ipl-logo

Abbott Government Budget Essay

2808 Words12 Pages

The first Abbott Government budget under Treasurer Joe Hockey’s effort puts in place steady and significant fiscal consolidation designed to give the Abbott government two big re-election promises – the return to surplus and the reward of tax cuts. The 2014/15 Australian Budget leaves Australians working longer, receiving less generous payments and lose income supplements as they age under wide-ranging tax reforms, an almost double in taxpayer spending on child care and an extra $7 co-payment for routine doctor’s appointments and tests from July next year. In his first budget, Treasurer Joe Hockey also paved the way for an increase in the 10 per cent GST to be taken to the next federal election. High income earners, families, students and the …show more content…

The Organisation for Economic Co-operation and Development said “Australia’s economy continued to face near-term uncertainties as the resources investment boom unwinds and non-mining businesses were showing reluctance to expand” (Cadden, J., 2014).
The generation of Baby Boomers entering into retirement puts strain on the government and tax systems to fund and support them, essentially creating a need to raise taxes and decrease the general standard of living for all Australians.
Currently a main risk, domestically speaking, is that the “Federal Government is too aggressive in tightening budget spending, rather than relying on stronger economic growth to boost government revenues and thus, reducing the size of the budget deficit” (James, C., 2013). As the 2014-2015 Budget was nearing, Australians were concerned for the Government’s aim to appeal “an urgent repair job to address the looming structural crisis that would see the budget in deficit for decades to come” (Lewis, P., 2014).

Australian Federal Budget …show more content…

This statement produces support of Ross Gittins’, of the SMH, statement: “I give Joe Hockey’s first budgetary exam a distinction of management of the macro economy, a credit on micro-economic reform and a fail on fairness”. After all the previous talks of a tough budget, the government delivered one (Coorey, P., 2014).
In response to Joe Hockey’s statement in the 2014/15 Budget Speech, “The age of entitlement is over. It has to be replaced, not with an age of austerity, but with an age of opportunity.” This year’s budget brings the mature members of Australia’s economy more opportunity to earn money; however, this may not be the fairest situation in order to do so.
Lastly, Henry Ergas from the Australian suggested: “The government’s problem is simple. Despite all claims to the contrary, Labour left an unsustainable inheritance”. The current state of the economy proves this to be true and the Liberal Party, who now has the leading role in Australia’s affairs, is maintaining and executing a delivery of a sustainable economic

Show More
Related
297 Words | 2 Pages

Introduction Robert James Lee Hawke was born on the 9th of December 1929 at Bordertown, South Australia. Robert Hawke was the 23rd prime minister of Australia, being in office for the longest period of time. He had been the Australian prime minister for eight years and has contributed immensely to the Australian society throughout his political career. As a prime minister, two of the most significant contributions he made were the Economic Summit of 1983 which produced a “Wages Accord” with trade unions and reforming the Australia’s education and training system. The accord improved economic growth with inflation and cut real wages.

Read More
1243 Words | 5 Pages

Political donations play an important role within the Australian Legal System. There are many cons and pros about this particular issue and debate about how it affects the Australian democratic system and if the law on it should be altered. A political donation is a donation of money to benefit candidates, political parties, member of Parliament to help with the funding of elections, political and community activities. Parliament of Australia (2012) has claimed that it’s “Establishing a funding scheme that ensures fairness and openness requires a legislative system that promotes an equitable distribution of resources among political parties and candidates and the timely disclosure of political donations and electoral expenditure”.

Read More
1229 Words | 5 Pages

A major post WWII strategy used was guaranteeing the international immigration population employment, housing and in some cases, education which influenced them to come to Australia. For a fraction of this population, “the Commonwealth Government paid most of their

Read More
388 Words | 2 Pages

This budget proposal

Read More
551 Words | 3 Pages

In the article “The New Normal” by David Brooks, he argues that the countries future will depend greatly on how the government makes budget cuts. He points out three principles that should be considered when making budget cuts. The first principle is to make everyone hurt, or to make cuts widely and fairly, not just in couple areas. In addition, Brooks claims that the government should cut more from the old to invest in the younger generation. He says that the government should invest more money into education and early-childhood programs.

