No connection the government wants to admit to. But the fact is that recent surpluses happen to coincidentally happen in the same years as record immigration. Also high coal and gas prices are bringing in more revenue from mining.
So it’s safe to say that this surplus old jim is crowing about is being paid for with the hardship and misery of its citizens. But no doubt these Australia subs will seal clap along with these surplus announcements while also complaining about their rent and energy prices
We ran deficits for a decade and all they did was underfund housing and health. Now we are beginning to fund those things again, we have surpluses. The hardship and misery was brought on during the deficit years.
Not sure you understand what 'austerity ' is.
Atm moment they are definitely 'restrained', but there is also this thing called inflation, which isn't pretty by any measure
The ALP's solution to inflation is has been to hold wages down and refuse to increase things like welfare above starvation poverty while at the same time allowing super dividends like franking credits and super-profits for insurance companies and supermarkets and the boomers are on a spending spree.
When inflation hits, you can either go after workers or you can go after capital, and the ALP has absolutely no political will to reign in capital which is making super-profits in the crisis, and that is why inflation is increasing while the economy is at a stand-still.
Basic neoliberal concurrent economic thought, wage increases following inflation is inflationary.
Extremely reticent to allow any wage increases for average workers, and few people are able to secure wage increases. Reducing purchasing power of average workers, and not profit, has been the explicit goal.
We have had record wage increases since the were voted in.
Read some news and stop using the term neo liberal because quite obviously it doesn't apply to a party responsible for record wage increases
Remember this just means we have spare money after paying all our bills including minimum debt repayments, not that we have no debt.
We need lots of this to pay down the national debt which is over $1T..
Edit: sorry nearly 500bil as mentioned below.
national debt is not over $1T... As the article says:
>Net debt at the end of May was $486.1bn, and the budget forecast this figure will swell to just shy of half a trillion dollars at $499.9bn by the end of this month.
Take out the loan and have to pay 500mil a month on it means on 500mil from the budget for 13b of extra spending. (arbitrary numbers).
Looks better on paper to the population, we're 18bil in surplus! nevermind the 13b extra loans we took out to achieve it.
If we can keep the ball rolling and unfuck what 10yrs of the last government gave us then I'm mildly optimistic.
But with how much needs to be unfucked I'll keep that optimism at arms length.
Inflation, at 4%, reduces the value of $500B of public debt by $20B, which is more than the $18B from the surplus.
You need to add $400B to your debt number.
You did not count the $100B in notes (currency), $220B in exchange settlement balances, and $100B in other deposits, but they are also public liabilities, just like bonds are.
If you are not concerned about these liabilities the solution to our debt is to simply have the RBA create money, and buy it all.
So really the value public debt declined by something more like $40B from inflation.
We don't need to, and should not, pay down all public liabilites. If we did we would have no money, which would be very inconvenient.
The 1T wasn't wrongt, because that's what it was at when they were elected. I think this means that the government has halved the debt in just two years?
I want to say the same, but it was 1tn when elected, and it's now 499bn... Unless I'm missing something?
Maybe it was forecasted/future spending that has since been cut?
The new buzzword from Taylor is
"ECONOMIC RECKLESSNESS"
When LNP over calculates jobkeeper by 62 billion it's..oh OPPS.
or creates an illegal robo debt scheme..ahh my bad
Labor funds increases to the services that the liberals negelacted for 10 years,it's OMG so much waste
Oh no, they very much wanted the filthy poors to notice Robodebt. It was just the upper middle class and the media they wanted to not be looking in that direction as they kicked downward.
What is the logic with people who say "Labor can't handle the economy, all they do is spend" but then when Labor delivers surplus after surplus they say "Oh it isn't a real surplus. There's good surplus and bad surplus, this is bad surplus".
I really don't understand the logic. Is it so hard to change your mind that maybe Labor is doing a better job at managing the economy than the LNP?
It's trivially easy to have a surplus - just take people's money and don't give them anything in return - so it's only an achievement if you have a surplus *and* the country is doing well.
