The Howard years were basically a time of the economy falling off a skyscraper, enjoying the thrill, and yelling "I've fallen 20 floors and feeling fine".
Balneus blog on 14th May 2009
Swan's trick of not even mentioning the size of the deficit/surplus is a first, well almost.
As for the forecasts, they may well turn out to be right, or not. What will happen as the economy recovers is fairly forecastable. When that will happen is pretty unforcastable.
It could be next month, it could be next year, it could be in three years' time.
Your guess is good as Treasury's - probably better.
Peter Martin on his blog, 13th May 2009
As for the forecasts, they may well turn out to be right, or not. What will happen as the economy recovers is fairly forecastable. When that will happen is pretty unforcastable.
It could be next month, it could be next year, it could be in three years' time.
Your guess is good as Treasury's - probably better.
Peter Martin on his blog, 13th May 2009
The Panel's key finding is that the three-pillar architecture of Australia's retirement income system — consisting of the means tested Age Pension, compulsory saving through the superannuation guarantee and voluntary saving for retirement — should be retained. The retirement income system is facing increasing challenges as the 21st century unfolds which will test the sustainability, adequacy, acceptability and coherence of the system. The three‑pillar architecture is well suited for a balanced and flexible response to these challenges. and
However, there is some need for adaptive change to calibrate the three pillars so that the retirement income system serves its purposes and retains its strengths.
From the media release and cover letter to the Henry Report initial findings released on Budget night 2009.
Kevin Rudd on ABC radio this morning stated that the budget would protect Australia's AAA rating, according to Standard and Poors. Read here Standard and Poor's own admission as to why they rated Lehmann Brothers as A at the time they went bust, and make up your mind as to whether S&P AAA ratings are worth a cracker.
Mark Crosby over at Core Economics blog on 13th May 2009
LAST night the Australian Government handed down its budget for the coming financial year. The centre piece of planned spending on the environment is $4.5 billion for "clean energy". This is defined as energy that will reduce greenhouse gas emissions and boost employment.Most of the money, $2.4 billion, will be used for the development of low-emissions coal technologies. This announcement could be interpreted as an attempt to appease the coal industry and unions – it is certainly unlikely to benefit the environment.
Jennifer Marohasy at her blog of the same name on 13th May 2009
If you judged by press releases, you'd reckon this was the greenest budget ever. And it is indeed good in parts, though not nearly as good as you might think. The first thing to note is that the CPRS targets and the Mandatory Renewable Energy Target haven't changed, so emissions won't change at all (though it may mean we buy fewer permits overseas), nor will the fraction of our electricity generated from renewable sources. What the funding in this budget might do is change the technology mix available to us to achieve those targets.
Robert Merkel over at Larvatus Prodeo on 13th May 2009.
KEVIN Rudd's silent war on the NSW Government has moved to open hostility, with Treasurer Wayne Swan yesterday effectively blaming the Rees Government for Sydney's infrastructure snub. And the Prime Minister warned he was not prepared to invest "billions" of dollars in Sydney projects until the NSW Government got the planning right.
The Daily Telegraph, 14th May 2009
The Federal Government has been warned that it will need to rethink some elements of its Budget superannuation package in circumstances where long-serving politicians and senior public servants appear to have emerged unaffected by changes to the contribution caps for high-income earners.
The apparent oversight was acknowledged by Deloitte superannuation partner John Rayner, who said that in the interests of equity among higher income earners, the burden needed to be shared by everyone.
The only acknowledgement of the problem in the Budget is to grandfathering arrangements that apply "to certain members with defined benefit interests as at 12 May, 2009, whose notional taxed contributions would otherwise exceed the reduced cap".
The problem confronting the Government is that public servants and others are enjoying contributions of as much as 22 per cent to their superannuation, compared to the standard 9 per cent provided by the superannuation guarantee and then topped up by people in defined contribution schemes.
Mike Taylor at Money Management on 13th May 2009
THE ABC will produce edgier TV drama and invest in more feature films, but will have to abandon plans to establish more digital radio stations as a result of the 2009-10 budget. "We're delighted with this outcome -- in this economic climate, it's a good outcome," said ABC managing director Mark Scott.
According to The Australian on 14th May 2009
The rural health care sector has applauded Budget measures aimed at improving access to medical services in the bush.
The Government has made changes to the pharmaceutical and medical benefits schemes to allow nurse practitioners and midwives to prescribe subsidised drugs and let their patients claim back services under Medicare.
Helen Gosby from the Australian College of Nurse Practitioners says it is great news for patients in remote areas.
"Now we'll be able to give them the full range of care so they don't have to wait for the flying doctor to come back into town," she said.
The Government will also spend $134 million boosting payments to lure medical staff to the bush.
The Government has made changes to the pharmaceutical and medical benefits schemes to allow nurse practitioners and midwives to prescribe subsidised drugs and let their patients claim back services under Medicare.
Helen Gosby from the Australian College of Nurse Practitioners says it is great news for patients in remote areas.
"Now we'll be able to give them the full range of care so they don't have to wait for the flying doctor to come back into town," she said.
The Government will also spend $134 million boosting payments to lure medical staff to the bush.
ABC News on 13th May 2009
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