Coalition to match the low and middle income cuts of the Labor Party?
In addition to the infrastructure stories that have been lost in the past two weeks, the other budget story circulating today is News Corp's report that last year's low- and mid-income tax cuts for $ 530 will be doubled.
So if you made less than $ 125,333, you should get a $ 530 government rebate when you made the tax this year. Now it looks like the government will be combining the work plan to give low and average income of $ 1000 in the tax plan.
The big question will be what will happen with the second installment of the (then) US $ 144 billion Malcolm Turnbull- Coalition led with.
Under this plan;
Until 2024-25, those with taxable income of:
- $ 200,000 will have a cumulative tax cut of $ 11,815
- $ 160,000 will have a cumulative tax cut of $ 8,415
- $ 120,000 will have a cumulative tax cut of $ 6,935
- $ 90,000 will have a cumulative tax cut of $ 4,685
- $ 80,000 will have a cumulative tax cut of $ 3,740
- $ 50,000 will have a cumulative tax cut of $ 3,740
- $ 30,000 will have a cumulative tax cut of $ 1,400
As reported in the moment of the fiscal plan passing through the parliament:
The tax cut plan comes in three stages.
The first phase will provide tax relief of up to $ 530 for low- and middle-income people in the next four years. The second phase is aimed at taxpayers earning more than $ 90,000. The third step is targeted at taxpayers earning more than $ 120,000.
The first phase is low- and middle-income tax compensation, and will give $ 530 to 4.4 million taxpayers with incomes between $ 48,000 and $ 90,000 in 2018-19. This phase also increases from $ 87,000 to $ 90,000 the income threshold under which the 37% rate applies.
The second phase, which begins in 2022, raises the 19% rate cap from $ 37,000 to $ 41,000 and raises the upper limit of the tax rate from 32.5% from $ 90,000 to $ 120,000. The third step abolishes the tax bracket of 37 cents in mid-2024.
So what happens to stage two? I think we'll find out.
In the great tradition of politicians pretending to be like us, Josh Frydenberg just played a ball with host ABC Breakfast, Michael Rowland. In your office.
As you can imagine, it was totally natural and organic and everyone came out of these photos looking like fun.
Mathias Cormann and Josh Frydenberg will make your budget family photo happy in a few minutes.
Josh Frydenberg comes to parliament.
The treasurer arrived and addressed the media for some pre-budget hissing.
Well, tonight's budget sets Australia for the next decade. It builds a stronger economy and ensures a better Australia for every Australian. And we do it without raising taxes.
The surplus tonight is not by chance. It is the product of responsible decisions and an economic plan that is working. There is more to do, but the Australian people can rely on us to do so. Are there any questions?
What about this surplus?
Well, tonight we'll deliver the first surplus in over a decade. It is the product of responsible decisions – difficult but necessary decisions. Discipline when it comes to budget management is absolutely important.
Because if we can manage the debt, we can guarantee more spending on the essential services that people need and deserve.
How about these "middle-sized families"?
Medium-sized families can expect from this budget that their cost-of-living pressures be smoothed, there will be more money in their pockets, congestion abatement infrastructure that allows them to work early and get home early.
And we guarantee essential hospital, school, elder care, disability support services – they're what's important to the Australian people, and it's the things that will be in today's budget.
And tax cuts?
The Coalition believes that every Australian should earn more and that every Australian should keep more than he earns. And that will be reflected in this budget tonight.
Josh Frydenberg is late for the morning press conference.
Not the best start.
As reported by Network Seven at night, the Liberals found a candidate for Reid, to replace Craig Laundy.
You may remember that part of the delay was that Scott Morrison wanted a "star candidate" to help keep the seat. At least two persons, including Stan Grant, turned it down.
But now a child psychologist Fiona Martin won the endorsement by beating Scott Yung who had been considered the favorite.
Liberal senator John Howard's former chief of staff, Arthur Sinodinos, was on the Bad Show at night and it's almost as if an election were just minutes away because he said he believed Newstart should be raised.
"I am putting a personal opinion, I am not necessarily speaking on behalf of the government here, but my observation is that this raises an issue that must be considered at some point."
Well, crush me and call me an avocado. It's amazing what kind of "personal views" appear at five to midnight.
Happy budget day 2019!
It's the great day of budget revelation that Scott Morrison was hoping to deliver to you. Because? Well, that will serve as the basis for the entire Coalition election campaign. So you have some infrastructure. And you have some infrastructure! And you get a tax cut! And you and you and you and you!
It's that kind of budget. Particularly if you are in a state where the Coalition is a little hesitant. Victoria and Queensland will probably come out very well in this case.
There is also this surplus, with which Morrison and Josh Frydenberg are very excited, in addition to the new habit of the "10-year plan," which is actually just bupkis. There is a reason why the Treasury operates on four-year plans for a reason. This is because, in terms of forecasts, it is much easier to guess in the short term than in the long run.
But that's the magic of the Unicorn Budget. Everything is magic and good news. In terms of actual implementation – this is another story altogether.
You will leave me until 11.30 today, when Chris Knaus will get the blog while I and the rest of the Guardian's brains rely, including Mike Bowers, Katharine Murphy, Paul Karp and Gabrielle Chan, go for the budget lock-up.
Parliament is also sitting – there is a condolence motion for the first time in Christchurch, and we will see if we will reach the Fraser Anning (the blocking of the budget makes things a bit complicated, as members of parliament also come in and leave the queue for a few hours).
So let's jump right into it.