While there is little economic reform, the budget includes a major new round of stimulus worth $98 billion, mostly in the form of income tax cuts for low and middle income earners, business tax cuts and an innovative scheme to pay employers who hire young workers.
The government forecasts unemployment will only rise to 8 per cent, about 4.5 per cent less than if the government had not intervened. Unemployment will remain uncomfortably high at 6.5 per cent in June 2022, when the next election is due, but Australia's performance is expected to be better than most comparable countries.To pay for the stimulus at a time when revenue has collapsed, the federal government will have to borrow about $470 billion over the next four years.
Debt will still be manageable and fairly low by international standards but it remains a serious concern. Once the economy recovers, the next federal government will have to stabilise and then reduce it. The budget tax cuts, which are the largest single expenditure, have been carefully crafted for wage and salary earners on between $37,000 and $120,000 a year. The federal government wisely decided not to bring forward its politically divisive stage three tax cuts, which were skewed to higher income earners.
Note the Herald 's words are the plan should take the economy through the recession.
Foundation more dangerous work places no body cares to policing enforced Occupation Health and Safe rules, OH&S breaches in building sites are every where,not matter how many die bad injured,suffering later in life caused from work,for years hardly can be find legal scaffolding?
Murdoch send his regards and thanks you for your support. Oh SMH, how low can you go?
No Plan for the future of our economy, nothing for women 35-70, no ideas and out of time. Back to the polls.
Just utter rubbish
who's unemployment? Hopefully his soon.
Morrison recession . He’s the bloke in charge . Be it COVID , GFC or KFC he’s running the country
What rubbish Who wrote this? A similarly mean-minded short-sighted carpetbagger The budget a lost opportunity to do something beneficial for EVERYBODY
ThisIsNotJournalism ThisIsPropoganda for the LNPCrimeFamily FascismIsHere
If your older than 35 and worked in tourism such as aviation, you have no future.
I feel a ‘rort’ coming .... 😂
Bollocks. It's all smoke a mirrors and rorts for mates...
The “economy” please.. We will owe 1 TRILLION, what economy?
It’s not a Covid recession, this is the MorrisonRecession
... Budget2020... a workable plan for whom... NOT WOMEN, NOT THE ARTS, NOT EDUCATION, NOT AGED CARE and definitely NOT HEALTH
💄the LNP 🐖
Especially for chaplains
Lol covid recession, you have economists on staff? We have been in recession for years, it's just been hidden under appalling monetary policy.
We don't care what you think. What does Ross Gittins think?
Horseshit. Economic disparity will grow like never before.
The debt to the money changers sorry (bankers) is going to balloon to 1.7 trillion dollars on a population of 26million. My calculator does not have enough zeros😳. If I am correct this will translate to around $65,000 dollars of debt to every man, women, child and LGBTQ persons.
Who is writing the Herald's View these days? James Chessell or Lisa Davies? It's pretty much straight from the LNP press team.
Are you serious with that headline? Workable plan keeping unemployment low? I’m not so sure we’re reading from the same budget plan? All I see is businesses getting paid more money & incentives to hire young casual staff & mature aged workers & pensioners forgotten, be honest pls
This government are used to wasting taxpayer's money with no long term benefits for Australia and now have racked up another trillion dollars for dubious economic recovery results.
That’s bs it’s a shit budget
. Tax cut outcomes over 3 stages: Poor on $50k save $ 1,205 pa. Avg on $75k save $ 1,830 pa. Rich on $200k save $16,365 pa. Source: ABC calculator 6 Oct.
Yeah, normal Costello pap, about Frydenberg money for the bosses, chips for the unemployable over 50s just surviving in their cars. The LNPfail doners will be handed $millions, as long as they give some back, especially the MSM like newscorpse, which is why they elected LNP
I can see why no one put their name to this piece of non analysis. When people spend their tax cuts on paying down debt the economy will tank even further. The assumptions in this budget make it unworkable.
“Barely scrapes acceptable” is the story of this entire year (post-fires) from the federal government. We could’ve had so much better.
Peter Costello wrote that didn’t he. bullshit Budget2020
Being an Australian journo seems super chill. Just smash Ctrl+C, Ctrl+V from press releases all day, and whine about people on Twitter all night.
Pathetic. Did Peter Costello write this?
10/05/2020 Lu-De Media Dr. Yan Limeng's Report - high credit Her addressing to Americans: This is CCP virus, enhanced functions of virus proved this is manmade virus.
The Costello Chronicle strikes again! I wonder if he even wrote the first draft himself?
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Yeah bullshit..
The Morrison Recession 2020 auspol
You've been left behind. Old, compromised media.
The MSM tried spinning the 2014 budget the same way. Truth came at you pretty quickly then. Will this time too.
Cost that is bearable to who? Speak for yourselves
Goodbye SMH ...known forever more as 'Shakes My Head'
No wonder your circulation is collapsing. Can't even get a realistic opinion piece on the Budget. Just a predictable, cosy PR headline.
Not even close
you have clearly drunk the Murdoch IPA KoolAid. Its a complete travesty based on trickle down bullshit
crumbs joshFRIEDabitharder
Nice spin that leaves real issues in the dust.
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