Federal budget 2019 LIVE: Josh Frydenberg launches surplus with only a minor hiccup
Key Points
- The Labor Party has gone after a Coalition back flip on its one off energy assistance program;
- Fraser Anning has been censured in the Senate over his Christchurch massacre comments;
- Follow the wash-up live ahead of Shadow Treasurer Chris Bowen's budget reply speech on Thursday.
That's that - final wrap
And that's that for the blog, thanks for reading over the last two days, what a ride it's been.
Treasurer Josh Frydenberg did a good job today of selling his budget. Oddly, the Labor Party lost interest in asking him about it only seven questions into Question Time. Perhaps because their tax cut plans are so similar and they would agree with many of the spending measures, there wasn't much for them to complain about.
The biggest hiccup the Coalition made was changing its one off energy assistance payment plan to include those on Newstart. The hiccup was not making that extension to Newstart recipients, but neglecting to do it in the first place. Mr Frydenberg avoided questions as to why if his budget was so well planned and thought out, how could one announcement be changed a mere 12 hours after being made public.
Other than this stumble, the launch of the budget went off without a hitch for the Coalition and indeed its spending measures underwhelmed expectations, with commentators thinking more cash would've been spent to win votes.
However, it appears the Coalition is trying to walk the line between fiscal responsibility and just enough sugar to be able to argue it's both pro promoting growth but can also be trusted with the nation's finances.
The main question on the lips of everyone in Canberra now is when will the election be?
Bill Shorten makes his budget reply speech tomorrow night at 7.30pm, and from then on Prime Minister Scott Morrison will call the election whenever he pleases.
Here's a look at some of the best stories around today.
Deloitte Access Economics partner Chris Richardson wrote an excellent piece on what's really holding the budget together. While the focus of headlines has been on proposed tax cuts, not many were commenting on the $28 billion of government saving on sepnding which Richardson calls the 'secret sauce' that allowed the Coalition to cut taxes and spend more.
Some economists think the spending measures and tax cuts announced in the budget won't be enough to stimulate a slowing Australian economy. Patrick Commins has the yarn here.
If you haven't already seen it, here's a quick snapshot of the winners and losers by Elouise Fowler, it will get you up to speed fast on who got what from the budget.
And if that's not enough budget content to satiate you, pick up a copy of the AFR tomorrow for more expert analysis, opinion and reaction, or keep looking at our website for all the latest.
Until next time.
Latest In Economy
Fetching latest articles