2019 Federal Election

[sprintcyclist]

Scott Morrison has seized on Bill Shorten’s claim he will not introduce new taxes on superannuation, claiming he “must have forgotten” Labor’s plan for changes that will bring in $34bn in revenue.

The hiccup in the Shorten campaign on Tuesday distracted from Labor’s claim the Coalition will have to cut $40bn a year from social spending to pay for its tax cut package.

Labor’s campaign centres on its promise to increase social spending and deliver more sustainable budget surpluses, due to revenue measures such as its plan to raise $34bn from superannuation.

The Labor policy promises to undo Coalition changes by lowering the high income threshold to $200,000 and the annual non-concessional contributions cap to $75,000 from 1 July 2019.

On Tuesday Shorten was asked if he could “rule out new or increased taxes on superannuation”.

He replied that Labor has “no plans to increase taxes on superannuation”, apparently taking the question to refer to any further changes after the plan to raise $34bn.

“We have no plans to introduce any new taxes on superannuation,” Shorten told reporters in Adelaide. Asked to rule it out, he replied: “Sure.”

Morrison said the Coalition’s changes had ensured that small business people could make superannuation contributions at the same concessional rates as employees who work for wages, warning that “Labor wants to change all that”.

“I have no idea what Bill Shorten was talking about today when he says he won’t be putting increased taxes on superannuation,” Morrison told reporters in Torquay, Victoria.

“That’s his policy. There’s $34 billion worth of increased taxes on superannuation in his own policy.

“He’s either lying about it today or he’s just forgotten the last person he hit with higher taxes.”

https://www.theguardian.com/australia-n ... cuts-claim

yup.
He forgot, he lied or he has no idea.

[The Mechanic]

Pauline Hanson's Please Explain

BILL SHORTEN WON'T ANSWER QUESTIONS ABOUT THE COST OF HIS RENEWABLE ENERGY TARGET TO AUSTRALIA'S ECONOMY.

Bill Shorten has failed to answer a very simple question today on the cost of Labor's renewable energy target.

The majority of renewable energy installations across Australia are owned by foreign, multi-national companies, who strip the Australian economy of billions of dollars each year in subsidies and don't pay taxes on profits earned off your electricity bill.

Each of these windmills receives a taxpayer-funded subsidy of more than $400,000 each. I've counted at least 100 at this installation outside of Snowtown in South Australia. That's a lot of money we're giving away to overseas companies!!

Under the Government's current subsidy scheme, it's costing taxpayers approximately $3 billion dollars a year.

So it's a simple question that Bill Shorten should answer. How much will Labor's 50% renewable energy scheme cost the people of this country?

Wake up Australia. Bill Shorten is living up to his 'shifty' nickname.

[The Mechanic]

Will Labor Voters ever learn?

Labor deletes negative gearing policy information

Labor has deleted substantial detail on its negative gearing and capital gains tax policies from its housing policy website saying it is in the process of updating the site with new figures.

On Tuesday Labor's website had just over 10 paragraphs explaining the policies whereas less than a fortnight ago on April 5 there were almost 100 paragraphs with charts and diagrams.

The changed information comes less than a week after The Australian Financial Review revealed that Labor's negative gearing could be overstated by between $2.5 billion to $8 billion due to inaccurate assumptions on the level of investment in new housing stock.


Shadow treasurer Chris Bowen dismissed that story as "shrill" and said he stood behind the assumption in the costings.

On Tuesday Labor leader Bill Shorten said the documents were being updated.

"As new numbers come to light, we update them. If you want to look at the gold standard in terms of putting policies out there, I don't think any of you can really look past Labor," Mr Shorten said.

Labor said it was waiting on the Pre Election Fiscal Outlook on Wednesday and the Parliamentary Budget Office to update the costings of all of its major policies.

Finance Minister Mathias Cormann said Labor were now changing what had been inaccurate figures.

“Chris Bowen and Labor were caught out last week relying on dodgy assumptions as the basis for their housing tax. Today they’ve been exposed in their attempt to cover their tracks," Mr Cormann said.

The leaders’ election moves over the campaign Financial Review

"The error that Labor have deleted from the document related to a significant underestimation of the extent of investment in newly-built housing and therefore an overstatement of the revenue that might be raised by its plan to end negative gearing on established property," Mr Cormann said.

The previous version of the Labor website said negative gearing was not doing enough to increase new housing stock.