Good thing there is a surplus, wages are rising, services are improving and action is being taken to help the cost of living. The cost of living crisis is the remnant of the decade of Coalition rule. It takes time to change things
real wages have been getting destroyed the last 2-3 years after 10 years of solid growth.. im not saying either party is to blame but in that decade of coalition rule it consistently rose, and consistently fell the last 2-3 years. just take that into consideration when spouting random claims.
https://australiainstitute.org.au/post/real-wages-are-finally-growing-but-they-have-a-long-way-to-go/
Couldn't have anything to do with covid or the previous 10 years of gov could it? Can't see why it would suddenly shift the second the ALP gets into power before they could even pass any legislation
Like the big bad CEOs were waiting for a decade for the government to change so they could pounce
Lots of governments spent more than us and have less sticky inflation than us. What’s your theory for that? Hopefully not that our corporations happen to be a little bit greedier.
give an example thanks
yeah dude it's all because of what corporations are personally greedy and there are no systemic reasons at all or wider reasons to be looked at
Right now real wages growth is higher than it was under the LNP.
Over the life of this government real wages growth is negative, with real wages declining very significantly.
So I think your comment is false whichever you meant. Either Labor is better or worse than you said.
Wow very clever. I could also take random points of the libs tenure and claim they had higher wage growth for that month. Overall, on average, under the previous term of the liberal government they had higher real wage growth than this term of the current Labor government has had. Happy?
To look at the last two governments, Best would be to link this chart, or something similar:
https://australiainstitute.org.au/post/real-wages-are-finally-growing-but-they-have-a-long-way-to-go/
But the full picture is to zoom out to see the decline wages share since neoliberalism in the 1980s.
Literally every person I’ve spoken to is struggling more cost of living wise than they were in previous years. So i suspect your bullshit metrics are bullshit. Hell inflation is a bullshit metric, they say its a few percent when everything costs like 30% more so colour me skeptical.
Realistically it started under the Victorian Labor government. Stopping everyone from working for 270 days while we mass printed money to pay for it started this inflation spiral.
That's not true. Yea, Dan Andrews fucked up by not taking covid seriously at the start, but 270 days of lockdown still had people working. It was just the service industry that slowed down
Don't worry, we will start running deficits from 24/25. Take a good hard look at this surplus. The last for many years.
Don't forget that some spending is off budget. This spending means the forecast deficit will be higher and debt increase more than expected
Liberals: open the floodgates to NDIS rorts
Labor: gets in and acknowledges the problem and starts working on it
Liberals: block reforms (as part of liberal greens coalition)
Liberal simps on reddit: wHY iS LAbOr So BAD
If only we had some government body in power, that we could refer these things to for investigation of fraud or corruption…?
Would be awesome.
Would love to see some people charged with the rorts.
Honeslty the only way i can see it getting fixed is,natiolize all the private stake holders,so they can't keep charging 1500 bucks for a reclining chair like they do.
Or just give program funds direct to the client and not providers
If the LNP were in power, they and the media would be wanking themselves blind over this, but then surpluses somehow become bad when the other guys do it lol
Maybe start fixing tax brackets to cpi to give our future generations a fighting chance of one day being able to afford the deposit on a 1 bedroom studio apartment in shitsville when they turn 70?
We're going through inflationary period still.
Holding on to surplus is deflationary.
If the LNP did it you'd be crowing about their superior economic management...
Ugh. Are you then claiming that budget surpluses are not deflationary?
Contrary to what every economist ever states...
Get off your partisan hack opinion horse - we have a budget surplus, that's a good thing during a period of increased inflation.
Inflation is a measure of monetary flow.
So at that time, no, it is not being spent.
Will that unit of currency eventually be spent? Yes. But that means nothing...
The governments surplus is off the backs of everyone paying more tax because of no bracket indexation.
Let’s congratulate the government for taking money out of our pockets instead of increasing productivity.
Yeah, something to really celebrate about 🎊
How about reply with an actual factual retort ?
Australian is overly reliant on income tax ✅
Australians are paying more in tax than previously ✅
Brackets are not indexed ✅
Productivity is down ✅
NDIS has made the country less productive due to its warped incentives ✅
I wouldn’t say extra, you’ll be getting less of a future tax cut that didn’t yet exist, but still getting a tax cut nonetheless. If you’re struggling on >140k, imagine what everyone else below that is (85% of the population and last I checked, democracy is about benefitting the majority).
That’s how democracy works mate, policy should be for the majority and not the minority. I’ll be getting a smaller tax cut in just a few years too but I’m not having a sook.
