Published: Tue, May 08, 2018
Markets | By Otis Pena

Government investing billions in Baby Boomers in new budget

Government investing billions in Baby Boomers in new budget

Do you think the government should prioritise over-60s when it comes to the budget?

Morrison said on Sunday, that low and middle income earners will be the 1st priority for further cuts.

"Will the Prime Minister confirm that his government's record includes a gross debt increase to a record half a trillion dollars, net debt doubling, and net debt as a proportion of the economy is growing more rapidly than nearly every advanced economy in the world?" he said.

Mr Morrison dismissed speculation that the commission has made the government's planned corporate tax cut a harder sell with the electorate, pointing to a banking levy recently imposed on the banks to raise A$16 billion over 10 years.

Finance Minister Mathias Cormann said yesterday that the coalition would formalise the "speed limit" in its fiscal rules as it seeks to pressure Labor over its tax reform policies that would allow it to spend about $200 billion more over the next decade.

Since the questions were asked of voters a year ago, support has increased for spending on assistance to the unemployed (up 11%) - perhaps reflecting a consistent campaign to boost Newstart from business and social welfare groups - age pensions (up 8%), more affordable housing (up 8%) and assistance to the needy in Australia (up 8%).

When ask to rank the most important issue for the 2018 budget to address, 28% thought that more funding to schools and hospitals was the most important, and 22% nominated supporting industries that create jobs.

Data on Monday showed business conditions are at their highest level in over 20 years.

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"We won't support a tax cut to corporations and we won't support income tax cuts that make inequality worse".

In the mid-year budget review released in December, Treasury forecast a growth rate of 2.5 per cent for this financial year and then three per cent for the following two years.

It's also reported to be extended to people who earn up to $90,000 annually, according to the ABC.

Federal Treasurer Scott Morrison has already warned the tax breaks in Tuesday's budget will not be "mammoth".

There is also increasing optimism about the economy.

The promise of personal income tax cuts has been hinted at for months, in what is set to be the final budget before an election later this year or early 2019.

On the two-party preferred measure, Labor is ahead of the government 53% to 47%, which is the same result as the last two fortnightly surveys.

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