Analysis: A minor surplus will force a major shift in the political argument over spending policy after years of resignation about the long slump into deficits and debt.
A minor surplus will force a major shift in the political argument over spending policy after years of resignation about the long slump into deficits and debt.
That means the argument over the “stage three” tax cuts will get louder when the cost of this single policy has grown to $69 billion over the next four years, according to new figures disclosed on Tuesday. This budget achieves a cautious balance in the way it offers help to the most vulnerable, with $4.9 billion more for JobSeeker and other income support, but does not spend too much.
Labor helped pay for this by imposing new taxes and charges that add up to $19.9 billion over five years, including more tobacco excise, a higher passenger movement charge on travellers, a tax integrity crackdown, visa application charges and more. The political debate will return, inevitably, to questions about increasing tax revenue or making judicious spending cuts.
The concession on capital gains tax for investors in property and other assets is forecast to cost $10.5 billion in the same year.
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