It is not possible to analyse the Budget in full in a blog. For now I am providing links to useful articles which can help you get to grips with the important measures and outcomes.
The first article from the ABC is called by them, a 'Cheat Sheet'. It provides important data on the Budget outcomes and provides estimates for economic indicators. It shows also the level of Australian National Debt compared to other countries and the changes to major expenditure programs.
A BBC article gives the main highlights of the Budget. Because it is a foreign publication the BBC only picks out the really significant announcements, so reducing the clutter. That does not mean you must not look at individual measures more closely - but this is a start. It sees the 'Google Tax' as the most noteworthy item.
Traditionally we look at which groups gain and which loose from a Budget. The ABC has an interactive page for you to check through.
The Age has a portal page to its full Budget coverage where you can find articles on the major measures in the Budget.
The chart below is from SBS. It shows the effect of 'Bracket Creep' (fiscal drag). That is as wages rise due to inflation compensating pay increases people start to pay a higher rate of tax because they move into a higher tax bracket. The graph illustrates how this has happened over the years. In this Budget there was a one-off rise in the 32.5% to 37% tax bracket threshold from $80k to $87k. A key question then is why not index link all tax thresholds every year automatically?
This post is critical for VCE students who must know the measures included in this Budget for the exam. Try to classify measures by 'Demand side' and 'Supply side' measures. Consider the effects the measures will have on economic goals and understand the pressures which have led to those measures being implemented.
IB students can treat this as a case study in Fiscal Policy.
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