Read More
590 Words | 3 Pages

The Ontario government has recently introduced changes to the employment and labour laws through its new plan “the Fair Workplaces and Better Jobs” (Ontario Introduces Legislation 2017). With this plan, the Ontario government attempts to “create more opportunity and security for workers” (Ontario Introduces Legislation 2017). Key points of this plan include an increase in minimum wage, a mandate for equal pay, new benefits such as paid sick days and stronger oversight of labour laws (Ontario Introduces Legislation). With this plan, the Ontario government tries to “create more opportunity and security for workers” (Ontario Introduces Legislation 2017). This essay will discuss the effects of a minimum wage in the labour market model and the Solow model, and conclude that a moderate minimum wage has little to no effects on overall employment but in the Solow model a higher wage can potentially increase investment and lead to more economic growth.

Read More
600 Words | 3 Pages

The U.S. Government has a budget of $3.8 trillion in 2012; that is an immense amount of money to be distributing across the country, so there are bound to be some mistakes in how they have distributed their money. People wonder what is absolute best way for them to distribute the money for the budget, even though there is no way in knowing that, everyone can give their opinion. The U.S. budget has three clusters that make up the entire budget, the U.S. Government should make adjustments in the way it is distributing money to the “Big Five”, “Middle Five”, and “The Little Five”. The budget needs to be allocated differently for there to be change in the United States.

Read More
1499 Words | 6 Pages

Considering a minority government was the basis of this government, extensive legislative successes were achieved over the short, three year term in which they ran parliament (Curtin 2015, pp.193). The Gillard government notably received royal assent and passed five hundred and sixty one pieces of legislation (Marsh & Lewis 2014, pp. 239), a significant number more than the Rudd government achieved and even surpassed the 549 accomplished in the last term of the Howard government. This government was committed to addressing social and environmental issues in an attempt to promote equality, meet the needs of society and appeal with the public’s fears and understanding (McCabe 2012,

Read More
463 Words | 2 Pages

The Balance Budget Act (BBA) of 1997 made substantial changes to nearly all aspects of the Medicare program to contain spending. The Act was the largest reductions in federal Medicaid spending in Medicaid since 1981. It was expected that the Act will achieve a gross federal Medicaid savings of $17 billion over five years and $61.4 billion in ten years. After the legislation 's offsetting increases in Medicaid spending are accounted for, there was a further anticipation of a net federal Medicaid savings of $7.3 billion over the next five years and $36.9 billion over the next ten years. Some revision to the Act was made in 1999 but the key provisions were as follows.

Read More
1414 Words | 6 Pages

As the Australian government had a

Read More
1322 Words | 6 Pages

The rich must pay for the welfare of the poor, causing the workers to have to pay income tax. This goes against the Australian egalitarianism that all Australians are equals as citizens have to pay for the welfare of others, with the exception of Medicare. Egalitarianism was seen to have been perfected in Australia as everyone treated each other as equals. Australia is a democracy of manners first and foremost. The feel of Australian society that makes it egalitarian not the structure.

Read More
399 Words | 2 Pages

The main aspect of the "Australians Working Together" package, the “working credit” initiative, was aimed at reducing the impact of means testing to working-age people in the early stages of returning to

Read More
781 Words | 4 Pages

Letter to the Editor: Parliamentary entitlements To the Editor, I wish to raise my concerns about a totally scandalous issue concerning conniving politicians threatening to rip-off Australian taxpayers of millions of dollars annually by disgracefully misusing the parliamentary entitlements system. It is time for an independent review into the entitlements system and changes to it to make the entitlements within the public expectations. How much better would Australia be if millions of dollars spent on MPs every year instead went towards areas of Health, Education, Security, Defence and Unemployment? On top of a very handsome salary, Members of Parliaments have many more extravagant entitlements. Parliamentarians receive an annual electoral

Read More
1864 Words | 8 Pages

The Australian government’s budget proposal for educational investment in 2017 seeks to improve employability in VET related jobs whilst enforcing stricter conditions for university based educational attainment. Higher skill based jobs have become more popular and in demand over the past few decades, which has resulted in lower skilled jobs becoming more difficult for domestic individuals to seek employment in with cheaper migrated labour becoming more competitive and cost efficient. Accredited economist John Maynard Keynes attempted to orchestrate similar circumstances in his treasury position in the government, whereby creating an economy with a higher aggregate demand by maximising competitive industries and employment regardless of domesticity.

Read More
854 Words | 4 Pages

Cancer and losing a loved one; baggage my family has had to carry since my grandma was diagnosed with cancer. Since I can remember every Sunday has been family day. I get up, go to church, come home, eat breakfast, go to grandma 's house and repeat this process the next week. I never thought this family ritual would ever change. All of my family would gather together and we would spend the whole day at my grandma’s house.

Read More

More about Abbott Government Budget Essay

Related Topics

Open Document