Ghosts of Budgets Past

Despite having delivered Australia’s finest budget analysis for the last two years running, TMR still hasn’t received an invite to the budget green room. Consequently, while imbeciles like Shane Wright get to see what’s cooking in advance, TMR can only access the following at the moment:

Untitled

In the meantime, as part of TMR’s ongoing community service, here is the sad story of how and where our money was comically squandered by Rudd, Gillard, Swan and Labor to the tune of about $400 billion.

Even if you’ve already read it, it pays to read it again, remind yourself of what really happened – and confirm that the biggest increased item of spending over the last 10 years really has been THE INTEREST ON THE DEBT THAT WAS SENSELESSLY AND EGREGIOUSLY RACKED UP. It’s not even close.

You can say what you like about Turnbull – goodness knows I have. But the fact is that neither he (nor Abbott) got this show on the road and caused the $400 billion handicap that they were forced to started off with (quick tangent: I wonder if our federal budget will qualify for NDIS assistance?).

Just imagine for a moment that you’ve worked hard your whole life and paid off your home. Despite still being more than capable, you then decide to hand some of the reins over to your children and give them power of attorney and guardianship over you and your assets. The next thing you know, six years have gone by and your house is now mortgaged for its full value. As for the borrowed money, all there is to show for it is:

  • a huge shed out the back that sits next the the slightly smaller one you already owned (improvement to the value of your home: nil);
  • a new modem that makes the internet go just as fast as it was always going to;
  • mortgage repayments that far exceed what you can afford; and
  • a new tenant occupying one of the rooms in your house, who comes and goes as they please – and without whom you cannot afford the mortgage repayments.

Feels great, doesn’t it?

What’s that? You’d also like to revisit TMR’s award-winning* budget analysis from the past two budgets? I’m glad you asked! Here they are for you to read, weep and wallow in:


(*) Award pending.

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58 Responses to Ghosts of Budgets Past

  1. Chris

    I can’t wait. Will Trumbull/Whosit get the Abbott/Hockey treatment from the media?

  2. thefrolickingmole

    Good little reminder of the RGR goat rodeo there as well.

  3. Flyingduk

    Winter is coming…..

  4. Paridell

    The reins. What you guide a horse with.

  5. v_maet

    This budget is just going to be another labor budget with a return to surplus pushed out to 2023 and using some completely unrealistic assumptions to drive “savings” which are then squandered.

    We are doomed when Labor take hold of the coffers.

  6. egg_

    imbeciles like Shane Wright

    Yup, why he’s constantly on TheirABC Insiders and Teh Dumb.

  7. Dr Fred Lenin

    My government guarantees a return to surplus by 2094 , when the next elections will be held under u.n.politburo rules . Meanwhile we will keep borrowing money to pay the interest on the interest on the interest on the money RGR originaly borrowed to fix a Great Financial Crisis that didn’t exist in Australia , boosting the economy and creating PS jobs and making money vanish agicaly . Trust us, We are lawyers and only have our best interests at heart,sorry , your best interests .

  8. marcus

    Thanks for the spot Paridell – all fixed.

  9. anonandon

    That’s just what happens when you put baby boomers in charge of anything.

  10. Egor

    Funny about the NBN thingy. I used to get 12 > 14 mb download speed on copper, I pay for and get 12 > 14mb on NBN. I must be a great disappointment to the deep thinkers, they predicted I’d pay more for lightening speeds as if I’m a kid sucking in movies. No requirement, I watch a movie every 2 years, The Big Short on DVD was my last experience….movies are improving.

  11. stackja

    Kev 07 offered fast Internet, even hinted at free.

  12. Squirrel

    Your metaphor of giving the kids power of attorney will be particularly apt if the “Pensioner Loan Scheme” is, as tipped, expanded tonight – in time, that will be the glib solution to all sorts of revenue grabbing predations, including the extension of land tax to the principal place of residence (which over-committed state governments will be sorely tempted by when the stamp duty rivers of gold start to dry up).

  13. Egor

    Of course the most evil thing on earth as we speak is the Chinese Social Credit Score.
    Silly Australian non event budgets are inconsequential.
    The HRC will be examining the Chinese model with glee.
    And we are worried about the colour of toothpaste.

  14. Egor;

    And we are worried about the colour of toothpaste.

    No, not in this house.
    Really.

  15. JohnA

    NBN = National Bribery Night

  16. Tel

    Guess I better convert some of my Australian dollars over to Zimbabwe money while I can still afford to buy in.

    The thing that people don’t understand is that Greece got a bailout by being able to default on the bondholders while still getting more support from the EU. When the same thing happens to us, there won’t be any bailout (unless we sell the country to China).