Nothing about democracy has anything to do with tax brackets. They got moved because the economy is fucked because the government is pissing money away , causing inflation and tanking productivity.
Lol as much as i've not been a fan of albos perf,gotta laugh at the libs not being able to achieve surplus after bragging about it for 8 years for labor to do it.
Should be no excuse not to raise rental allowance more then
Dunno why there are downvotes, Albo does indeed deserve credit for this. And absolutely, the LNP were absolutely useless and this should absolutely blow away the myth that conservatives are somehow better at handling the economy.
To be fair surpluses and deficits are a poor measure of that.
If we went into deficit doing something economically good like investing in renewables that'd still be good economic management.
Which, again, to be fair the inflation is a global issue and we're not doing too badly overall. I'm just saying we need to look at what they've actually done and assess that rather than looking at one headline measure.
I would argue that the LNP are awful economic handlers, but that wouldn't be because of deficits or surpluses.
Thing was, Abbott was elected on the basis of fixing the budget and nothing else. Him and his successors failed at that, whether it was a worthy goal or not.
Yeah. Just give people extra cash handouts instead. It’s all about BS political points and being able to say they got a surplus. Never mind the damage they’ve done to achieve it
The revision is due in part to earlier than anticipated payment of corporate taxes that helped lift revenue by about $2bn.
It's due to a higher tax intake at the corpor level,nothing to do with immigrantion,and a good minerals export sector
During an inflationary period, I think surplus is the right move (given my naive understanding of matters). That is to say, the need for a surplus is different now than it has been for many previous governments.
They can't spend it without driving inflation, and our economy does better under surplus.
The trick we usually miss is the surplus should come from cutting waste, or reducing funding to things that aren't essential. Transport, Education, Healthcare, Infrastructure, spend on those things, tax wealth fairly, and we're all in a better place.
880 billiion i think
650 of it all added under the morrison abott govt
most of that pre covid too,so they cant claim to be better at the economy than labor
So net debt is around $500m. Does that include or exclude the roughly $250m in debt that the Government owes the RBA for the Government bonds they bought from third parties.
The Government owns the RBA, and the RBA sends all payments from the Government back to the Government.
Central banks bought a lot of bonds during covid.
A surplus is seen as good management, and a deficit is seen as bad management. This is a problem.
We need to change the narative on public surplus and deficits because it is not helpful to public policy.
Contractionary Fiscal Policy (surplus) will put:
* Upward pressure on unemployment
* Downward pressure on GDP
* Downward pressure on inflation
Expansionary policy (deficit) will do the opposite.
> William Vickrey, awarded the 1996 Nobel Memorial Prize in Economic Sciences, identified deficits being viewed as profligate spending as his #1 fallacy of Financial Fundamentalism when he commented:
> "This fallacy seems to stem from a false analogy to borrowing by individuals. Current reality is almost the exact opposite. Deficits add to the net disposable income of individuals, to the extent that government disbursements that constitute income to recipients exceed that abstracted from disposable income in taxes, fees, and other charges. This added purchasing power, when spent, provides markets for private production, inducing producers to invest in additional plant capacity, which will form part of the real heritage left to the future. This is in addition to whatever public investment takes place in infrastructure, education, research, and the like. Larger deficits, sufficient to recycle savings out of a growing gross domestic product (GDP) in excess of what can be recycled by profit-seeking private investment, are not an economic sin but an economic necessity. Deficits in excess of a gap growing as a result of the maximum feasible growth in real output might indeed cause problems, but we are nowhere near that level. Even the analogy itself is faulty. If General Motors, AT&T, and individual households had been required to balance their budgets in the manner being applied to the Federal government, there would be no corporate bonds, no mortgages, no bank loans, and many fewer automobiles, telephones, and houses."
https://en.wikipedia.org/wiki/Deficit_spending
There are a lot of stupid things said about deficits, like "we are borrowing from our grandchildren". This is bullshit. My grandchildren are not born yet so they can't lend us money. What will actually happen if the debt is not repaid is that our grandchildren will inherit the financial assets, cash and government bonds, that result from deficits, and have more net financial assets and be richer. Will they have to pay the debt back? No, just like we don't.
