A stronger budget and higher-than-projected economic growth fuelled by soaring iron ore prices could pave the way for further tax cuts ahead of the next federal election, says a leading economic forecaster.
His latest Budget Monitor report suggests bracket creep — where wage inflation places people into higher tax brackets — will get worse before it gets better. Deloitte Access Economics projects nominal GDP to be 0.4 percentage points, or $8 billion, above official projections this financial year, and up another $8 billion in 2019-20.
Although bank profits will fall, the report forecast that would not happen straight away. It predicts that company tax and total profit taxes will outperform official forecasts by a handy $2.3 billion this financial year, and by $5.2 billion next.
Source: Financial Digest (financialdigest.net)
HOW can you say honestly that the budget and economy is improving when government debt is now OVER 1Trillion dollars? Just a method of accounting that hides where we really are.
with a tax cut gov wont be able to have universal dental Wait another decade
Brilliant! Let's blow the budget on ridiculous income tax cuts. We have already had this idiotic behaviour from John Howard and look where that got us. How about doing something for Australia for once?
Don't need tax cuts - we need wages growth, investment in schools, hospitals and public transport!
Just in time for the election...
Blahaha yet another useless budget from a useless govt that won’t come to anything
We don't need tax cuts, nor do we need the LNP. We need a proper Government.
Unfortunately the economy is not strengthening
Here's how to strengthen the budget by nearly THREE HUNDRED BILLION DOLLARS. Drop these Liberal Party rorts. $144 BN for Big Business $90 BN for Big Mining $56 BN EVERY year for Howard/Costello
How are we going to afford health care, schools, and infrastructure when we are curing government income and giving more money to corporates? Fuck... just fuck...
Don't cut my tax, increase my wages... Don't you need taxes to pay for good health and education? Don't you need taxes to develop an infrastructure? Where is your Jobs and Growth?
Still living in a comatose state in a parallel universe divorced from reality.
We don't need tax cuts. We need schools, hospitals, a proper welfare safety net and even (yes, I'm going there) a strong ABC
Keep my tax and raise Newstart and all pensions by $100. And when did the economy strengthen? Was it just what the Lieberals press release said?
What happens when the iron ore price declines? Budget deficit again because we don't collect enough revenue.
FFS spend the money on hiring enough staff for Centrelink and stop outsourcing jobs
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