    In a nutshell, the sooner we repudiate the debt and everyone stops lending to Canberra the better off we will be. Get out there and start a debt repudiation political party and scare the shit out of anyone dumb enough to keep lending.

  17. Neil

    Shows U how great Howard was. After years of deficit budgets under Keating Howard got the budget back into surplus within 12 months with unchanged economic conditions and unemployment at 8%. But his industrial relation reforms and proposed budget cuts caused the lefties to riot

  18. Mundi

    If there are no cuts to person income tax to account for at least bracket creep, I will never vote for liberals again.

  19. H B Bear

    Before SloMo and the Lieborals kick the can down the road, let’s remind ourselves how we got here.

  20. Robber Baron

    I am 100% confident l will be worse off after this budget…just as l have been under every budget since 2005.

  21. H B Bear

    Treasury official explaining the Pensioner Loan Scheme to ScoMo,

    “Well Scott it enables people whose income is paid by other people to live beyond their means by mortgaging the future.”

    “So pretty much what we do then?”

  22. Percy Porcelain

    Is this the live blog thread for the budget?

    Go Morristeen!

  23. Chris M

    Marcus your example is screwy – it’s totally inverted.

    Just imagine for a moment that you’ve worked hard your whole life and paid off your home…. then decide to hand some of the reins over to your children…. your house is now mortgaged for its full value.

    In real life Australia things are the opposite. The Baby Boomers inherited the country with established infrastructure and little debt, blew the credit card on useless junk, imported millions of pagan coolies to permanently disrupt the Australian culture and are now retiring on full pensions and super whilst handing the migrant ghettos and debt on to their Millennial grandchildren (that they deride and mock).

    You might not like to admit but you know this is how it is.

  24. Macspee

    As once was said – is anything new?
    “The Budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed, lest Rome will become bankrupt. People must again learn to work instead of living on public assistance.”

    Cicero, 55 B.C.

  25. Percy Porcelain

    FFS, they’re going to deliver a $18 billion plus deficit and that imbecile is prattling on about responsible economic management?

  26. Neil

    let’s remind ourselves how we got here.

    I don’t know how the ALP gets away with things like that. That was a solemn promise made to the Australian people with the full backing of Treasury. Not only were there not 4 surplus budgets there were none. Swans 2012 budget was a $18B deficit followed by a $48B deficit.

    Yet nobody in Treasury or govt lost their jobs over that falsehood. If Costello made a statement like that lefties would go ballistic

  27. David Brewer

    ScoMo announces crazy tax changes:

    From next July, those who earn up to $37,000 will see their tax bill reduce by $200.

    The offset increases incrementally for those earning between $37,000 and $48,000, before the maximum offset of $530 is applied to those earning between $48,000 and $90,000.

    The benefit then gradually decreases to zero at a taxable income of about $125,000.

    So the marginal rate between 90K and 125K will go up, and be higher than the marginal rate above 125K!

  28. Percy Porcelain

    Pwobyn and Tingles on the ALPBC – all those very fat people waddling past in the background is not a good look.

  29. Percy Porcelain

    FFS, what a cavalcade of drooling cretins. Incredible.

  30. Robber Baron

    On ABC now…Morrison boasting that his budget is growing at 1.9% higher than CPI. Australia is now a Douth American failed state. Weimar Australia is in our future.

  31. Dan Dare

    Chris M
    The baby boomers, born mid 1940’s to mid 1960’s, were brought up by parents who did not live on credit and did indeed work hard and paid off their home.
    They would in general have instilled this ethic to their children but then the destruction of Australia began with the disaster of Whitlam in 1972.
    So the later born were beguiled by the idea that you can have whatever you want because it all went on the government credit card, ie the taxpayer.
    Some of the boomers were thus the first to be beguiled by this cargo cult.
    The fact that it was not too late for most of them to still work and save for retirement does not mean they should now be denigrated.
    And they most certainly did not import millions of migrant coolies to disrupt the culture.
    The migrant coolie country shoppers that are now here are the direct result of the welfare state that now exists because of the diastrous socialist policies that now control Australia.
    As for mocking their grandchildren. Are sorry for them more likely.
    I certainly am.

  32. Delta A

    Dan Dare
    #2706169, posted on May 8, 2018 at 8:27 pm

    Well said.

  33. Leigh Lowe

    The offset increases incrementally for those earning between $37,000 and $48,000, before the maximum offset of $530 is applied to those earning between $48,000 and $90,000.

    500 bucks?
    That’s barely two bottles of Don Perignong NV.

  34. Mundi

    The budget website has a “tax relief” calculator that shows the amount of income tax you will save…. Not next year, or the year after… but accumulatively to 2025!!!

    What an absolute joke. See our yourself here:
    https://www.budget.gov.au/2018-19/content/incometax.html

  35. Mundi

    And apparently $10 per week less tax in 2022 is “protecting” us from bracket creep. What a joke.