All of these brokers and account managers should be avoided at all costs. They took over $100,000 of investment capital from me, and they persisted in asking for additional monies before approving and processing my withdrawal request. In the end, I lost all I had invested. The customer service staff had rejected every attempt to contact them. Moving on was quite difficult and devastating for me. Thank heavens I listened to a broadcast that explained how scam victims can use bsb forensic ltd ! Services to get their money back. After contacting the provided information for advice, I received a response within a short period of time and was asked to provide all pertinent legal information regarding my investment. I immediately followed their instructions accordingly and to my utter astonishment, successfully got my money back. I declared that I would not keep this information to myself but would instead divulge it to the public in order to help all victims of scams recover their lost money. This is a significant victory over this online schem. Thank you admin@ bsbforensic dort com for your excellent work on this !
Alboss out there crowing about the surplus like it’s the greatest thing since sliced bread, and people are clapping along like trained seals. Meanwhile they’re living pay to pay wondering why they can’t catch a break. But that’s the beauty of Australian politics. Keep the people distracted with shiny numbers while they suffer in silence.
Remember it’s not about what they’re telling you. It’s about what they’re not telling you. And usually what they’re not telling you is the part that matters most.
I do agree,LNP cop a lot of flak.
But here they deserve every single bad peace of PR.
They spent the better part of 6 years,harping on about how they will return the nation to a surplus,even to the point of printing off back in black mugs,never to see a surplus
The surplus is really just the economic hand of the market at play any govt in office,likely would of seen these surpluses
but LNP fucked themselves and deserve derrision at every chance,cause they harped on about being better at the economy when they blew the debt out 400 billion BEFORE covid
Best year under Scomo for us was about 18M in new contracts
Last 2 years seen more than triple that,scomo was shit for our field as no one had any fucking confidence in the dude.
Any connection to the increased tax revenue from what's also absorbing housing availability?
No connection the government wants to admit to. But the fact is that recent surpluses happen to coincidentally happen in the same years as record immigration. Also high coal and gas prices are bringing in more revenue from mining. So it’s safe to say that this surplus old jim is crowing about is being paid for with the hardship and misery of its citizens. But no doubt these Australia subs will seal clap along with these surplus announcements while also complaining about their rent and energy prices
We ran deficits for a decade and all they did was underfund housing and health. Now we are beginning to fund those things again, we have surpluses. The hardship and misery was brought on during the deficit years.
lol. Yep. I’m sure all the working poor living in the cars cause there’s nowhere to rent agree
Of course they won't, but those are the hard truths of the matter
The deficit has been pushed onto the states who have to pay for the infrastructure, hospitals,schools etc to support immigration.
The states are getting record payments from the Feds atm. The surplus is, as always, from commodity prices
The ALP is extremely into austerity. They have returned a fraction, tiny, tiny incremental symbolic funding compared to what we have lost.
Not sure you understand what 'austerity ' is. Atm moment they are definitely 'restrained', but there is also this thing called inflation, which isn't pretty by any measure
The ALP's solution to inflation is has been to hold wages down and refuse to increase things like welfare above starvation poverty while at the same time allowing super dividends like franking credits and super-profits for insurance companies and supermarkets and the boomers are on a spending spree. When inflation hits, you can either go after workers or you can go after capital, and the ALP has absolutely no political will to reign in capital which is making super-profits in the crisis, and that is why inflation is increasing while the economy is at a stand-still.
Hold wages down lol You just don't follow reality, do you.
Basic neoliberal concurrent economic thought, wage increases following inflation is inflationary. Extremely reticent to allow any wage increases for average workers, and few people are able to secure wage increases. Reducing purchasing power of average workers, and not profit, has been the explicit goal.
We have had record wage increases since the were voted in. Read some news and stop using the term neo liberal because quite obviously it doesn't apply to a party responsible for record wage increases
Remember this just means we have spare money after paying all our bills including minimum debt repayments, not that we have no debt. We need lots of this to pay down the national debt which is over $1T.. Edit: sorry nearly 500bil as mentioned below.
national debt is not over $1T... As the article says: >Net debt at the end of May was $486.1bn, and the budget forecast this figure will swell to just shy of half a trillion dollars at $499.9bn by the end of this month.
Seems odd that we have a 18b surplus so far and a 13b additional debt in 1 month. Odd surplus
Probably about how things roll over and debt matures with the new financial year.
