Australian Budget Released

[Papewaio]

THE Government is in robust economic shape, with Treasurer Peter Costello forecasting a bumper $10.8 billion surplus for 2006-07 and a pick up in economic growth.

The Government is set to achieve a whopping Budget surplus of $14.8 billion in 2005-06, boosting by surging profits on mining companies.
The Government has forecast the economy will grow 3.25 per cent in 2006-07 and 3.5 per cent in 2007-08, up from 2.5 per cent in 2005-06, benefiting from the strong global growth.

Treasurer Peter Costello forecasts inflation will fall to 2.75 per cent in 2006-07, down from 3 per cent in 2005-06.

SOME winners and losers from the 2006-07 federal Budget:

WINNERS
Taxpayers – personal income tax cuts worth $36.7 billion over four years.
Over 60s – no tax on super benefits paid from a taxed superannuation fund.
Families – family tax benefit rises.
Parents at work – up to an extra 25,000 childcare places by 2009.
Pensioners and carers – cash bonuses.
Business and small business – tax cuts.
Motorists – upgraded highways.
Murray River – extra $500 million to restore its health.
LOSERS
Corporate cheats – more money for the investment watchdog.
Illegal foreign fishermen – targets of new funding.
Our enemies – more money on defence and spies.
Party drug users – subjects of a new campaign.
Telemarketers – funding for a new "do not call" register.

New Tax Thresholds

Interesting budget which should mean I pay less on my overtime for starters. It is missing a few points on vision and how to handle long term infrastructure challenges... not enough investment in growing the infrastructure both physical and intellectual, also although changes simplified superannuation it seems the press is buzzing like flies about how bad having a lump sum is going to be... the fear being that the whole point of superannuation is to be a private pension... if the pensioner gets a lump sum and blows it and then goes on public pension it stuffs the whole primay idea.

[Louis VI the Fat]

WINNERS
Taxpayers – personal income tax cuts worth $36.7 billion over four years.
Over 60s – no tax on super benefits paid from a taxed superannuation fund.
Families – family tax benefit rises.
Parents at work – up to an extra 25,000 childcare places by 2009.
Pensioners and carers – cash bonuses.
Business and small business – tax cuts.
Motorists – upgraded highways.
Murray River – extra $500 million to restore its health.
LOSERS
Corporate cheats – more money for the investment watchdog.
Illegal foreign fishermen – targets of new funding.
Our enemies – more money on defence and spies.
Party drug users – subjects of a new campaign.
Telemarketers – funding for a new "do not call" register.

And then you rub it in by complaining about your budget missing a few points on infrastructure.

The lucky country indeed.

[Vladimir]

And then you rub it in by complaining about your budget missing a few points on infrastructure.

The lucky country indeed.

Silly Louis, infastructure points can't vote.

[yesdachi]

We use to have a budget surplus. Humm where did that go… Oh yah, we blew it by giving a bunch of ungrateful people their freedom.

Feeling a little sarcastic today.

[Alexanderofmacedon]

I like the last one. I hate telemarketers...