NationStates Jolt Archive

http://www.budget.gov.au/2007-08/at_a_glance/html/at_a_glance.htm

Treasure Peter Costello unveiled his budget tonight. Can't say there were many surprises.

Still a surplus, a few tax cuts (though little ones - but hey, I got a few extra dollars a week), more spending on stuff like infrastructure, education and token mention of the environment.

I suppose interesting is this "future fund", which is basically a fund the government puts its surplus in. The interest from that will be used to help universities and the principal stays there as a reserve. Not many governments can afford the luxury, but I suppose that's what a decade of decent economic growth will do to you.

All this nice pre-election spending is surely going to lead to higher interest rates. ;)

It'll put some pressure on it, yeah. The real thing will be when Howard announces the election, because then he'll get out the big guns and you won't see which way the dollars go.

Having the last budget before an election seem all polished up-like is the oldest trick in the book. Expect skeletons in the closet.

From what I can tell of the polls, Howard is d00med.

Education future fund ... what a scam!

I can put money in it, get a tax deduction and the government spends the interest for me.

It's a pretty cynical pre-election sweetener budget.

This is his twelfth budget.Were they all vote buyers too?

Sheesh.:eek:

I'm still voting Coalition. Because Labour are genuine twits, they've never done anything right.

This is his twelfth budget.Were they all vote buyers too?

Sheesh.:eek:
Only every third one or so. :p

The only real vote buying Budget was 2004 (and Labor's response was even more so). This one surprised me actually (and Labor); I thought it would be 2004 revamped. This Budget actually appears to contain a policy vision, with vote buying an afterthought. Bracket creep took most of the tax cut for middle income earners. The enviromental proposals will come later me thinks.

This is the fourth "future fund" I think, though the first two are minor (telecommunications and rural). The education endowment is the second largest after the Future Fund for civil service superannuation. At the National Press Club, Costello hinted that if he had his way, endowment/future funds would be the way of the future and he hoped to create more.

*looks very angrily at the other side of the Tasman

Unlike you lucky fellas and shielas, it looks like us in New Zealand will be faced with another budget with hardly any tax cuts (business rate looks set to drop), and Cullen announcing another stratospheric surplus. Anyways, I am voting National in '08 and maybe we will finally get some tax cuts in '09; if the economy has not tanked by then, that is.

An economy that is in surplus...that's more then can be said for our economy.

*looks very angrily at the other side of the Tasman

Unlike you lucky fellas and shielas, it looks like us in New Zealand will be faced with another budget with hardly any tax cuts (business rate looks set to drop), and Cullen announcing another stratospheric surplus. Anyways, I am voting National in '08 and maybe we will finally get some tax cuts in '09; if the economy has not tanked by then, that is.

Will the last one to leave the island turn out the lights, and feed the pig? ;) :)

*runs like hell*

*looks very angrily at the other side of the Tasman

Unlike you lucky fellas and shielas, it looks like us in New Zealand will be faced with another budget with hardly any tax cuts (business rate looks set to drop), and Cullen announcing another stratospheric surplus. Anyways, I am voting National in '08 and maybe we will finally get some tax cuts in '09; if the economy has not tanked by then, that is.

Swim over here!
:D

What's the catch?

What's the catch?

If you vote Labour it all goes away. Plus you'll get AIDS. And no one wants AIDS, do they?

Usual election-year bullshit.

Yeah, I'm an in-depth guy.

If you vote Labour it all goes away. Plus you'll get AIDS. And no one wants AIDS, do they?

Yeah, but ironically you won't be deported for having AIDS.

Yeah, but ironically you won't be deported for having AIDS.

Actually, if you want to immigrate to Australia and have AIDS - your chances are pretty slim unless you have lots of dosh to bribe them.

Actually, if you want to immigrate to Australia and have AIDS - your chances are pretty slim unless you have lots of dosh to bribe them.

Yeah I know. I was just poking fun at Howard's recent comments. I knew someone would respond to "correct" me... Never mind lol.

Yeah I know. I was just poking fun at Howard's recent comments. I knew someone would respond to "correct" me... Never mind lol.

Mr Howard is really nice guy, if you are rich, white, conservative, go to church and put money in the Liberal party!

Mr Howard is really nice guy, if you are rich, white, conservative, go to church and put money in the Liberal party!

Kinda, yes, kinda, no, and no, in that order. But I still vote Liberal.

Mr Howard is really nice guy, if you are rich, white, conservative, go to church and put money in the Liberal party!

And like cricket.

And like cricket.

Oh yeah! :p

A bit a sledging is good for the nation.

Is it my understanding that Howard's government is considering opening up Universities and allowing them to take as many full-fee paying students as they like? That seems to be what they said... IT HURTS!!

Is it my understanding that Howard's government is considering opening up Universities and allowing them to take as many full-fee paying students as they like? That seems to be what they said... IT HURTS!!

I'm from the US and so i don't know anything about any country outside of my own and Canadia. But i don't think you have it right. A part of the budget is 5 billion dollars to go to a fund to give to universities in the future.

So more government funding= less pressure on Universities to need to accept only full paying students which also means more room for scholarships.

I'm from the US and so i don't know anything about any country outside of my own and Canadia. But i don't think you have it right...
There was a time when Australia had free tertiary universities. All the current politicians and baby boomers took advantage of that.

Then they decided to not do that anymore. But thanks to a brilliant economist from ANU poor people could still go to uni. The scheme he devised is called "HECS" and basically works like this: government pays for your degree, and when you graduate and start earning a certain income, you automatically pay the debt back to government alongside your taxes, all without interest. It was the first scheme of its kind in the world and it works a treat.

Unfortunately the current government seems to have it out for it. "Full fee paying places" are places that unis hand over to students privately, so they don't go through the government system. This means that the students pay much higher fees straight-away (or rather: their parents pay them), but also that they don't have to pass the same sort of qualifications to get accepted.

Many students feel cheated when rich, dumb kids get into uni simply because their parents are loaded, perhaps understandably so. So anything to do with full fee paying places isn't gonna be popular on campuses (though it may be with the uni management).

An additional note on HECS and full-fee places:

Full-fee places can only be given if HECS places are fully enrolled.

Sandstone universities (Australia's attempt at Ivy League) make a tidy sum out of full-fee students, and often force full-fee students to still meet higher standards than redbricks. At UWA you need a TER of 80 for a full fee place (I think); which isn't much less than many HECS places.

Since we've long offered full fee places to rich foreign students, it sort of gives parity to rich domestic students. Don't our rich deserve equal treatment.[/self defeating arguement]

Fourth, and most importantly, full fee students don't exactly have a great success rate...


And NL is of course right: an economist was responsible for HECS. Economists are responsible for everything...except bad stuff, thats the politicians, especially but not entirely left leaning ones.

We are getting massive revenue due to many of our exports being worth more.

Don't forget the millitary budget increases everyone.

And NL is of course right: an economist was responsible for HECS. Economists are responsible for everything...except bad stuff, thats the politicians, especially but not entirely left leaning ones.
Hey, there's a few bad economists doing bad things. But that's only after they move into politics. ;)

http://econrsss.anu.edu.au/Staff/chapman/bio_bc.htm

We are getting massive revenue due to many of our exports being worth more.

Don't forget the millitary budget increases everyone.

And our wonderful trade deficit ... at record levels.