"Negative gearing and the capital gains discount have not achieved their aim to boost housing supply and encourage the building of more new houses."

"The most recent Australian Bureau of Statistics data shows that 93 per cent of new investment loans go to people purchasing existing housing stock," the website previously said. Now there is no longer a figure provided.

Labor's website used to say the vast bulk of investment did not increase supply or boost jobs.

"All it does is increase demand and the price of the existing homes, allowing investors to use tax subsidies to outbid owner occupiers and first home buyers from existing properties," it said.

Mr Bowen told ABC's Insiders earlier this month that: "People say negative gearing is necessary to stimulate new construction well at the moment, to the degree that this is true, 96 per cent of negative gearing goes to existing houses not new construction so it's a 96 per cent failure rate."

Investment in existing much lower
However, the sharemarket listed Australian Finance Group has provided data showing that 57 per cent of investor loans go to the purchase of existing homes while 43 per cent go into new housing stock.

Tax depreciation company MCG Quantity Surveyors also said nearly half of its 4000 clients since 2016 use negative gearing for new property, casting doubt on Labor's claim the proportion is 4 to 14 per cent.

Labor's previous version of the policy noted that "revenue foregone" has doubled from $4.2 billion in 2013-14 to $8.6 billion by 2018-19.

Policy on the Go.. and on the back of a beer coaster..

Labor are economic vandals as they have shown time and time again...

who on earth would vote for them?

[The Mechanic]

Ya better wake up Australia.. !!

[Black Orchid]

Labor are economic vandals as they have shown time and time again...

Yes and then the lemmings will hate the LNP for the means they will have to use to fix the mess later ... and later will be for a very long time.

[brian ross]

Labor are economic vandals as they have shown time and time again...

Yes and then the lemmings will hate the LNP for the means they will have to use to fix the mess later ... and later will be for a very long time.

The Tories just want to see all the money go into the hip pockets of the top end of town, Black Orchid. You know, all those who live on the North Shore. Say, don't you live on the North Shore? Gee, does that explain why you favour the Tories, mmmm?

[Neferti]

Labor are economic vandals as they have shown time and time again...

Yes and then the lemmings will hate the LNP for the means they will have to use to fix the mess later ... and later will be for a very long time.

The Tories just want to see all the money go into the hip pockets of the top end of town, Black Orchid. You know, all those who live on the North Shore. Say, don't you live on the North Shore? Gee, does that explain why you favour the Tories, mmmm?

What a NASTY person you are Brian. Your prejudice is showing .... tsk tsk ....

I have a new word to describe you ... PENCIL NECK.

[Nicole]

Labor are economic vandals as they have shown time and time again...

Yes and then the lemmings will hate the LNP for the means they will have to use to fix the mess later ... and later will be for a very long time.

The Tories just want to see all the money go into the hip pockets of the top end of town, Black Orchid. You know, all those who live on the North Shore. Say, don't you live on the North Shore? Gee, does that explain why you favour the Tories, mmmm?

Some “Tories”, maybe. However many conservatives just like balanced books and affordable spending. Black Orchids post is on point.

[brian ross]

Labor are economic vandals as they have shown time and time again...

Yes and then the lemmings will hate the LNP for the means they will have to use to fix the mess later ... and later will be for a very long time.

The Tories just want to see all the money go into the hip pockets of the top end of town, Black Orchid. You know, all those who live on the North Shore. Say, don't you live on the North Shore? Gee, does that explain why you favour the Tories, mmmm?

What a NASTY person you are Brian. Your prejudice is showing .... tsk tsk ....

I have a new word to describe you ... PENCIL NECK.

Oh, dearie, dearie, me. Poor, poor, Neferti, did I insult your friend, Black Orchid? Tough.

You and the other Tories love to insult me or anything else of the Left all the time. Well, I just hit back. Yes, it was a mild hit but still effective, I believe. Why does she and all you lost simply love the Tories, Mmm? Personal gain perhaps? Yeah, that just about sounds right. How much will your hip pocket improve with the Tories, Neferti?

[Black Orchid]

Labor are economic vandals as they have shown time and time again...

Yes and then the lemmings will hate the LNP for the means they will have to use to fix the mess later ... and later will be for a very long time.

The Tories just want to see all the money go into the hip pockets of the top end of town, Black Orchid. You know, all those who live on the North Shore. Say, don't you live on the North Shore? Gee, does that explain why you favour the Tories, mmmm?

How do you purport to know where I live Brian?