Because the threshold for the Medicare levy exemption is based on family income, the reform will reinforce the move towards higher effective tax rates on low income second earners in a family.
With its recent budget changes, the government is proposing a rise in marginal tax rates across a wide band of middle incomes and a marginal tax rate cut for the top.
Modern monetary theorists aren’t concerned with budget repair.
Modern monetary theory is gaining traction in a global economic environment that defies the efforts of policymakers to restore growth.
Politicians talking budget deficits have a difficult message to sell.
National governments do not, and should not, behave like a private household.
Scott Morrison and Mathias Cormann speak to the media after the release of MYEFO in Canberra on Monday.
The government has made a concerted bid to reinforce Australia's AAA credit credentials by ensuring the budget is still projected to return to surplus in 2020-21.
Deloitte says the shorter term implications of Donald Trump’s election are likely to be less than the speculation.
The federal deficit will be worse in 2017-18 than predicted in the May budget, despite some easing in the delays imposed by the Senate, Deloitte Access Economics' budget monitor predicts.
Tony Abbott has set out what amounted to a series of benchmarks for the Turnbull government.
Tony Abbott has exhorted the government to stand up for reform and avoid new spending that does not promote growth.
The government and Labor have offered up competing packages of budget savings. The question of whether they can meet halfway will be a test for both sides.
In many ways Bill Shorten is in a box seat as parliament begins, with Malcolm Turnbull beset by difficult issues and politics.
With the new parliament finally opening on Tuesday, Bill Shorten's tightrope tactics will soon be tested.
In his Bloomberg Address on Thursday Scott Morrison talked of ‘the taxed and the taxed-not’.
Treasurer Scott Morrison has given notice of a fresh assault on the crucial challenge of budget repair. Let’s hope he and Malcolm Turnbull have learned from the unfortunate self-destructing experience…
Bill Shorten will say in a speech that his package would save more than $80 billion over a decade.
Bill Shorten on Wednesday will propose a budget repair package worth $8 billion over the forward estimates.
Malcolm Turnbull says he and his ministers are engaging with all the Senate crossbenchers to seek support for a responsible policy approach.
The government will test Labor's bona fides early in the new parliament with an 'omnibus bill' containing more than $6 billion in savings it says the ALP flagged at the election it would support.
London’s trading strength has evolved from dockyard cranes to high finance.
Rubén Moreno Montolíu/Flickr
As the budget deficit fades from political view, anxiety shifts to the much wider current account deficit. It may signal UK dynamism, but neither financing nor closing it look easy after Brexit.
Labor begins its next phase in opposition with bigger numbers in the parliament and with a new level of confidence as it confronts the government.
Scott Morrison and Mathias Cormann have announced the Coalition’s election costings.
A $2 billion welfare crackdown is the main contributor to new savings announced by the government to improve the budget by $1.1 billion across the forward estimates.
Chris Bowen and Tony Burke put out Labor’s costings just after Malcolm Turnbull’s official launch of the Coalition’s campaign.
Labor has unveiled its costings, showing it would have a deficit of around $16 billion higher across the forward estimates than that shown in the Pre-election Economic and Fiscal Outlook.
Labor announced a suite of savings measures at a press conference in Sydney.
Labor’s weakest flank in this election is economic credibility and it knows it. A combination of the past, including memories of Wayne Swan’s ever-elusive surplus, and the present, with the perception…
Chris Bowen stressed that Labor’s fiscal program, when fully released, would ‘see us return to budget balance in exactly the same time frame as the government’.
The opposition will attempt to strengthen its economic credentials by announcing on Friday a package of savings to help pay for its policies and improve the budget bottom line.
Sleep is at a premium in Canberra this week. Finance Minister Mathias Cormann is one of those doing the post-budget heavy lifting.
Economic reality has intruded on rosy budget predictions for years now and the Pre-election Economic and Fiscal Outlook may soon challenge Treasurer Scott Morrison’s forecasts.
Budget repair was put off till later, and the net impact of decisions in the budget was small, but it will be easier to defend in the coming election campaign than some other recent efforts.
Deloitte strongly argues the budget has a revenue problem, not just a spending problem – a proposition consistently rejected by Treasurer Scott Morrison.
The federal budget deficit from now through to 2018-19 is likely to be $129 billion, $21 billion worse than in the December official budget update, according to Deloitte Access Economics.