  36. Fat Tony

    Delta A
    #2706175, posted on May 8, 2018 at 8:30 pm
    Dan Dare
    #2706169, posted on May 8, 2018 at 8:27 pm

    Well said.

    I agree

  37. Pete of Perth

    What about cheaper electrons you tax eating cretins.

  38. Infidel Tiger

    Boomers – The Tyranny of the Majority.

    Their demise is welcome but still a long way off.

  39. Fat Tony

    Infidel Tiger
    #2706223, posted on May 8, 2018 at 9:20 pm
    Boomers – The Tyranny of the Majority.

    Their demise is welcome but still a long way off.

    IT – you use girlie stuff on your face, ya faggot.
    Fuck off & die Tigga (NADT)

  40. Entropy

    IT, I reckon the boomers will vastly improve retirement village and nursing homes, which will be great for gen x to move into if they can just get the damn boomers to stop hogging the medical facilities and visit Dr Neitschke.

  41. Fat Tony

    Entropy

    I hope we build nice little conjugal rooms for you and Tigga for when (if) you get to retirement age.

  42. Infidel Tiger

    The boomers will probably find a way to continue mooching from beyond the grave.

  43. duncanm

    The Government has announced it will freeze the ABC’s annual funding indexation for three years from July 2019, costing the organisation $84 million.

    its a start… but less than 3% of their budget.

  44. David Brewer

    The jerks in Treasury just get more slimy and mendacious every year.

    Try to discover the most basic information about the supposed centrepiece of the budget, i.e. the changes in personal income tax rates in 2018-19. Forget it, you are snowed with acres of rubbish about how many hundreds or thousands you will supposedly “save” in years stretching well into the next decade.

    Take this 4000-word “Fact sheet” that supposedly addresses the topic. Nowhere will you find the real 2018-19 tax scale.

    Admittedly, there is a misleading and incomplete table called “New personal tax rates and thresholds: 2018–19, 2022–23 and 2024–25”. But the new fiddle is there expressed as an “offset” and without stating its thresholds and rates, so it’s useless as a guide to final tax rates.

    However, with a bit of back of the envelope work from the “Change in household tax paid” table, one can deduce that:

    The marginal rate between $87K and 90K will fall from 39% to 34.5%.
    The marginal rate from $90K to $125K will rise from 39% to 40.5%.
    The marginal rate from $125K to $180K will remain at 39%.

    All figures include Medicare levy, as is done in the table.

    So, a marginal rate of over 40% on incomes of 90-125K. What a disgrace!

  45. Zulu Kilo Two Alpha

    The boomers will probably find a way to continue mooching from beyond the grave.

    So they should. The baby boomers built Australia, all that has happened since, is that the next generations have spent all their days bawling

    “What do we want? EVERYTHING!

    When do we want it? NOW!”

  46. Fat Tony

    Zulu Kilo Two Alpha
    #2706256, posted on May 8, 2018 at 10:15 pm

    And don’t forget Tigga who uses girlie stuff on his face like a good litlle receptive faggot.
    And, no doubt, quite typical of all those who came after the Boomers.

    You got that Tigga – CAPITAL Boomers

  47. entropy

    I use moisturiser on my scalp, FT.
    makes it all shiny.

  48. Texas Jack

    What are the chances of the middle income masses being sufficiently grateful for a $530 improvement in their 2019 tax return to reward Turnbull with a lift in Newspoll? None? Buckleys? The better question is – who in their right mind doles out budget measures that are certain to be lampooned in less than twenty-four hours of their release? At every level it’s a FAIL.

  49. duncanm

    new proposed tax rates are trivial, and clearly designed to neuter the ‘tax cuts for the rich’ bleatings of the usual wasters.

    Look here for a summary http://www.abc.net.au/news/2018-05-08/budget-2018-income-tax-calculator/9713956

    Firstly, lets forget about any bullshit for 2022-23. It won’t happen.

    So we have in 2019, tax cuts as follows
    $60-80k $530/year
    $100k $515/yr
    $150k+ $135/yr

  50. David Brewer

    Agree duncanm, tax cuts are trivial. For slightly more detail , see page 1-13 of Budget Paper no. 1 here.

    Also couldn’t agree more about 2022-23. What a hide they have promising serious tax cuts only the year after the forward estimates end. Since they change their minds every bloody year, who on earth would believe promises redeemable 4 or 5 years hence, after two further federal elections?

  51. struth

    They’re having a laugh.
    We all put up with this shit, so they keep doing it.
    Phasing out cash is their international obligation to the global socialists.
    All chugging on so well here the UN may make Turnbull slow down a bit so that Australia doesn’t give the game away before the rest of the West notices and stops doing the same.
    Agenda 2030 IN FULL SWING.

