Leading economists and budget analysts are calling for the budget to be past. So that makes you, Bill Shorten a vandal, a destroyer of Australia. How many more people have to come forward to state the bleeding obvious? The budget is not structurally sound. It needs reform and you Bill Shorten, along with your destroying Labor party want to finish the destruction of Australia your party started when in government. You Bill Shorten have proved beyond any doubt that you dont care that our children and childrens children, will be paying off the nations debt through taxes, for the rest of their lives. Quite possibly therefore never owning their own homes. Once a union bully spending other peoples money, always a union bully spending other peoples money , hey Bill. ... QUIT the bickering and bite the bullet on tough reforms this year to repair the budget. That’s the call from some of the country’s leading economists and budget analysts at the start of 2015. But, with a surplus now not forecast until 2019-20, they’re not the only ones stressing the need for urgent reform.... m.heraldsun.au/business/calls-for-compromise-and-tough-reforms-in-order-to-fix-the-budget-in-2015/story-fni0cqcu-1227172955212?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed:%20HeraldSunNationalNews%20(Herald%20Sun%20%7C%20National%20News) FULL ARTICLE: QUIT the bickering and bite the bullet on tough reforms this year to repair the budget. That’s the call from some of the country’s leading economists and budget analysts at the start of 2015. But, with a surplus now not forecast until 2019-20, they’re not the only ones stressing the need for urgent reform. This week three former Prime Ministers, Bob Hawke, Paul Keating and John Howard, added their voices to the debate, all stressing the need make the hard calls. Just five months out from the next budget, the government still has $30 billion in measures announced last May that it’s yet to secure. It heads into this parliamentary year with the Senate crossbench remaining in the way of passing key welfare changes, university fee reforms and the revised GP co-payment. However it’s not only stubborn Upper House members causing headaches for the government. It also has to contend with structural challenges and falling revenue — including a recent five year slump in iron ore prices. Commsec Chief Economist Craig James believes there needs to be “proper discussions and give and take” between all the political players this year to achieve reform. “The big problem here in Australia is getting an agreement,” he said, adding it’s not just about compromise between political parties, but also the states. “What we’re seeing at the moment is constant bickering. “Politics is the real enemy at present.” Mr James believes there needs to be a “fundamental stocktake” of both spending measures, as well as tax — which will be looked at through the soon to be launched White Paper. Thought needs to be given to shifting the burden away from direct forms of taxes to indirect taxes, he said, nominating the idea of raising consumption tax to 15 per cent or higher. That push shouldn’t just come federally, but from state governments as well, he added. Despite the focus on slumping iron ore prices, Mr James believes it’s not as important a factor. “The bottom line is there are other issues at play”. “The biggest problem [with the budget] is it doesn’t balance,” according to Grattan Institute CEO John Daly. Due to years of deficits, younger households aged 25-34 will spend the next 20 years or so paying about $60,000 in taxes, he said. Therefore, if Mr Daley had to nominate one spending area which needs to be addressed, “the most obvious” would be the age pension. “It’s the largest single area of welfare,” he said. Mr Daley believes eligibility requirements around the assets test need to be tightened. On the tax side, reducing superannuation tax concessions could also help fill the budget hole. While he admits looking into negative gearing “is not going to make a huge difference,” Mr Daley still thinks it would also be “worth doing”. With this year’s forecast deficit tipped to exceed $40 billion, former Prime Minister Bob Hawke thinks the answer lies in making Australia home to the disposal of nuclear waste. John Howard and Paul Keating believe it also comes down to the message. The former Liberal Leader this week claimed the public could be won over to unpopular, but necessary reforms, but only if they’re in the public interest and fair. Coalition frontbenchers have already acknowledged this year they’ll have to improve their budget sales job. With May looming, they’ll have to get cracking.
Posted on: Fri, 02 Jan 2015 22:16:43 +0000
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