Federal Budget - Big Build Up - Little Results!
0 Comments Published by Michael Nitschke on Wednesday, May 13, 2009 at 5:25 AM.
Last night we had the announcement of the May 2009 Federal Budget, a budget that the current government of Australia had a great deal of hype about in relation to how tough it was meant to be.
There were some impressive political moves, such as the raising of the pension however it was also paired with the raising of the pension introduction age to 67 in the future.
This was the budget that I believe needed to be heaving hitting, next year is an election year and as a result to remain popular the government will need to not be raising taxes and introducing other initiatives to repay the massive deficite that the Australian Economy will be absorbing now and into the future in 2010. I was hoping for a harder approach by Swan, and this didnt happen. This is a year where the budget could make a serious difference to Australia's Economic Future.
I was dissappointed also to see the self funded retirees once again not being looked at. These are guys who have done all the right things, worked hard and invested their savings into superannuation, only to see it get absolutely gutted with the financial markets crash we have seen in the past 12 months. These guys get little financial benefits, and dont claim the age pension. I think these guys deserve a fair go, why do we reward those who did not save and plan for their retirement like the self funded retirees.
The surprise packet for me was the extension of the first home buyers grant, albeit for a short space of time. I thought this initiative had run its course, and as a result our projections for the starting 6 months of the new financial year were for a slow market in relation to buyer enquiry and turnover. This extension in my view will encourage remaining First Home Buyers to enter the market and take advantage of the grant. This should lead to growth in prices in the houses up to $350,000 in the local Adelaide Hills market place.
All in all, the budget failed to deliver on expectations in my view..
There were some impressive political moves, such as the raising of the pension however it was also paired with the raising of the pension introduction age to 67 in the future.
This was the budget that I believe needed to be heaving hitting, next year is an election year and as a result to remain popular the government will need to not be raising taxes and introducing other initiatives to repay the massive deficite that the Australian Economy will be absorbing now and into the future in 2010. I was hoping for a harder approach by Swan, and this didnt happen. This is a year where the budget could make a serious difference to Australia's Economic Future.
I was dissappointed also to see the self funded retirees once again not being looked at. These are guys who have done all the right things, worked hard and invested their savings into superannuation, only to see it get absolutely gutted with the financial markets crash we have seen in the past 12 months. These guys get little financial benefits, and dont claim the age pension. I think these guys deserve a fair go, why do we reward those who did not save and plan for their retirement like the self funded retirees.
The surprise packet for me was the extension of the first home buyers grant, albeit for a short space of time. I thought this initiative had run its course, and as a result our projections for the starting 6 months of the new financial year were for a slow market in relation to buyer enquiry and turnover. This extension in my view will encourage remaining First Home Buyers to enter the market and take advantage of the grant. This should lead to growth in prices in the houses up to $350,000 in the local Adelaide Hills market place.
All in all, the budget failed to deliver on expectations in my view..
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