  52. Tintarella di Luna

    Oh my goodness, my heart breaks (Sorry probably paywalled but this is a quote from the article)

    In her first two years in the role, Guthrie has sought to avoid stoking tensions with the government, but she hit out at the changes in an email to staff tonight obtained by The Australian.

    “Let me be frank with you: I am very disappointed and concerned that after the measures we have introduced in recent years to deliver better and more efficient services, the government has now seen fit to deliver what amounts to a further substantial budget cut,” Guthrie wrote.

    She told staff the decision will make it “very difficult for the ABC to meet its charter requirements and audience expectations” and said the national broadcaster has made strides in its output across public interest journalism, breaking news coverage, regional issues, drama, comedy and children’s content.

    “Unfortunately, the government has overlooked this contribution and the trust and value more than 80 per cent of Australians place in us as an independent national broadcaster,” Guthrie said.

    “We will continue to oppose the decision and seek every opportunity to reverse the cuts in the coming months before they take effect.”

  53. Tom

    The left’s man inside Fox News Channel, Shepard Smith, is telling his audience* that Trump isn’t pulling out of the Iran nuclear deal, but that he has decided to violate it. FMD. He’s relentless.
    ________________________________________________________________________
    *Fox evidently decided to use Smith for an hour on weekdays to try to steal a small slice of CNN’s audience by letting him peddle wall-to-wall CNN-style disinformation. All his guests are mad lefties.

  54. EvilElvis

    That’s barely two bottles of Don Perignong NV.

    Don’t worry, Leigh. There’ll probably be a hidden increase on ‘alcopop’ tax to cover it. Back to the cask my good man.

  55. struth

    BULLSHIT. Boomers are the ones who voted for open borders. The great boomer hero Howard is the one who doubled the intake.

    Those same migrant coolie country shoppers can want to come to Australia but if the Boomers had not opened up our immigration system then those parasites would still be in their shithole countries. When some muslim nurse puts the pillow over a Boomer’s face in the nursing home he can go out with the thought of how great multiculturalism is.

    Can you young’ns understand the word “collectivist”?

    This ridiculous collectivist bullshit, especially regarding age groups must stop.
    It seems even those younger ones not taken in and able to fight back from left wing indoctrination, still think as collectivists.
    Here’s some facts you might wish to ponder, age-ist Clint.

    BULLSHIT. Boomers are the ones who voted for open borders.

    No one ever, from boomers to millenials have ever voted for open borders.
    They have voted for precisely the opposite, even though traitors, working to a global socialist U.N. plan, have done it anyway.

    The great boomer hero Howard is the one who doubled the intake.

    Howard was no hero of the boomers, they liked what his treasurer was doing, and before you open your big fat trap about boomers, haven’t you noticed the standard of pollie getting worse since you guys have been given the vote, the mangy mess of Marxists that you generally are (I’m being a collectivist as well here, not fun is it?)

    Those same migrant coolie country shoppers can want to come to Australia but if the Boomers had not opened up our immigration system then those parasites would still be in their shithole countries. When some muslim nurse puts the pillow over a Boomer’s face in the nursing home he can go out with the thought of how great multiculturalism is.

    No one voted for multiculturalism, and no one voted for it, ever.

    It continues to this day, helped by the vocal minority of brainwashed young c..nts that scream their heads off if one mussie is sidelined for a South African farmer threatened with death due to the colour of his skin.
    The young voter, brainwashed in our schools, by people near as young as themselves, not boomers, are more of a problem than the boomers ever were.
    So take your whining hatred of the old, and do something about it, instead of blaming it all on your parents as most spoilt brats do.

  56. Tel

    BULLSHIT. Boomers are the ones who voted for open borders. The great boomer hero Howard is the one who doubled the intake.

    Howard doubled the intake with one hand while at the same time making a big public display of cracking down hard on a small number of boat people with the other hand. Hence his statement about we get to choose who comes to this country. The leftist media (of course being completely predictable) shouted long and loud about the crackdown on boat people while never mentioning the much larger legal intake of both refugees and economic migrants.

    It’s hard to know if the boomers were voting for the crackdown they saw in the newspapers or voting for the economic boom that was happening at the time. Unlikely they were voting for bigger migrant intake because it simply never got reported. That said, having economic migrants who are willing to work hard can be very helpful in the midst of an economic boom because it gives you both more labour and more demand to fill the boom. As long as they are working, they don’t cause social trouble and no one makes a fuss.

  57. Dan Dare

    Struth, don’t worry about Clint.
    He opened his mouth and proved he’s a fool.
    Multiculturalism – Whitlam and the four C’s. Cairns, Crean, Connor & Cameron.
    Al Grassby as the front man.
    What a shower.

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