Opinion By: Howard Sattler
An extra 25 dollars a fortnight in the hip pockets of Australia’s workers should not entitle the Turnbull government to be re-elected.
On the other hand, it deserves our own support if it makes good on tonight’s Budget prediction that it will bring the economy into the black by the second half of next year.
Those who would rather have more money in their pockets now, at the expense of a surplus, have little regard for future generations, who would be saddled with the interest on the debts incurred by Labor.
Now, thanks to $30 billion of extra revenue mainly from taxes paid by new income earners, Treasurer Morrison has been able to predict a modest surplus of $2.2 billion in the financial year 2019-2020, a year ahead of schedule.
He warned his opponents it’s all or nothing, the facts are that overall the economy, and therefore business is doing well.
If the opposition and the cross bench in the Senate stops the Bill it will risk serious damage to Australia’s future prosperity, which the government is well on the way to achieving.
That would allow the government to begin the protracted process of paying down the nation’s monstrous debts, which began to pile up under Labor’s crazy Global Financial Crisis spending spree.
Labor takes all the credit for saving the country during the GFC, but it was always going to prove itself a giant chicken that would come home to roost.
As the rest of the developed world teetered on the brink of another great depression Australians were lulled into a state of false security by the Rudd/ Gillard Labor governments who embarked on a multi-billion spending spree, building school additions that were required and installing pink batts in homes, an initiative that also cost four workers their lives.
However, older Australians should be pleased with the Budget.
They will now be able to earn more income before their pensions are affected, while those on Super will be able to move their funds around without being penalized.
There’ll be strong financial encouragement for the elderly to remain at home rather than seeking accommodation in aged-care facilities.
Malcolm Turnbull has all but put paid his government’s re-election chances by continuing with the government’s support for banks getting a chop of the tax cuts.
By refusing to exorcise the banks from the corporate cut he has not moved from the edge of the cliff that threatens him.
That the top end of income earners will have to wait for seven years, albeit with reductions twice the amount of the lowest tax level, may placate many voters.
The future of the Budget…and the government will begin to emerge tomorrow when Scott Morrison submits the document to the Parliament.