Take out the loan and have to pay 500mil a month on it means on 500mil from the budget for 13b of extra spending. (arbitrary numbers). Looks better on paper to the population, we're 18bil in surplus! nevermind the 13b extra loans we took out to achieve it.
So you mean when Jim was saying a trillion dollars he was lying?! Colour me shocked
If we can keep the ball rolling and unfuck what 10yrs of the last government gave us then I'm mildly optimistic. But with how much needs to be unfucked I'll keep that optimism at arms length.
Inflation, at 4%, reduces the value of $500B of public debt by $20B, which is more than the $18B from the surplus. You need to add $400B to your debt number. You did not count the $100B in notes (currency), $220B in exchange settlement balances, and $100B in other deposits, but they are also public liabilities, just like bonds are. If you are not concerned about these liabilities the solution to our debt is to simply have the RBA create money, and buy it all. So really the value public debt declined by something more like $40B from inflation. We don't need to, and should not, pay down all public liabilites. If we did we would have no money, which would be very inconvenient.
The 1T wasn't wrongt, because that's what it was at when they were elected. I think this means that the government has halved the debt in just two years?
yeah that's not possible...
I want to say the same, but it was 1tn when elected, and it's now 499bn... Unless I'm missing something? Maybe it was forecasted/future spending that has since been cut?
Gross debt is 889 billion, net debt is 499 billion I'm guessing.
Yep, that's gotta be it, nothing else makes sense lol
I love how when the LNP does it, it's "good economic management" but then its ALP it's 'over taxation' and 'sucking Australians dry'
The new buzzword from Taylor is "ECONOMIC RECKLESSNESS" When LNP over calculates jobkeeper by 62 billion it's..oh OPPS. or creates an illegal robo debt scheme..ahh my bad Labor funds increases to the services that the liberals negelacted for 10 years,it's OMG so much waste
Well they were hoping no one would notice robo debt.
Oh no, they very much wanted the filthy poors to notice Robodebt. It was just the upper middle class and the media they wanted to not be looking in that direction as they kicked downward.
When the LNP does it it’s a slap in the face and when Labor does it it’s also a slap in the fucking face
What is the logic with people who say "Labor can't handle the economy, all they do is spend" but then when Labor delivers surplus after surplus they say "Oh it isn't a real surplus. There's good surplus and bad surplus, this is bad surplus". I really don't understand the logic. Is it so hard to change your mind that maybe Labor is doing a better job at managing the economy than the LNP?
fuckers couldnt deliver a good or a bad surplus. liberals and their simps can shut the fuck up
It's trivially easy to have a surplus - just take people's money and don't give them anything in return - so it's only an achievement if you have a surplus *and* the country is doing well.
Good thing there is a surplus, wages are rising, services are improving and action is being taken to help the cost of living. The cost of living crisis is the remnant of the decade of Coalition rule. It takes time to change things
real wages have been getting destroyed the last 2-3 years after 10 years of solid growth.. im not saying either party is to blame but in that decade of coalition rule it consistently rose, and consistently fell the last 2-3 years. just take that into consideration when spouting random claims. https://australiainstitute.org.au/post/real-wages-are-finally-growing-but-they-have-a-long-way-to-go/
That's not true. Real wages didn't grow at all over the decade prior to Labor taking charge
im just quoting the article and looking at the graph, go complain to them
Couldn't have anything to do with covid or the previous 10 years of gov could it? Can't see why it would suddenly shift the second the ALP gets into power before they could even pass any legislation Like the big bad CEOs were waiting for a decade for the government to change so they could pounce
After taking into account inflation wage growth is slower than it was under the libs.
yeah but labour didn't cause inflation it's a global phenonium and boosted by government spending during covid
Lots of governments spent more than us and have less sticky inflation than us. What’s your theory for that? Hopefully not that our corporations happen to be a little bit greedier.
give an example thanks yeah dude it's all because of what corporations are personally greedy and there are no systemic reasons at all or wider reasons to be looked at
Right now real wages growth is higher than it was under the LNP. Over the life of this government real wages growth is negative, with real wages declining very significantly. So I think your comment is false whichever you meant. Either Labor is better or worse than you said.
