•   
  •   

Australia South Australia's budget slides back into deficit

13:55  08 may  2018
13:55  08 may  2018 Source:   abc.net.au

Victoria to get $8b for new roads and rail

  Victoria to get $8b for new roads and rail Nearly a third of the nation's infrastructure pie will be spent on addressing the state's escalating congestion problems. Given Melbourne's dramatic population growth and the burden that's placing on the city’s transport network, nearly a third of the government's $24.5 billion infrastructure budget will be handed to Victoria.About $1.75 billion will be set aside to help build North East Link and for new tunnels and extra lanes on the Eastern Freeway.

South Australia ' s budget will slide back in the red this financial year, despite the slim million surplus forecast by the former Labor government just six months ago.

South Australia ' s budget will slide back in the red this financial year, despite the slim million surplus forecast by the former Labor government just six months ago.The new School shooting suspect was referred to discipline program. South Australia ' s budget slides back into deficit .

Newly elected SA Treasurer Rob Lucas says the state budget is a © Provided by ABC News Newly elected SA Treasurer Rob Lucas says the state budget is a "big mess"

South Australia's budget will slide back into deficit this financial year, with Treasurer Rob Lucas blaming the return to red on the poor financial management of the former Labor government.

The new Liberal Government, elected in March, has pushed the next state budget from June to September so it has time to examine the books.

Mr Lucas told the ABC it would be "impossible" for the state's finances to remain balanced, despite former treasurer Tom Koutsantonis predicting a slim $12 million surplus in the Mid-Year Budget Review in December.

Keep this chart in mind when listening to Australia's budget tonight

  Keep this chart in mind when listening to Australia's budget tonight Treasurer Scott Morrison will hand down Australia's federal budget later today. When he steps up to the Despatch Box at 7.30pm AEST, keep the chart below in mind. © CoreLogic, Twitter Australia's population profile by age. Posted on Twitter today by Cameron Kusher, Research Analyst at CoreLogic, it simply shows Australia's population profile by age.He's marked Australia's current retirement age -- 65 -- with a red line.

South Australia ' s budget slides back into deficit . more. 8 May 2018. 9news.com.au. SA budget to slide into the red. more. 8 May 2018. more. 8 May 2018. The Australian . PoliticsNow: Live budget news, video from Canberra.

South Australian Treasurer Rob Lucas says the state budget will slide into the red because of bad financial management by the previous Labor government. "It' s remarkable he' s managed to turn Labor' s surplus into his sorry deficit ," Mr Mullighan said.

"It will be impossible for the 2017-18 budget to be in surplus given the problems that we're uncovering, and in particular … the health issues, the hospital issues, those sorts of budget pressures," Mr Lucas said.

"I'm trying to go through the state budget at the moment and let me assure you that for the budget for September, he's left a very big mess that's going to have to be cleaned up.

"By June 30 there's no doubting, given the extent of the problems we're uncovering, that there will be no surplus left to us by the Labor government."

The revelation of the state of the South Australia's finances comes as Mr Lucas accuses the former Labor government of using a $2.7 million taxpayer-funded account as a pork-barrelling slush fund in the lead up to the March state election.

MAP: The government's 10-year national infrastructure plan

  MAP: The government's 10-year national infrastructure plan The government has released its 10-year national infrastructure plan in the federal budget. The government has released its 10-year national infrastructure plan in the federal budget.

A budget deficit is not an immediate crisis. In moderation, it increases economic growth. It puts money in the pockets of businesses and families. That makes other countries happy to lend to the U. S . government. It has always paid the debt back .

The peak body representing Australia ’ s aid organisations was highly critical of measures to cut the foreign aid budget . Budget cuts are an attempt to bully the ABC into silence. Andrew Fowler. Scott Morrison seeks backing for budget tax cuts without full costings.

He said Mr Koutsantonis had deployed the ministerial "contingency fund" for projects in key marginal seats and the electorate of former minister Geoff Brock.

Mr Koutsantonis said the contingency fund was poorly named, but was designed to be used to fund projects outside of the budget process that were advocated for by community groups and Members of Parliament.

"It was used on programs like, for example, a school crossing; it was for matching funding with councils to install footpaths; it could be used to upgrade halls and community centres," Mr Koutsantonis said.

The fund was deployed for funding for two Greek Orthodox churches, including one in Liberal leader Steven Marshall's seat of Dunstan.

"Both of those were in Liberal electorates and both of those I was lobbied very hard for by Mr Marshall, who is now Premier, and Mr Gardner, who is now the education minister — you should speak to them about why they thought it was such an emergency," he said.

Celebrities hit with 'fame tax' in budget

  Celebrities hit with 'fame tax' in budget Celebrities will be hit with new rules on their image rights to make sure they're not dodging their income tax.Tuesday's federal budget contains a 'fame tax' that will make sure celebrities and high-profile people who licence their image rights to other companies pay tax on all the income and non-cash benefits they receive.

The federal budget deficit is not an accident. The president and Congress intentionally create it in each fiscal year' s budget . Part of the reason was slower economic growth. But part was increased spending to get growth back on track.

Australia recorded a Government Budget deficit equal to 1.90 percent of the country' s Gross Domestic Product in 2017. A budget deficit occurs when an government spends more money than it takes in.

The return to surplus in 2016-17 was underwritten by the sale of more than $2 billion worth of Motor Accident Commission assets and the $1.6 million privatisation of the Lands Titles Office, as well as an increase in revenue from sources including unexpected payments for health services accessed by interstate patients and school fees paid by international students.

But the short-lived surplus was revised down in last year's budget, with debt across the government sector and corporations like SA Water expected to climb, and continued cost pressures in the health and child protection portfolios.

It followed the former Labor government's failure to get its $370 million bank tax over the line, with opposition from the Liberal Party and crossbenchers stopping the controversial legislation from passing through Parliament.

Last month, the Commonwealth Grants Commission revealed South Australia would receive a windfall $467 million increase in GST revenue, but that money is not expected to flow until the 2018-19 financial year.

Q&A: Australia not prepared for financial crisis, chair of peak body for company directors warns .
Australia isn't prepared for a global economic downturn and should be doing more to pay down debt, the chair of the peak body for company directors says.Both major parties have promised billions of dollars in tax cuts for low to middle income earners, and the Coalition wants to eventually abolish the 37 per cent tax rate.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!