Tag Archives: Treasurer

Treasurer Morrison to ‘take out the trash’ in MYEFO

Posted December 14, 2015 10:08:26

A top price range watcher forecasts that tomorrow’s mid-year fiscal update will be the new Treasurer’s possibility to ‘take out the trash’ of his predecessor.

The Federal Government’s Mid-Year Economic and Fiscal Outlook (MYEFO) is shaping up as an chance for Treasurer Scott Morrison to dump some of his predecessor Joe Hockey’s failed savings measures.

“What I count on the Treasurer to do in MYEFO is primarily to take out the trash,” predicted Stephen Anthony, chief economist at Market Super Australia and a former Treasury official.

“To discard some of the controversial saving possibilities that have been blocked in the Senate to do with higher education and loved ones and other budget savings, and to appear to reboot the savings process about regions that are far more measured, more balanced and you know sharing the load of adjustments across the neighborhood.”

Mr Anthony said this MYEFO is most likely to be as considerably a political document as a monetary one.

“The complete thought is to do this now to primarily set the reset button to support rebuild political capital, specifically with the cross benchers, and to establish a sort of a reasonable framework about which important tax reform can be element,” he stated.

“At the moment there are just also many negative memories that are blocking a far more constructive policy agenda.”

Commodity price tag slump poses problems

Mr Anthony stated Mr Morrison also faces the challenge of further steep falls in essential commodity rates, notably iron ore.

Such price tag falls lower Australia’s terms of trade – that is the cost the nation receives for its exports compared to what it pays for imports – and consequently national earnings.

He said that this will inevitably mean a deterioration in the budget bottom line from May’s forecasts, exactly where a $ 35.1 billion deficit was predicted this economic year, progressively declining to $ 6.9 billion in 2018-19.

“Clearly our terms of trade have gone down somewhat compared to exactly where they had been at price range, despite the fact that the dollar has fallen also and that certainly soaks up some of that adjustment,” Mr Anthony observed.

“Seeking forward you would be tough pressed to forecast a price range that didn’t have terms of trade falls continuing, and that wasn’t included in the final budget so the Treasurer has to contain these falls.

“As nicely as that, the real economy is most likely increasing much less swiftly than we thought it would, and that is assuming that we never have a downturn presumably created in China.”

Audio: Treasurer to use MYEFO to take out spending budget trash (AM)

By the finish of final week, the iron ore cost was down to $ US37 a tonne and that is substantially below the $ US48 that Treasury utilised as its May possibly price range baseline figure.

Back in Could, Treasury forecast that a fall in iron ore rates from $ US48 to $ US38 a tonne would wipe nearly $ 10 billion off national income and $ two.1 billion from tax revenue.

That was at an Australian dollar forecast of 77 US cents, and the reduced local currency (just beneath 72 US cents at present) should support offset some of the damage.

Mr Anthony is expecting to see a additional downward revision in iron ore price forecasts so that the Government does not have to additional increase its deficit predictions in an election year if the commodity rout continues into 2016.

“You would count on that Scott Morrison will do his best to incorporate an iron ore price that is somewhat decrease than even that,” he added.

“The concept getting that he ought to try to generate price range forecasting, but truly undershoot so that subsequent year he’s not consistently put in this position where there is negative price range news since of unfavourable parameter variations, especially in the lead up to the next election.”

Subjects: budget, federal-government, financial-trends, australia

Agen Sabung Ayam

NT Treasurer employing power debt to push for freehold of land, Bagot president says

By Sally Brooks

Updated December 08, 2015 12:11:59

The president of a single of Darwin’s oldest Aboriginal communities says it has been proposed it freeholds and sell some land to pay off a debt to the Power and Water Corporation.

Founded in 1938, Bagot Neighborhood was formed to take the place of the Kahlin Compound for Aboriginal folks in Darwin.

Bagot is about six kilometres from Darwin CBD and residence to about 400 Aboriginal folks from around the Northern Territory.

Bagot Community Incorporated went into voluntary administration in October, owing $ 701,692.30 in unpaid water and sewerage bills to Energy and Water Corporation (PWC).

Essential points:

  • Bagot enters voluntary administration in October, due to unpaid water and sewerage bills
  • Community demands investigation into the debt and has been trying because 2011 to realize fluctuating quarterly PWC bills
  • Bagot president says Dave Tollner told their administrator the only way to clear the bill “was by freeholding land”
  • Mr Tollner has extended called for Bagot to be “normalised”

The neighborhood has mentioned it has been attempting to sort out difficulties with water usage considering that 2011 and want an investigation into the bill.