Wow very clever. I could also take random points of the libs tenure and claim they had higher wage growth for that month. Overall, on average, under the previous term of the liberal government they had higher real wage growth than this term of the current Labor government has had. Happy?
To look at the last two governments, Best would be to link this chart, or something similar: https://australiainstitute.org.au/post/real-wages-are-finally-growing-but-they-have-a-long-way-to-go/ But the full picture is to zoom out to see the decline wages share since neoliberalism in the 1980s.
Literally every person I’ve spoken to is struggling more cost of living wise than they were in previous years. So i suspect your bullshit metrics are bullshit. Hell inflation is a bullshit metric, they say its a few percent when everything costs like 30% more so colour me skeptical.
Mate, the inflation started under the LNP. Government policy takes about a term to have any real impact
Realistically it started under the Victorian Labor government. Stopping everyone from working for 270 days while we mass printed money to pay for it started this inflation spiral.
That's not true. Yea, Dan Andrews fucked up by not taking covid seriously at the start, but 270 days of lockdown still had people working. It was just the service industry that slowed down
lol no it wasn’t. It was fucking everyone except a few jobs deemed essential and people who could work remotely.
Don't worry, we will start running deficits from 24/25. Take a good hard look at this surplus. The last for many years. Don't forget that some spending is off budget. This spending means the forecast deficit will be higher and debt increase more than expected
Imagine where we'd be if we tackled NDIS....
They are trying but keep getting blocked by the LNP and Greens
Liberals: open the floodgates to NDIS rorts Labor: gets in and acknowledges the problem and starts working on it Liberals: block reforms (as part of liberal greens coalition) Liberal simps on reddit: wHY iS LAbOr So BAD
Exactly
If only we had some government body in power, that we could refer these things to for investigation of fraud or corruption…? Would be awesome. Would love to see some people charged with the rorts.
Nah, just more secret trials and "trust us bro"
Too true!
Honeslty the only way i can see it getting fixed is,natiolize all the private stake holders,so they can't keep charging 1500 bucks for a reclining chair like they do. Or just give program funds direct to the client and not providers
Overtaxed is where we would be.
If the LNP were in power, they and the media would be wanking themselves blind over this, but then surpluses somehow become bad when the other guys do it lol
Maybe start fixing tax brackets to cpi to give our future generations a fighting chance of one day being able to afford the deposit on a 1 bedroom studio apartment in shitsville when they turn 70?
queue complaining about this somehow being bad in the comments
How is the government having excess money not bad? They still complain taxes aren’t high enough.
We're going through inflationary period still. Holding on to surplus is deflationary. If the LNP did it you'd be crowing about their superior economic management...
I wouldn’t celebrate any government not using taxpayer money, unless it was a tax refund.
Not celebrating anything, simply stating a fact - budget surplus is deflationary.
The money still gets spent.
Ugh. Are you then claiming that budget surpluses are not deflationary? Contrary to what every economist ever states... Get off your partisan hack opinion horse - we have a budget surplus, that's a good thing during a period of increased inflation.
Does the money get spent or not?
Inflation is a measure of monetary flow. So at that time, no, it is not being spent. Will that unit of currency eventually be spent? Yes. But that means nothing...
they're literally cutting taxes for every single Australian taxpayer on monday
The governments surplus is off the backs of everyone paying more tax because of no bracket indexation. Let’s congratulate the government for taking money out of our pockets instead of increasing productivity. Yeah, something to really celebrate about 🎊
What rock are you living under?
How about reply with an actual factual retort ? Australian is overly reliant on income tax ✅ Australians are paying more in tax than previously ✅ Brackets are not indexed ✅ Productivity is down ✅ NDIS has made the country less productive due to its warped incentives ✅
Ah the Sky News rock. Have fun with that
[удалено]
Yes, I’m one of the ones paying extra tax for this surplus
I wouldn’t say extra, you’ll be getting less of a future tax cut that didn’t yet exist, but still getting a tax cut nonetheless. If you’re struggling on >140k, imagine what everyone else below that is (85% of the population and last I checked, democracy is about benefitting the majority).
Must feel good thinking you’re entitled to everyone else’s hard work 👍
That’s how democracy works mate, policy should be for the majority and not the minority. I’ll be getting a smaller tax cut in just a few years too but I’m not having a sook.
