The Pickering Post
Thursday, 18th January 2018

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A NOTHING BUDGET

... with a little nothing for everyone

Larry Pickering

Four-time Walkley Award winning political commentator and Churchill Fellow, has returned to the fray over concern that the integrity of news dissemination is continually being threatened by a partisan media.

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Of the many Canberra budget lockups I have been in, this one is the first time the authors of the budget should have been locked up instead of the journos. It is a budget which is framed entirely for the coming election and completely ignores Moody's close eye on Labor’s dangerous deficit. Loss of an AAA rating will impact on every man, woman and child in Australia.

The only budget component of any interest is the easy mark of a tobacco tax increase. Well, that didn’t take a lot of thinking about did it? Shorten adds up the receipts to about $48 billion over ten years and forgets to deduct those poor bastards who will give up and refuse to pay $70 for a smoke.

Morrison halved the expected receipts to around $28 billion, which means he expects at least half of current smokers to resort to cheap chop chop or grow their own tobacco.

But these tobacco receipts are gathered over ten years and according to reports most of those smokers will soon be dead, and not many dead people continue to pay $70 for a packet of fags. So Shorten’s and Morrison’s estimates are wildly inaccurate... but it sounds like a lot of savings so let’s include it in the budget anyway because in ten years' time it will be someone else’s problem.

Apart from shifting a few tax thresholds around, this will be a nothing budget and it will make a mockery of Government accounting. 

It’s a budget that will stick to Turnbull like shit to a blanket for decades to come. If he had the testicular fortitude to at least risk his hide in the coming election in favour of bringing down a responsible budget he may have deserved some credit, but this is a survival-of-Turnbull budget with nothing that impacts on the national interest.

Most economists are more interested in the Reserve Bank’s response to a low inflation rate. The trouble there is that any movement in the cash interest rate will be meaningless when the rate is so low. Any move would need to be at least a full percentage point but the RBA has never been that adventurous and it would see the banks laughing all the way to the, um, er, banks. Anyway the RBA is ignored by the banks who now do their own thing.

The attack on multinational taxation is a regurgitated Whitlam policy from the seventies and, like the attack on negative gearing, it didn’t work then either. The expected return of less than $3 billion is a pittance of no budgetary consequence and no deduction is made due to global businesses who will shift their headquarters to more submissive locations denying the Australian Government of any bloody tax. After all, that’s what their shareholders will demand.

The Coalition’s repetitive election motto of, “we are all about jobs and growth” is another indication of its woolly thinking; those with a job don’t give a stuff and the only growth they’ve ever seen is in Government spending. Those without a job are on social benefits and will invariably vote Labor regardless.


Shorten had great success naming Abbott’s 2015 budget as “unfair”, but this one isn’t even that! It’s a nothing budget! and the thinnest edition ever.

...and they’ve locked the wrong people up!



Comments

I have experienced some 42 odd budgets as an adult and in spite of media hype, government spin and opposition protests, I have managed to survive each year and in some cases improve my economic status. To me, most budgets just simply juggle the books a bit and noting much changes except Labor manages to always take us into debt and the coalition after being in power some time, get us out of debt.

The only reason they tax tobacco, Alcohol and pokies, is so lefty housos can pay taxes too.

By Taxing Tobacco products at such high levels all these Clowns will do, is kill the Goose that laid the Golden Egg...

Bill Heffernan's valedictory speech today calls for a royal commission into child abuse within the judiciary. Did he use parliamentary privilege to out someone??

If you do the carbon accounting it's the same story for wind turbines. None of it adds up.

BK...have a look at my post above, at 6.05pm.I see they are cutting our electricity subsidies...another whittling away of pensions.

Bring back hanging for murderer's, rapists and child abusers, that'll empty the jails....

This white bloke that killed the Chinese lady and threw her into the blow hole needs to be killed......

Today, while having x rays of knees, I asked the radiologist if it was true that we would soon have to pay for all this, and he said yes.I am very angry.How can pensioners afford MRIs, x rays, pathology? They can't! This is another ploy by the Govt (aka NWO) to depopulate the world.If they stopped giving our billions away to UN, Muslims, etc, we would have the money to subsidise pathology.

The following comment I posted is taken from Cory's site.An excellent summary of how Morrison has NOT done his maths. Even I could understand it!

Chrus Wells commented 4 hours ago · Flag
Did the government just suggest retirees place 100% of their portfolio in shares?

In last night’s budget, there was a surprise announcement on how much you can transfer into the tax-free pension phase of superannuation.

The retrospective cap is set at $1.6 million.

According to Scott Morrison in his budget address last night: ‘A balance of $1.6 million can support an income stream in retirement around four times the level of the single age pension.’
Spoken like a true taxpayer funded superannuant, Scott.

You have no idea mate. and you know this is crap

The full age pension (with pension and energy supplements) for a single person is $22,721 per annum ($873.90 per fortnight).
Let’s do some simple math.

