Treasurer Josh Frydenberg has warned Australians to brace for higher interest rates, while claiming the Coalition government is best placed to help people cope with theWith the federal budget due to be handed down in just over two weeks, Mr Frydenberg promised “we will not be increasing taxes in this budget” and that the government would rely on economic growth to bring down Australia’s booming budget deficit over time.
After more than two years of the COVID-19 pandemic, with a war in Ukraine and historic floods pushing up petrol prices and food prices; a rise in interest rates on the cards; wages struggling to keep pace with inflation; and debt and the deficit continuing to rise, it is a make-or-break budget for the Treasurer.near-term interest-rate riseMr Frydenberg confirmed the budget was likely to upgrade forecasts to reflect the economy was “on track to an unemployment [rate] with a three in front” of it.
For an average new mortgage of $830,000 in NSW on an existing home, a rise from 2.4 per cent to 3.4 per cent would mean repayments rise from $3692 per month to $4121. A rise to 4.4 per would mean monthly repayments would hit $4576 per month. There will also be a women’s economic statement; more money for women’s health, safety and economic security beyond the $189 million already announced; more funding for skills and the manufacturing sector; and a “big focus on the regions as a generator of economic growth”.
“And we’ve been rolling out tax cuts, which have helped boost household disposable income through the pandemic. And the LMITO [the low and middle-income tax offset] that I announced in last year’s budget is accessed by people at the end of this financial year.” As petrol prices have passed $2 a litre on the east coast of Australia in recent weeks and head towards $2.50 a litre, the government has faced calls to temporarily pause petrol excise, which is currently 44.2¢ a litre and is expected to pass 45¢ in a matter of months.
When the Coalition came to office in September 2013, net debt was $174.6 billion and by October 2018, it had risen to $354 billion.
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JoshFrydenberg Not increase taxes? Excise duty is a Tax! Generally, indexation occurs on 1 February and 1 August. The CPI indexation factor for rates from 1 February 2022 is 1.021. Excise duty rates also increase in July each year for biodiesel.25 Jan 2022. This from the ATO. Twice a year!!
JoshFrydenberg If they get re-elected, how do they propose to repay all the loans they’ve taken out? With a Trillion Dollar Debt and absolutely nothing to show for it, who is going to be slugged with higher taxes? The LNP have always lied about taxes pre-election.
JoshFrydenberg Australians will vote the Morrison Frydenberg Dutton LNP out of office for there Delinquent Negligent Blatant miss management
JoshFrydenberg Why they are being allowed to deliver any budget at all beats me, since they won't be there to implement it.
JoshFrydenberg Thank you, Josh.
JoshFrydenberg Lol. Aren't you the mob saying petrol prices and the like will be cheaper under your watch and yet petrol is 2.20 a ltr and groceries have gotten more expensive where 200 dollars only gets you little
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JoshFrydenberg Says the guy who got us into incredible gob smacking debt.
JoshFrydenberg We will not be increasing 'TAXES' this budget!! ''THIS BUDGET'' But come next BUDGET we will rip you all a new one.. HigherTaxesVoteLiberal insiders
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JoshFrydenberg If Phil Lowe was non partisan interest should have already started to rise.
JoshFrydenberg Couldn’t organise a chook raffle. $1 trillion isn’t enough. Josh is aiming for $2 trillion in debt before he’s finished with us.
JoshFrydenberg Frydenberg the master of Debt LnpFail
JoshFrydenberg Over geared property market will now start to unravel!
JoshFrydenberg Josh says no increase in GST or Tax Reform. But this ⬇️ article says: “It does mean a larger government by the standards we are used to. Taxes will eventually have to rise to meet the new demand” 😏
JoshFrydenberg Interesting, Josh has ruled out Tax Reform & no increase of GST. “Allegra Spender wants a major Tax review to consider the competitiveness of Australia’s corporate tax rate, payroll tax …”. Corporate Tax Rates are too high.
JoshFrydenberg Says the second highest taxing Aust treasurer behind Costello, but sure CallTheElectionDickhead FederalICAC KooyongVotes votejoshout
JoshFrydenberg Brace yourself Frydenberg, you are going to lose your seat!
JoshFrydenberg Most countries interest rates are rising. New Zealand raised Rates for the 3rd time in 3 meetings, last month, by another 0.25%. The time of almost free money is over.
JoshFrydenberg So where is the revenue coming from for the country?Foreign Co pay virtually 0 tax same with their Billionaire mates/donors and the top tier earners that get the highest income tax cuts can minimise theirs to nix...it comes from Sm business and the everyday worker..Vote them Out
JoshFrydenberg They won’t increase wages either but they will increase the cost of living
JoshFrydenberg Just pulling Medicare and NDIS apart nd making sure the rorts keep happening