My thoughts on any budgets are: they should be balanced, not greedy and overspending when there is no money to spend. A good economy is a surplus economy yet the deficit economy means we are spending more then we are collecting.
Individuals that spend more than they have, may fall into a financial crisis and if they can't sustain a financial life style comfortable and always fall behind, they may enter into a bankruptcy state. So if our country is in deficit, we do not see our country ever enter into bankruptcy or similar!
Simply all budgets give and then they take. It is just how do they do it, using all economic experts from Treasury and deciding who will pay extra and who will pay less.
One facet all Australian Treasurers talk about as an important subject is jobs growth and announce incentives for these to happen. What you have to realise is that by creating (for example) 100,000 jobs they will not say, 'there will be 100,000 new tax payers'! Yet that is what happens!
Click here for Scott Morrison's Budget Report Video 2016-2017
Click here to read the Budget Speech
Editor's Notes:
Great idea to tackle tax avoiders/cheats, Youth Jobs Path sounds like a good incentive - have to see how this goes!
I think Personal income tax should be rated sames as business tax and I can't see any increase in pension in this report!
Give us your thoughts on it, this will be interesting to hear from yourselves.
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