Is Swanny the first Treasurer to put out a weekly Economic Note? I can’t believe that his advisers think that his weekly instaments of turgid, vapid, misleading and self-serving sludge does him any good.
But each week, we are treated with another little homily. This week’s is right up there.
This year we will deliver on two vital planks in our plan for Australia’s future: the National Disability Insurance Scheme and the Gonski reforms to lift Australia’s school performance. These are reforms that will ensure each Australian can realise their individual potential and get the opportunities they deserve, and will also boost the whole country’s productivity and its ability to make the most of the Asian Century.
In three months time I will be handing down this Government’s sixth Budget which will ensure these significant reforms are funded in such a way that they are sustainable well into the future. As the PM said in her Press Club speech the week before last, we will be focussed on finding the right structural savings, always underpinned by fairness.
Hmm, he thinks, I got the NDIS, Gonski and the Asian Century all into the one paragraph. Well done, if I don’t say so myself.
And as for these ‘right structural savings’, underpinned by fairness of course, I wonder whether these will be like the previous list of savings, which were mainly tax increases and includes the cut in the company tax rates that did not eventuate (AHAHAHAHA) and the flood levy (AHAHAHAHAHAH).
Here’s the government’s list of savings it says it has already made:
- 70% increase in tax on alcopops- Increase in Luxury Car tax – Increase in tax on North West Shelf gas project by extending it to condensate. – MRRT – Fringe Benefits Tax (tighten exemptions) – Increase in the Passenger Movement – Australia Post – special dividend – Increase in Visa application charges (2x) – Superannuation – reducing the concessional contributions caps – Reducing income tax exemption for overseas workers – Reducing concessions for Employee Share Schemes – Increase in excise and customs duty on tobacco – Increasing GST revenue through compliance program – ATO compliance program – dealing with the cash economy – Increase in tax on fuel ethanol – the Flood levy - Increasing Car Fringe benefits tax – Phase out of Dependent Spouse Tax Offset – Removing minors’ eligibility for low income tax offset on unearned income – Increasing Revenue through Tax compliance — reporting taxable payments (again) – Abolish the Entrepreneurs’ Tax Offset – Do not proceed with the company tax cut – Do not proceed with standard deduction – Deferral of higher concessional contributions cap – Do not proceed with 50 per cent discount on interest – Ending of Tax Concessions for Green Buildings – Further reform of living-away-from-home allowances and benefits – Superannuation – Increasing Tax on high income earners – Changes to the Net Medical Expenses Tax Offset – Better targeting of the employment termination payment tax offset – Increasing GST Revenue – compliance program – two year extension – Increasing Heavy Vehicle Road User Charges - Increasing Passenger Movement Charge (again) – Dividend payments from Australian Reinsurance Pool Corporation – Australian Federal Police – Partial Cost Recovery of Airport Policing – doubling of the withholding tax on Managed Investment Trusts