Community president Helen Fejo-Frith stated the administrator, from Meertens Charted Accountants, had met with Treasurer Dave Tollner.

“He told us that Mr Tollner stated the only way we could clear that bill was by freeholding land on the neighborhood. But he said if we freehold 1 location, the complete region has to be freehold.

“We mentioned we never want that.”

Meertens’ administrator Austin Taylor stated there had been some confusion around freeholding the land, and the original thought came from the community.

“The 1st meeting we had they were the ones who recommended that they would need to have to freehold some land to spend off the debt,” he mentioned.

“The situation then became how significantly of the land became freeholded since it is all on a single lease in perpetuity. The entire 23 hectares.

“And so to freehold component of it you are going to have to surrender the lease and then either freehold all of it or have one more lease issued.”

Mr Tollner declined to comment and will meet with the neighborhood on Wednesday.

Treasurer’s long-term program to ‘normalise’ Bagot

The Treasurer and Member for Fong Lim has long held aspirations to create Bagot Neighborhood.

In a newsletter from 2012 – titled the “Tollner Telegraph” – Mr Tollner said the Country Liberals celebration (CLP) was committed to “normalising” Bagot.

He mentioned then he wanted to sub-divide the land so any person could purchase a home.

In October, in a statement to the ABC, Mr Tollner mentioned the CLP Government had won a mandate at the last election to transform Bagot into a “gorgeous and vibrant suburb”.

Ms Fejo-Frith said the community was unhappy the administrator had been meeting with Mr Tollner offered these views.

But Mr Taylor stated he had been meeting with Mr Tollner for a number of causes, including because he is the regional member, the Treasurer and the Lands and Organizing Minister.

“So he has an interest in Energy and Water and the debt troubles, and he is also really passionate about helping the men and women of Bagot. He really does want to attempt and assist them,” he stated.

“The Bagot neighborhood have a view on what they want and the Minister clearly has a view which is effectively known.

“We are piggy in the middle. We are attempting to negotiate or mediate some sort of frequent ground here to get an outcome that functions for everybody.

“We are not wedded to any specific perspective, we are entirely independent in all of this. We are not pushing anyone’s barrow. We are attempting to sort the difficulty out and spend the bills.”

Confusion more than bills right after water meters installed

The neighborhood has been functioning to acquire clarity around water bills because 2011, when water meters had been installed.

Bagot Community Incorporated (BCI) member Marita Mummery stated the community’s quarterly water bill had spiked drastically.

Bagot community Photo: The Bagot neighborhood is facing an uncertain future. (ABC News)

“We were obtaining quarterly bills of $ eight,000 dollars, for it to suddenly jump to $ 30,000 plus, that is a big concern,” she said.

BCI secretary Natalie Harwood stated it was the community’s accountant that suggested BCI go into administration to sort out the water bill.

“Even our accountants could not tell us exactly where we have been at with Power and Water,” she mentioned.

“I imply they could tell us how we are owing but they couldn’t tell us who paid what or what money has come from exactly where.”

Mr Taylor mentioned he was searching at the bills and was aware of conflicting views on the accounts.

“They are been looked at by a large quantity of men and women and no one can appear to get to the bottom of what is going on with it.”

In a statement, PWC mentioned all consumer information was “industrial in-self-assurance”.

“Energy and Water does not personal or keep the water infrastructure within the neighborhood,” stated a PWC spokesperson.

She stated “some meters have been installed within the neighborhood” as portion of Division of Families, Housing, Community Services and Indigenous Affairs funding, and Power and Water had been “reading these meters to aid enhance awareness about water use”.

“Bagot Community Inc has an outstanding bill for water and sewerage solutions and Energy and Water representatives have met with community representatives on a number of occasions to discuss payment options. This is now in the hands of the receiver,” the spokesperson mentioned.

A public meeting to discuss the future of the community is set to be held at 10:00am on December 12 at Bagot Neighborhood hall.

Topics: indigenous-aboriginal-and-torres-strait-islander, indigenous-policy, government-and-politics, bagot-0820

First posted December 08, 2015 11:58:52

Agen Sabung Ayam