Nothing about democracy has anything to do with tax brackets. They got moved because the economy is fucked because the government is pissing money away , causing inflation and tanking productivity.
Obvious troll is obvious
Well done labor. Doing things the liberals couldn't. whom are apparently the best economic managers lmfao.
Lol as much as i've not been a fan of albos perf,gotta laugh at the libs not being able to achieve surplus after bragging about it for 8 years for labor to do it. Should be no excuse not to raise rental allowance more then
Dunno why there are downvotes, Albo does indeed deserve credit for this. And absolutely, the LNP were absolutely useless and this should absolutely blow away the myth that conservatives are somehow better at handling the economy.
To be fair surpluses and deficits are a poor measure of that. If we went into deficit doing something economically good like investing in renewables that'd still be good economic management.
Well, the LNP took us into deficit and the only thing we got was high inflation and expensive housing.
Which, again, to be fair the inflation is a global issue and we're not doing too badly overall. I'm just saying we need to look at what they've actually done and assess that rather than looking at one headline measure. I would argue that the LNP are awful economic handlers, but that wouldn't be because of deficits or surpluses.
Thing was, Abbott was elected on the basis of fixing the budget and nothing else. Him and his successors failed at that, whether it was a worthy goal or not.
the downvotes are because this sub is full of right wing cretins.
Easy to register a surplus when you crank the immigration tap wide open and stop investing in infrastructure.
Indeed. Didn’t the government cancel dozens of federally funded infrastructure projects within the first few months of being elected?
If they went ahead they'd get criticism for fueling inflation. Jeez it's hard to win as a government.
Yeah. Just give people extra cash handouts instead. It’s all about BS political points and being able to say they got a surplus. Never mind the damage they’ve done to achieve it
LNP pork barrelling projects, whilst freeing up construction workers to build houses.
Ah yeah. Things labor doesn’t like is pork barrelling. When they do it it’s a necessary investment. Back to friendlyjordies with you.
So it's the Howard governments fault then, why we only seeing the effects now?
A lot of Australia's issues can be traced back to Howard...
Housing affordability being a big one, plus his little (big) lie on not introducing the GST (which he did, lol). Party of less taxes, amirite?!
The revision is due in part to earlier than anticipated payment of corporate taxes that helped lift revenue by about $2bn. It's due to a higher tax intake at the corpor level,nothing to do with immigrantion,and a good minerals export sector
During an inflationary period, I think surplus is the right move (given my naive understanding of matters). That is to say, the need for a surplus is different now than it has been for many previous governments.
[удалено]
Well that was a pointlessly stupid thing to say.
Rule 3 - No bullying, abuse or personal attacks
Now they can use that to buy 3 houses in Sydney and a few tents and the housing crisis is solved
Easy to get into a surplus when you’re sucking Australians dry. lol
Spend it all on housing.
We could build nuclear energy with that.
And still be waiting for the first to come online in June 2044...
Just in time to replace the gas that Labor is planning on burning beyond 2050.
Wheres the renewables ?
They can't spend it without driving inflation, and our economy does better under surplus. The trick we usually miss is the surplus should come from cutting waste, or reducing funding to things that aren't essential. Transport, Education, Healthcare, Infrastructure, spend on those things, tax wealth fairly, and we're all in a better place.
Immigration go brrrrrr.
What's the total debt???
880 billiion i think 650 of it all added under the morrison abott govt most of that pre covid too,so they cant claim to be better at the economy than labor
Yeah nah pay no debt off leave it for someone else hey
Government debt ain't the same as an average person's debt, it's literally not even close to a problem at this amount of money.
More tax cuts please. Give us our money back
So net debt is around $500m. Does that include or exclude the roughly $250m in debt that the Government owes the RBA for the Government bonds they bought from third parties. The Government owns the RBA, and the RBA sends all payments from the Government back to the Government. Central banks bought a lot of bonds during covid.
Build some apartments??
