• Australian federal budget 2017
    9 replies, posted
[quote=ABC News][b]You're going to pay more tax, but it'll fund the NDIS[/b] The Medicare Levy is increasing from 2 per cent to 2.5 per cent of taxable income. The Government says that increase will be used to help fund the National Disability Insurance Scheme, which is on track to be fully rolled out from 2020. [b]There's a couple of plans to tackle housing affordability[/b] If you're a first home buyer, say hello to the First Home Super Saver Scheme. It's going to allow first home buyers to funnel some income into super accounts, at a lower tax rate than normal. The Government says this will help first home buyers to save a deposit 30 per cent faster. It also wants to free up a whole lot of housing by encouraging older Australians to downsize. They'll be able to tip up to $300,000 from the sale of their home into super by doing so. Foreign investors will be slugged $5,000 if they don't occupy or lease their property for at least six months each year. Developers won't be able to sell more than 50 per cent of new developments to overseas buyers either. Missing from all of this? Negative gearing. The Government isn't touching it. Will these plans actually work? ABC business reporter Michael Janda says you'll need a microscope to see any changes to house prices. [b]New welfare recipients are going to be drug tested[/b] Five thousand of them to be exact (which the Government is calling a trial). Those who test positive will be placed on the Cashless Debit Card for all welfare payments, have to take more tests and possibly be referred for treatment. Job seekers who don't turn up to appointments or job interviews will face escalating penalties and won't be able to use the excuse that they were drunk or drug-affected if they miss them. ... [b]Some important numbers[/b] The Government says there'll be a forecast deficit of $29.4 billion in 2017-18. It's still projecting a return to a $7.4 billion surplus in 2020-21.[/quote] This is only a snippet of the article. To read about other items such as infrastructure, a new tax on the big banks, a crackdown on tax avoidance by multinational companies, Medicare, and changes to school and university funding, read the rest of the article at [url]http://www.abc.net.au/news/story-streams/federal-budget-2017/2017-05-09/budget-2017-cheat-sheet-paying-more-tax/8511842[/url]
It just fucking baffles me how ruthless the libs are at shitting on the poor with this. I mean yeah, I can totally see them saving money by forcing new welfare recipients to take mandatory drug tests.
[QUOTE=Rexxasaurus;52208151]It just fucking baffles me how ruthless the libs are at shitting on the poor with this. I mean yeah, I can see them totally saving money by forcing welfare recipients to take mandatory drug tests.[/QUOTE] I honestly don't think it's a bad thing. They're not going to lose their welfare payments. They're just going to be forced onto a cashless debit card system where it forces them to buy things that the welfare payments were meant for, aka you can't withdraw cash from it.
[QUOTE=ABC News]Foreign investors will be slugged $5,000 if they don't occupy or lease their property for at least six months each year. [/QUOTE] This is good but a lot more should be done, I think it should be a larger fine and also target Australians citizens who do the same, one of the reason our housing market is fucked is because of baby boomers buying houses and leaving them empty as investments. I believe foreign markets mostly buyout apartment complexes so maybe apartment living will get cheaper? [QUOTE=ABC News]Job seekers who don't turn up to appointments or job interviews will face escalating penalties and won't be able to use the excuse that they were drunk or drug-affected if they miss them.[/QUOTE] This annoys me a lot as someone looking for a job right now, it's hard enough competing with everyone else and now I've got to deal with people half-assing interviews to stay on the dole. I imagine most people who don't want to be stuck on wealthfare are already applying for a shit ton of jobs and interviews anyway. probably the worst way to deal with "dole bludgers". [QUOTE=ABC News] The Government is toughening up the laws that target ones who avoid paying tax. They say it'll bring in an extra $4 billion this financial year.[/QUOTE] The article doesn't go into how this is happening but I believe the ATO (Australian Tax Office) is getting more funding to help crack down on tax avoidance. I bet none of the big companies that shuffle money to tax havens will be affected though. It'll just be small time rich folks who think they're Al Capone for having an account in the Caymans. It's something at least. [QUOTE=ABC News] University students will pay more for their degrees (and begin paying back their HELP loans sooner) and universities will lose 2.5 per cent of their Government funding.[/QUOTE] I don't like this but I can understand why, a lot of uni graduates take low paying entry jobs sadly and may not cross the payback threshold for HELP loans for years if ever. I still think it's pretty bullshit a government who mostly went through Univerity for free are jacking up the prices for everyone else. I would rather they tried to boost the economy before attacking students, you know, "jobs and growth"? [QUOTE=ABC News] Australia's five biggest banks will be hit with a new tax that the Government says will bring in $6.2 billion in the next four years. The Government is also going to create the Australian Financial Complaints Authority, which will help resolve disputes between the banks and their customers.[/QUOTE] Calling it now, major banks are gonna jack up prices on things and blame this tax. Good thing I'm not with a major bank :saxout:. Not a bad budget but not great ether, seems like a meek attempt at "please like us everyone" while still trying to appeal to the rich and old voter base who eat up the rubbish papers say about the poor, young and foreign.
The first home super scheme is something I don't agree with but I'm still going to use it. Shame more wasn't done about housing affordability, better changes are required to deal with vacant investment homes and tax relief for property investing in general. It becomes a problem when someone can afford to buy more than one property while others cant even afford a main residence
While I think this is generally a good budget, the super scheme for housing is absolutely dreadful. The only thing that can accomplish is to flood the housing market with more money, pushing house prices up even further. Housing affordability requires more supply and less demand, not more demand.
[QUOTE=DogGunn;52208154]I honestly don't think it's a bad thing. They're not going to lose their welfare payments. They're just going to be forced onto a cashless debit card system where it forces them to buy things that the welfare payments were meant for, aka you can't withdraw cash from it.[/QUOTE] I hope the cashless welfare will stop them buying smokes or booze
lol housing is fucked shits going to hit the fan soon enough
[QUOTE=download;52208681]I hope the cashless welfare will stop them buying smokes or booze[/QUOTE] They'll find a way sadly. [I]Life always finds a way.[/I] Not that I think cashless welfare is a bad idea but the people who want to smoke and booze up are going to do it regardless of how hard people want them to stop. That being said part of this budget includes help programs for addicts on welfare so maybe that'll help? Also another part I like: [QUOTE]Parents who don't vaccinate their children will lose about $28 per child per fortnight. The money will be withheld from the Family Tax Benefit Part A. In total, the Federal Government expects to withhold about $66 million worth of payments.[/QUOTE]
Its not like that'll effect anyone considering those who don't vaccinate are rich hippies. Need stronger measures
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