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trust us ...
from politicoz ….
"We have a plan," Joe Hockey told Radio National's Breakfast this morning.
Yesterday he revealed that the Coalition had no intention of providing a budget bottom line for its policy program prior to the election. Last week he stated that the Coalition will not, despite earlier promises, submit its policies to Treasury costing. It will run to the election with 'independently costed' policies, because it doesn't trust the Treasury figures – this is the same Treasury that will be advising it if it wins government.
The Coalition has thus far revealed none of the major cuts (or tax increases) it will need to pay for its policies, leaving a budget discrepancy of between $50 and $70 billion. Its economic policies announced so far consist either of measures that will increase the large projected deficit – such as paid parental leave, cutting the carbon tax, lowering corporate tax and building infrastructure – or are merely thought bubbles, such as 'productivity growth', 'real engagement with Asia' or 'identifying waste'.
In its own words, the Coalition will deliver: lower taxes, lower unemployment, higher wages, a smaller deficit, higher growth and better services.
That's some plan. We can't wait to hear the details.
nearby ….
The Coalition is refusing to commit to a final budget bottom line when it releases policy costings because it does not believe the Treasury figures released in Friday’s economic statement.
The Coalition’s concerns about the budget forecasts come as Rudd mounted an attack on Hockey for suggesting Tuesday’s anticipated official interest rate cut by the Reserve Bank might not be unequivocally good news.
- By John Richardson at 6 Aug 2013 - 5:06pm
- John Richardson's blog
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voodoo economics ...
from politicoz ….
In what is likely to be one of its biggest campaign pledges, the Coalition has promised a 1.5 per cent cut in company tax. This will apply to around 750,000 companies, at a cost of $5 billion.
The tax cut is described by the Coalition as 'offsetting' its paid parental leave scheme - which is to be funded by a 1.5 per cent tax increase on Australia's biggest companies.
If you're not following the logic, another way of saying this is: there will be no net change in the tax rate for big companies but a tax cut for small/medium businesses. The Coalition's paid parental leave scheme now joins the long list of Coalition promises that is, in real terms, unfunded. So does the tax cut for small and medium-sized business.
Opposition treasury spokesman Joe Hockey said: “This is money that will be recovered by increasing the growth in the Australian economy."
It looks increasingly clear that the Coalition's economic program is based on the principles of supply-side ('voodoo') economics - that reducing taxes will lead to higher government revenues.
A 'Boost For All,' as the Herald-Sun's front page described it. A magic pudding, in other words.
nearby …
“The Coalition says the proposed tax cut would cost $5 billion, helping to stimulate the economy and offset its paid parental leave scheme... Mr Hockey said the Coalition would not announce a final surplus or deficit position as part of its pre-election costings, but that the net effect of all Coalition policies would be clear by election day."
So, whilst shadow treasurer, Joe Hockey, lectures taxpayers on their evil ‘sense of entitlement’, his leader & would-be Prime Ministerial aspirant, Tony Abbott, stands ready to hand-out yet another round of welfare to principal political benefactor, big business.
Whilst the coalition regales working Australians on the need for them to be more productive; to enthusiastically accept cuts to their income & conditions & embrace a political dogma rooted in austerity & self-interest, it ignores the reality that corporate Australia has managed to reduce the quantum of tax that it pays as a percentage of the nation’s GDP by more than 20% since 2007.
Trust who?