The update has slashed growth and surplus forecasts, as the economy is buffeted by global and domestic pressures.
The projected surplus has been revised down from A$7.1 billion at budget time to $5 billion for this financial year.
Reserve Bank governor Philip Lowe (right) says he needs government help to boost the economy. Treasurer Josh Frydenberg is yet to provide it.
Every one of the 13 economists surveyed by The Conversation thinks more stimulus is needed. None think it should all come from the Reserve Bank. Most think the budget surplus can wait.
Bill shocks are the flipside of a surplus built on higher tax collections and tighter access to support payments.
Middle earners are set to pay 18.8% of their income in tax instead of 14.9% under the projections that show 10 years of surplus budgets.
Treasurer Josh Frydenberg and Finance Minister Mathias Cormann unveil a budget outcome as good as balanced on Thursday.
A big surplus will come. It should be saved for something important, not simply spent.
If you’re going to stimulate the economy, it’s wise not to wait.
A bold government would have delivered stages one, two and three of the tax cuts at once. Boldness is what we need.
Compulsory super takes money out of the government’s coffers faster than savings on the pension put it back in.
It is widely believed that compulsory super saves the government money on pensions. It does, but nowhere near enough to pay for the accompanying tax concessions. Lifting compulsory contributions will make things worse, for a century.
It’d be wise not to get too bamboozled by figures when watching the leaders’ debates, especially this one.
Focus on what they’re doing, not on whether they say it’s spending or a tax cut.
The wheels of the economy will grind more slowly because of undeclared tax rate hikes in the budget.
The government promised to eliminate the 37% tax rate. Instead, for a certain range of income, it has lifted it to 40%.
What’s not to like about a flatter tax system? Well, for starters, the one laid out in this budget won’t actually simplify our lives.
Flat tax is simple, Kondo simple. But that doesn’t mean it simplifies lives.
According to new research, the ABC stands to lose A$783 million in total funding by 2022, unless steps are taken to reverse budget cuts.
Yes, the ABC received A$43.7 million to continue funding its ‘enhanced news gathering’ operation in the 2019 budget, but this is a drop in the bucket compared to how much it stands to lose.
The median out-of-pocket expenses for breast cancer treatment is A$4,192.
It’s important that the proposed reforms do not just fund more care, but support more of the best care.
Opposition leader Bill Shorten now needs to commit funding for prevention, to reduce rates of cancer.
Labor’s cancer care package is bound to be popular. But with around one-third of cancers preventable, both sides of politics need to invest in reducing cancer in the first place.
Much of what’s been promised would have had to happen anyway.
The promised tax cuts will benefit high earners in 2022 and 2024, but by then they’ll need it.
So far, Labor is $95 ahead of the Coalition, for many Australians.
The debate about tax cuts has morphed into a debate about annual lump sum payments, and for many Australians, Labor is offering more.
Shorten’s speech will mark the end of parliamentary sittings before the election.
Shorten will say that under his government some 10 million people would receive the same or bigger tax cut, with nearly three million low paid workers getting a bigger tax cut.
Shadow Finance minister Jim Chalmers said Labor was looking for ways to make things fairer for low-income earners who were "largely left behind" in the government's budget.
Dancers perform a scene from the Sydney Dance Company’s WOOF: the arts are one of the ways we make sense of our place in an increasingly confusing, and confused, world.
Where is the nation-building cultural vision, the statement of cultural aspiration in this budget?
The extension will add some $80 million to the original cost of $284.4 million.
Frydenberg said the decision was made at a meeting on Tuesday night of Morrison, Cormann and himself. He indicated it was about smoothing the passage of the measure through the parliament.
If your’re wealthy you’ll be able to put more money into super without even working.
If you’ve got money and are in your mid-60s you’ll be able to funnel more into super without even working under a budget plan that makes a mockery of super.
Skat was the name of the Danish tax agency. It’s also a term of affection.
Other countries seem happy to pay more tax than we do, and they are among the world’s top performers.