This one-year, fold-away budget won’t do the trick

From the way the budget blows out debt and deficit, it may seem that Scott Morrison and Josh Frydenberg have stopped caring how much they rack up, but it ain’t so. This budget is just a one-year plan, which not only brings the handouts to an early stop, but then starts reeling much of the money back in.

Prime Minister Scott Morrison has defended his budget against accusations it does little for women and older people, insisting it is for all Australians.If it turns out Morrison has turned off the budgetary stimulus too soon – as many business economists fear – he won’t have got the economy growing strongly enough and unemployment falling far enough.– may prove a great error of political judgment as the election approaches in late next year or early 2022.

Similarly, while the measure allowing companies to carry back losses incurred in the three financial years to June 2022 for tax purposes will cost the revenue more than $5 billion in its first two years, by 2023-24 it will begin reeling the money back in. The net cost over the medium term is expected to be less than $4 billion.

Because the cash benefit of the temporary tax offset is delivered retrospectively, the two-year draw-forward of stage two will cost the budget about $7 billion this financial year and about $17 billion next year but – get this –By then, much of this year’s budget will have been folded away.

1RossGittins The media is realising this stuff in 2020? No wonder you have zero credibility.

1RossGittins What! The budget is just “smoke and mirrors” , oh the humanity of it all. You mean the liberals are misleading the voter? Shock , horror .

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