Tuesday, 23 May, 2017

Treasurer calls Shorten's budget 'bulldust'

The Commonwealth will allocate an extra $2.8 billion to state and territory hospitals and will leave it up to state and Treasurer calls Shorten's budget 'bulldust'
Tracy Craig | 12 May, 2017, 03:31

He revealed Labor will support the proposed Medicare Medicare levy increase of 0.5 per cent from 2019, but only for workers earning more than $87,000 per year.

The analysis by Deloitte found that if the deficit levy was retained to match the extra Medicare levy revenues, high income earners on more than $180,000 would have to pay a total tax of 51 cents in the dollar: being 45 per cent on the top marginal tax rate plus two per cent for the existing Medicare levy and a further four per cent in an expanded deficit levy.

The Coalition want to increase the Medicare levy by 0.5 percentage points for nearly all Australians, which would equate to an extra $375 a year for those earning $75,000.

"Labor can not support making people on modest incomes give up even more of their pay packets", he said.

Shorten said the budget "fails the fairness test" and it "fails the generational test". Who's budget proposals do you like more?

Labor's leadership group was due to discuss the matter on Thursday and there are range of views over whether to proceed.

He confirmed Labor would not oppose the budget's tax on big banks, which has sparked a furious reaction from the banking sector. "I'll give them a royal commission".

Treasurer Scott Morrison's second budget signalled the end to the two per cent budget deficit levy, which was temporarily put in place in 2014 to help balance the books.

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The opposition will not support setting aside $170 million for a same-sex marriage plebiscite.

The federal opposition leader has also committed to keeping the coalition's budget fix levy on high-income earners, and says his party will back a $6.2 billion tax on the big banks.

Labor leader Bill Shorten will promise a $3000 limit on how much people can deduct for managing their tax affairs, in a crackdown that will raise $1.8 billion over a decade. Although affecting only one in 100 taxpayers, this would save $1.3 billion over the medium term.

Finance Minister Mathias Cormann said Mr Shorten's speech was full of political rhetoric but short on a plan to grow the economy and create jobs.

But the analysis from Deloitte shows that while millionaire taxpayers - those earning more than $1 million a year - comprise just 0.4 per cent of all Australian taxpayers, those taxpayers would contribute 7 per cent of the extra Medicare levy.

"His numbers didn't add up".

Social Services Minister Christian Porter said that Labor had not outlined enough to fund the NDIS.

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