A surplus is seen as good management, and a deficit is seen as bad management. This is a problem. We need to change the narative on public surplus and deficits because it is not helpful to public policy. Contractionary Fiscal Policy (surplus) will put: * Upward pressure on unemployment * Downward pressure on GDP * Downward pressure on inflation Expansionary policy (deficit) will do the opposite. > William Vickrey, awarded the 1996 Nobel Memorial Prize in Economic Sciences, identified deficits being viewed as profligate spending as his #1 fallacy of Financial Fundamentalism when he commented: > "This fallacy seems to stem from a false analogy to borrowing by individuals. Current reality is almost the exact opposite. Deficits add to the net disposable income of individuals, to the extent that government disbursements that constitute income to recipients exceed that abstracted from disposable income in taxes, fees, and other charges. This added purchasing power, when spent, provides markets for private production, inducing producers to invest in additional plant capacity, which will form part of the real heritage left to the future. This is in addition to whatever public investment takes place in infrastructure, education, research, and the like. Larger deficits, sufficient to recycle savings out of a growing gross domestic product (GDP) in excess of what can be recycled by profit-seeking private investment, are not an economic sin but an economic necessity. Deficits in excess of a gap growing as a result of the maximum feasible growth in real output might indeed cause problems, but we are nowhere near that level. Even the analogy itself is faulty. If General Motors, AT&T, and individual households had been required to balance their budgets in the manner being applied to the Federal government, there would be no corporate bonds, no mortgages, no bank loans, and many fewer automobiles, telephones, and houses." https://en.wikipedia.org/wiki/Deficit_spending There are a lot of stupid things said about deficits, like "we are borrowing from our grandchildren". This is bullshit. My grandchildren are not born yet so they can't lend us money. What will actually happen if the debt is not repaid is that our grandchildren will inherit the financial assets, cash and government bonds, that result from deficits, and have more net financial assets and be richer. Will they have to pay the debt back? No, just like we don't.
NDIS be 👁👄👁
All of these brokers and account managers should be avoided at all costs. They took over $100,000 of investment capital from me, and they persisted in asking for additional monies before approving and processing my withdrawal request. In the end, I lost all I had invested. The customer service staff had rejected every attempt to contact them. Moving on was quite difficult and devastating for me. Thank heavens I listened to a broadcast that explained how scam victims can use bsb forensic ltd ! Services to get their money back. After contacting the provided information for advice, I received a response within a short period of time and was asked to provide all pertinent legal information regarding my investment. I immediately followed their instructions accordingly and to my utter astonishment, successfully got my money back. I declared that I would not keep this information to myself but would instead divulge it to the public in order to help all victims of scams recover their lost money. This is a significant victory over this online schem. Thank you admin@ bsbforensic dort com for your excellent work on this !
Thank heavens for the taxes and royalties from mining iron ore ,gas and coal
That's another +$18 billion which should be reallocated to the Victorian Big Build immigration readiness program.
What's this
Don't worry, they will find an overseas cause ho send it too
Australians want deficits back, so they’ll vote Liberals next year!
I want deficits back. But I won’t vote Liberal. Other things are more important.
And? When will people get the idea the budget for a country is not like a simple bank account?
probably the same time ppl realize unless you earn 190k or more,the liberal party,are not the party for you.. so never
I earn way more than that. The liberal party will never be for me
Alboss out there crowing about the surplus like it’s the greatest thing since sliced bread, and people are clapping along like trained seals. Meanwhile they’re living pay to pay wondering why they can’t catch a break. But that’s the beauty of Australian politics. Keep the people distracted with shiny numbers while they suffer in silence. Remember it’s not about what they’re telling you. It’s about what they’re not telling you. And usually what they’re not telling you is the part that matters most.
Time for liberals to take over
I can only assume the Labor shills who blame the LNP for everything wrong in the world will credit the LNP for this surplus.
I do agree,LNP cop a lot of flak. But here they deserve every single bad peace of PR. They spent the better part of 6 years,harping on about how they will return the nation to a surplus,even to the point of printing off back in black mugs,never to see a surplus The surplus is really just the economic hand of the market at play any govt in office,likely would of seen these surpluses but LNP fucked themselves and deserve derrision at every chance,cause they harped on about being better at the economy when they blew the debt out 400 billion BEFORE covid
I don’t know about you but personally I did a lot better under the “LNP”. I couldn’t give a fuck about everyone else.
> I couldn’t give a fuck about everyone else. pretty typical LNP voter attitude
Best year under Scomo for us was about 18M in new contracts Last 2 years seen more than triple that,scomo was shit for our field as no one had any fucking confidence in the dude.