Author Topic: Budget 2021 - AKA "The Tik Tok Budget"  (Read 337 times)

marty998

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Budget 2021 - AKA "The Tik Tok Budget"
« on: May 11, 2021, 04:19:31 AM »
Every 10 seconds Frydenberg jumped to a new spending measure. It brought to mind the Oprah meme "you get a bucket of money, you get a bucket of money, everyone gets a bucket of money!!!"

Pretty quickly I couldn't keep up with all the announcements. I don't know much about tik tok but it seems the speech tonight was perfect for those with very very short attention spans.

It all felt very very un-Liberal. Somewhere along the line they've thrown out all their principles and said "to hell with it, lets just keep spending while no one cares and hopefully buy another election".

I will read a bit more through the budget papers and comment further a little later on. For now I'm about 1% into Paper 1, and it basically says there'll be deficits forever and we're gonna hope to grow the economy faster than the debt is growing.


Bloop Bloop Reloaded

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Re: Budget 2021 - AKA "The Tik Tok Budget"
« Reply #1 on: May 11, 2021, 05:14:06 AM »
It's a worthwhile sacrifice if it gets them another election victory but Jesus I wish someone in this country would exercise fiscal restraint. We are a bunch of consumer suckers.

Fresh Bread

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Re: Budget 2021 - AKA "The Tik Tok Budget"
« Reply #2 on: May 11, 2021, 06:22:56 AM »
Politics in Australia is super confusing, that's for sure.

According to the ABC report I am a "winner" in many categories. The health stuff is fabulous, the taxes and what not don't really change anything for me personally. I like the small brewer incentives, that came out of left field for me but it's a bit of a thing in the light industrial area near me and sounds like it will grow, which would be great.

Other than more craft beer breweries, the sort of things that would change my spending eg EV incentives are state level.

marty998

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Re: Budget 2021 - AKA "The Tik Tok Budget"
« Reply #3 on: May 11, 2021, 03:32:35 PM »
Politics in Australia is super confusing, that's for sure.

According to the ABC report I am a "winner" in many categories. The health stuff is fabulous, the taxes and what not don't really change anything for me personally. I like the small brewer incentives, that came out of left field for me but it's a bit of a thing in the light industrial area near me and sounds like it will grow, which would be great.

Other than more craft beer breweries, the sort of things that would change my spending eg EV incentives are state level.

It’s consistent with the Government’s philosophy of supporting small businesses. I suppose there was quite a bit more craft brewing going on when pubs were closed last year, and a lot of independent brewers were caught in the red tape of trying to figure out just how much excise they owe.

There’s quite a bit of this... targeted assistance to particular businesses and industries. In another year one might call it “picking winners”.

Budget papers indicate we’ll still be heavily in deficit in 2031, meaning the debt pile is gonna keep growing at least till then in. It’ll be $1.2 trillion in 2025, which is $48,000 for every Australian, or $192,000 for every family of 4.

Scary stuff.

marty998

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Re: Budget 2021 - AKA "The Tik Tok Budget"
« Reply #4 on: May 13, 2021, 05:09:37 AM »
This is a hard one to find any real strategies I could meaningfully take away and implement. The budget seems bereft of wholesale reforms and changes... just has a few bits and pieces of tinkering here and there.

Super contributions go up to 10%, the concessional limit goes up to $27,500. So maybe I just hold my nose and adjust the salary sacrifice amounts accordingly.

The forecast debt number still blows my mind.

No mention of the intergenerational report (do they even publish it anymore?) That was always quite insightful to see the extent of how much of a burden is being left to the young. Perhaps the dam wall finally burst and that burden just collapsed on its own weight.

Murdoch

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Re: Budget 2021 - AKA "The Tik Tok Budget"
« Reply #5 on: May 14, 2021, 04:06:56 PM »
Bold budgets and policy are punished at election time. Bold pro-active strategy/plans are shot down because outcomes are unknown, the worst possible outcome gets all the media, people get scared and vote based on fear. A truly inspiring leader or party who could unite (most of) the country behind a vision could make some bold moves, but it is not sprouting from our current political garden.

Each budget feels like tinkering at the edges rather than real reform.

I'm glad superannuation is strengthening a little, but feel it needs a lot more if it were to meet the stated goals.