Top Tweets for #MatthewCranston

4 months ago

@JasonClareMP Greens demand Labor tax changes extend to SMSFs The Greens have escalated their demands in budget tax negotiations, now pushing to scrap self-managed super fund borrowing arrangements and limit big business gains from Labor's new CGT rules. #MATTHEWCRANSTON

273

Rosita Díaz

@RositaDaz48

11 months ago

Australian governments' bottom line and debt blowout!! #MatthewCranston The Australian governments’ combined bottom line has sunk and debt has blown out to be worse than previously forecast by the independent Parliamentary Budget Office, new analysis shows. — As Jim Chalmers looks for savings in the lead up to his mid-year budget update this month, the independent fiscal scorekeeper has declared that national net operating balance (NOB) – the difference between total revenue and expenses from state and federal governments – has deteriorated by $29.8bn in 2024-25 and $21bn in 2027-28, compared to its previous estimates. “The commonwealth, accounting for around three‑quarters of national revenue and expenses, and Queensland are driving the results,” the PBO said. “Both revenue and expenses have increased compared to earlier forecasts, but the larger increase in expenses has more than offset the improvements in revenue. — “The PBO is forecasting the overall deficit will end up improving from a deficit of 1.6% of GDP in 2025-26 ($46.2bn) to a deficit of 0.7% of GDP 2028-29 ($22.2bn) over the forward estimates.” The PBO noted that since the early 2000s the NOB has deteriorated on average, largely driven by steady growth in state expenses from 13.1% of GDP in 2003-04 to 14.4% of GDP in 2023-24. — The nation’s debt doesn’t get any better, with forecast national net debt worsening compared to the PBO’s last projection. National gross debt – the total amount of government debt before considering a government’s financial assets – is expected to continuously increase from 51.9% of GDP in 2024‑25 to 57.5 per cent by 2028‑29, the PBO said. This eclipses the Covid‑19 high of 56.3% of GDP in 2020‑21, according to the PBO. National net debt has worsened compared to PBO’s last forecast and is on a slight upwards trajectory before moderating by 2027‑28, reaching 37.9% of GDP by 2028‑29. “Net debt in most jurisdictions remains at record-high levels over the forward estimates,” the PBO said. On a per capita basis, the Northern Territory continues to have the highest net debt, however, along with Western Australia, it is the only jurisdiction to forecast a decline in net debt in 2027‑28. The International Monetary Fund and the Organisation for Economic Co-operation and Development have both warned about Australia’s state spending and have suggested there should be fiscal rules to ensure fiscal discipline.

RositaDaz48's tweet photo. Australian governments' bottom line and debt blowout!!

#MatthewCranston

The Australian governments’ combined bottom line has sunk and debt has blown out to be worse than previously forecast by the independent Parliamentary Budget Office, new analysis shows.
— As Jim Chalmers looks for savings in the lead up to his mid-year budget update this month, the independent fiscal scorekeeper has declared that national net operating balance (NOB) – the difference between total revenue and expenses from state and federal governments – has deteriorated by $29.8bn in 2024-25 and $21bn in 2027-28, compared to its previous estimates.
“The commonwealth, accounting for around three‑quarters of national revenue and expenses, and Queensland are driving the results,” the PBO said.
“Both revenue and expenses have increased compared to earlier forecasts, but the larger increase in expenses has more than offset the improvements in revenue.
— “The PBO is forecasting the overall deficit will end up improving from a deficit of 1.6% of GDP in 2025-26 ($46.2bn) to a deficit of 0.7% of GDP 2028-29 ($22.2bn) over the forward estimates.”
The PBO noted that since the early 2000s the NOB has deteriorated on average, largely driven by steady growth in state expenses from 13.1% of GDP in 2003-04 to 14.4% of GDP in 2023-24.
— The nation’s debt doesn’t get any better, with forecast national net debt worsening compared to the PBO’s last projection.
National gross debt – the total amount of government debt before considering a government’s financial assets – is expected to continuously increase from 51.9% of GDP in 2024‑25 to 57.5 per cent by 2028‑29, the PBO said.
This eclipses the Covid‑19 high of 56.3% of GDP in 2020‑21, according to the PBO.
National net debt has worsened compared to PBO’s last forecast and is on a slight upwards trajectory before moderating by 2027‑28, reaching 37.9% of GDP by 2028‑29.
“Net debt in most jurisdictions remains at record-high levels over the forward estimates,” the PBO said.
On a per capita basis, the Northern Territory continues to have the highest net debt, however, along with Western Australia, it is the only jurisdiction to forecast a decline in net debt in 2027‑28.
The International Monetary Fund and the Organisation for Economic Co-operation and Development have both warned about Australia’s state spending and have suggested there should be fiscal rules to ensure fiscal discipline.

