some people to exercise unbridled power over others is an open invitation to abuse, whether that system is called slavery or socialism or something else.”—Thomas Sowell

  14. #14
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    Quote Originally Posted by Captain Underpants
    This is what Gary Johns, a minister in the Keating government thinkas would a be good Budget reply.
    I liked it a lot. It was a surprise to see a classical liberal/libertarian approach from a Labor minister (albeit former).
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  15. #15
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    With one exception (paid parental scheme) Abbott's reply was much better then the Labor budget. They can't even be compared, being in a different leagues.
    But Gary Johns' reply is even better!
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