If we multiply the single age pension of $22,721 by four times, we get a figure of $90,884.
For $1.6 million to generate an income of $90,884 requires a 5.7% rate of return.
Please tell me Scott, where we can get that rate of return?
Cash and term deposits pay are around 2–3%.
Buy one of your 10-year government bonds and we get 2.5%.
Invest in a residential property and, after expenses, we’ll get 3% (if we’re lucky).
So what does that leave us with? Fully franked shares.
Scott, with corporate earnings coming under pressure due to the global deflationary squeeze, will companies be able to maintain the current dividend policy?
Let’s put that obvious question to one side; Scott, are you really suggesting that retirees place 100% of their portfolio in shares?
Financial planners would be hanged, drawn and quartered for doing this without proper risk analysis.
On the one hand, the government is rightly clamping down on irresponsible advice from financial planners, yet we have the Treasurer — indirectly — suggesting retirees go full tilt into the share market, risking the potential to expose their retirement funds to substantial capital loss.
Or perhaps Scott is thinking retirees can invest in some junk corporate bonds. Now there’s another good idea…not.
Our Treasurer’s reasoning for the cap fails the most basic of scrutiny. But his statement plays well to the crowd.
A conservative retiree with $1.6 million invested at 2% will generate $32,000 per annum…about $10,000 more a year than if they had not saved.
And, if interest rates go to 1%, they’ll earn less than if they were on the full pension.
Where’s the incentive to save?
Oh I forgot — the incentive is to keep borrowing to reach a targeted inflation rate.

This is the madness that passes as sound financial management

The clear MESSAGE IS DO NOT SAVE AS WE WILL TAX YOU RETROSPECTIVELY

Only a traitor, a well paid one, could sign the TTIP.

http://www.paulcraigroberts.org/2016/05/03/ttip-american-economic-imperialism-paul-craig-roberts/

US Upping The Stakes In Syria
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In March 2011, Obama launched naked aggression on Syria, using ISIS and other terrorists as proxy foot soldiers. In September 2014, US warplanes began bombing Syrian infrastructure and government sites on the phony pretext of waging war on ISIS. Last December, Fars News reported “US experts are reconstructing and equipping a desolate airport…in Northeastern Syria…turning it into a military base.” “The …
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Read more.
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http://www.thesleuthjournal.com/

OT. I don't mind watching Million dollar hot seat as I can answer all the questions (cough cough), but why do they allow a guy who already won $1m to come back and compete " 'cos he felt like he still needed to" for what ever reason..........I simply call it greed. I know there are no rules against it but fair suck of the sav.

There are plenty of other people out there who should be given a chance to compete for the money. It's a bit like someone who has already won $50M in the lotto buying heaps of tickets because they now have the dough to do so. Don't say the odds are against them winning again because it does happen.

He just got eliminated, so now I'm happy.

“The Only Democracy In The Middle East”
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Today is World Press Freedom Day, a rare item in Israel.
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Americans are forever told that “Israel is the only democracy in the Middle East.” Actually, most of Israel consists of occupied Palestine. The Israelis have succeeded in committing genocide against a country.
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The only democracies in the Middle East are Syria, Iran, and perhaps Lebanon, and these are the countries under attack by Israel and Washington.
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Stephen Lendman reports on Israel’s lack of media freedom:
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http://www.paulcraigroberts.org/2016/05/03/the-only-democracy-in-the-middle-east/

If we pulled all foreign aid can you imagine the tirade of abuse we'd get. Not, gee thanks Australia for helping us out for so long. We"d be called everything from Judas to Satan, and that would just be from the (we only serve foreigners, not the Australian's who pay us) Greens.

So glad to see that Ch 9 newsroom i n Sydney have their priorities sorted . A simple pipe burst under a street which is on a hill with mostly a footy ground on the RHS and large commercial lbuildings on the LHS . Whereas an outbreak of Legionaires disease in Sydneys CBD for the second month in a row is secondary ., of the 10 who contracted it 3 died andnow 3 have it and 1 person is critical. It has a 30% mortality rate.Hope the cruise ship tourists at circular quay are warned.The SCC should get all the cooling towers sanitised , but good old Clover would rather give finance to the rectum rangers I suppose.

Travel and budget coverage have interrupted usual service here, which will resume shortly. Speaking of the budget, here’s an accurate translation of Scott Morrison’s speech:

WHAT HE SAID:

“Australians have clearly said we must have an economic plan ... this economic plan is the foundation on which we can build ... this budget delivers our economic plan.”

WHAT HE MEANT:

Alert Australians may be aware that the Coalition was elected three years ago and has only now reached the planning stage. Let’s hope only the Greens are listening.

WHAT HE SAID:

“In this Budget we will continue to cut unnecessary waste and keep Government spending under control to balance the budget over time.”

WHAT HE MEANT:

I am not Wayne Swan. I am not related to Wayne Swan. I have never met Wayne Swan. I have never met Wayne Swan’s family. I have never visited Wayne Swan’s electorate. There is no Wayne Swan.

WHAT HE SAID:

“By abolishing the carbon tax and keeping the tax relief in our first budget we delivered a genuine tax cut for those earning up to $80,000.”

WHAT HE MEANT:

By “we” and “our”, technically I’m talking about “Tony” and “Joe”. Now let us never speak of them again.

WHAT HE SAID:

“So often successful technology ventures have started by solving a complex problem for governments.”

WHAT HE MEANT:

A few mobile phone calls got the ball rolling against Kevin Rudd in 2010.

WHAT HE SAID:

“We must do better than this. We must try new approaches, and not just doing the same old thing.”

WHAT HE MEANT:

I swear I did not mean to say that out loud.

WHAT HE SAID:

“We must keep trying until we get it right.”

WHAT HE MEANT:

I am already planning a leadership coup.

WHAT HE SAID:

“Like the Australian people, we are upbeat and optimistic, even though some Australians are feeling the transitions more acutely in some parts of the country than others.”

WHAT HE MEANT:

Those would be all the Australians named Caitlyn Jenner who live in that part of Australia called Los Angeles.

I drove past Coffs Harbour today and was surprised to see the big banana is still there. I would have thought it would have been removed or at least "tucked" years ago so as not to offend transvestites and the Safe School penis tucking deviates. Probably only a matter of time.

If anyone orders pizza for me don't forget the anchovies . . .