139

Rosita Díaz

@RositaDaz48

11 months ago

Federal borrowing up 40pc to $42bn, quarterly ABS data shows #MatthewCranston Government spending continues to grow, up 0.8 per cent in the September quarter while government investment shot up 2.4 per cent, indicating that the transition from public to private sector in the economy is not happening at the pace hoped for by economists. Jim Chalmers has been targeting a major transition from the public expenditure supporting economic growth to the private sector driving the economy. The latest government financial figures from the Australian Bureau of Statistics indicate that while government spending and investment continued to grow in the quarter, so too has government borrowing. Total government borrowing hit $42bn in the quarter according to the ABS, up from more than $30bn in the previous corresponding quarter of 2024 – equating to a 40 per cent increase. Both the OECD and the IMF have warned about fiscal discipline, especially among state-based budgets where credit downgrades have been occurring. CBA economists noted that, “public demand was slightly stronger than expected.” “After weakness in public capex in the first half of this year we had anticipated the peak of the public investment pipeline had been surpassed. However, the data today suggests this may not be the case,” CBA said in a note to clients. Despite the stronger than expected public component, CBA has maintained its call for GDP to lift 0.7 per cent in the September quarter when national accounts are released on Wednesday. Westpac economists Pat Bustamanteand Mantas Vanagas also noted the higher than expected public spending but have also left September quarter GDP unchanged at 0.8 per cent. “New public investment played a key role, advancing 2.4 per cent, after falling 7 per cent over the past three quarters. The investment pick up was broad-based across both state/local and federal levels, with new projects coming online,” the Westpac economists said.

RositaDaz48's tweet photo. Federal borrowing up 40pc to $42bn, quarterly ABS data shows

#MatthewCranston

Government spending continues to grow, up 0.8 per cent in the September quarter while government investment shot up 2.4 per cent, indicating that the transition from public to private sector in the economy is not happening at the pace hoped for by economists.
Jim Chalmers has been targeting a major transition from the public expenditure supporting economic growth to the private sector driving the economy.
The latest government financial figures from the Australian Bureau of Statistics indicate that while government spending and investment continued to grow in the quarter, so too has government borrowing.
Total government borrowing hit $42bn in the quarter according to the ABS, up from more than $30bn in the previous corresponding quarter of 2024 – equating to a 40 per cent increase.
Both the OECD and the IMF have warned about fiscal discipline, especially among state-based budgets where credit downgrades have been occurring.
CBA economists noted that, “public demand was slightly stronger than expected.”
“After weakness in public capex in the first half of this year we had anticipated the peak of the public investment pipeline had been surpassed. However, the data today suggests this may not be the case,” CBA said in a note to clients.
Despite the stronger than expected public component, CBA has maintained its call for GDP to lift 0.7 per cent in the September quarter when national accounts are released on Wednesday.
Westpac economists Pat Bustamanteand Mantas Vanagas also noted the higher than expected public spending but have also left September quarter GDP unchanged at 0.8 per cent.
“New public investment played a key role, advancing 2.4 per cent, after falling 7 per cent over the past three quarters. The investment pick up was broad-based across both state/local and federal levels, with new projects coming online,” the Westpac economists said.

Rosita Díaz

@RositaDaz48

about 1 year ago

'Crock of shit': Union demand for new tax on business blasted #GregBrown #MatthewCranston #RhiannonDown Union leaders have used the first day of the economic reform roundtable to push for a new tax on business to pay for training workers, prompting a protest from employers with one labelling it a “crock of shit”. The first stoush during the roundtable comes amid signs of consensus on several issues, including cutting “nuisance” tariffs, improving the co-ordination between industry and training institutions, and offering better career guidance to students. Business Council of Australia chief executive Bran Black said employer groups at the roundtable rejected the push for a levy on employers to contribute to the cost of training workers. “There was a proposition that was put forward in terms of particular levies that should be raised on employers in terms of the provision of skill sets,” Mr Black said. “From a business perspective, we just don’t see that taxing the business community is the right way to deliver the outcomes that Australia needs.” Mr Black said there instead needed to be government-funded incentives to encourage business to train workers and take on apprentices. The Australian understands representatives from other major business groups spoke out against the ACTU’s proposal during the roundtable meeting in the cabinet room at Parliament House in Canberra. Australian Industry Group chief executive Innes Willox said the idea was a “crock of shit”. “They tried to do this in the 1990s and it didn’t work. The Productivity Commission also did work on this and they said it didn’t work. Nobody saw where the money went,” he said. Mr Willox predicted that if such a levy would go ahead the number of apprentices that business was hiring would “halve”. Master Builders Australia chief executive Denita Wawn – who is not at the roundtable – said another levy on business “won’t magically create more tradies”. “We’ve had training levies in states and EBAs for years and the skills crisis has only gotten worse,” she said. “Throwing more money into a broken system is lazy policy. If governments are serious about fixing the skills shortage, they should back employers with real incentives to take on apprentices, not slug them with yet another tax.”

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