The Banksia SPIN

Federal Budget 2017 Getting the right balance

Treasurer Scott Morrison’s message to Australian’s is that the Coalition’s government is trying to strike a balance between positive measures to promote economic activity such as increased spending on infrastructure and housing, while offsetting this with cuts to recurrent spending on welfare, universities, and elsewhere.

Apart from the ‘bank levy’ on the four major trading banks & Macquarie Bank, the government has increased the Medicare Levy from 2% to 2.5% to ensure the National Disability Insurance Scheme is fully funded. There is an admission by the government that it’s (politically unacceptable) budget ‘zombie’ savings from 2014 will never be passed by the Senate, leaving no alternative other than raising taxes.

You will be relieved to know there has been no further tinkering with the superannuation system other than to create a quasi ‘first home saver scheme’ within superannuation for first home buyers.

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