politics

Why tonight's Federal Budget could be the best for your bank account.

It’s been a rocky year for the Liberal-National coalition government.

There was – take a deep breath – the overthrowing of former Prime Minister Malcolm Turnbull, the loss of a string of senior Liberals including Julie Bishop, the ABC chief firing debacle, Manus Island and refugee rights questions, that whole ‘It’s okay to be white’ voting mistake, Peter Dutton’s ‘African gangs’ scaremongering, Scott Morrison’s bizarre International Women’s Day speech, just… Everything that happened with Barnaby Joyce, and the damning Al Jazeera documentary that forced Morrison to say the Liberal’s will preference One Nation below Labor.

…Phewf, we’re tired now.

Mamamia’s daily news podcast The Quicky spoke to Paul Drum about why there is a budget right before an election. Post continues below audio.


But tonight the federal budget 2019 will be revealed, a whole month earlier than its normal release in May, and the Libs will be wanting you to forget all that.

Because they have gifts.

Gifts in the form of tax cuts – we think.

Paul Drum, the head of policy for accounting body CPA Australia, told Mamamia’s daily news podcast The Quicky that yes, this budget is basically just an election vote grab.

The budget has traditionally been delivered on the second Tuesday in May, and the government has yet to reveal any policy promises ahead of the upcoming election. That is set to change tonight.

“It really seems as though the scene is set that this federal budget is going to be the launch of the Liberal-Coalition government’s election promises to the people,” Drum explained to host Claire Murphy.

“And it really has to be, because there’s no point in bringing out a budget that has a whole raft of particular initiatives in it and then launching election promises a week or two or a month later, that just makes a mockery of the whole budgetary process.”

Scott MOrrison
Treasurer Josh Frydenberg and PM Scott Morrison. Image: Getty.
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Drum said tonight's budget could be "a grab-bag of goodies for voters tonight" and that probably includes, yes, tax cuts.

"We could see personal tax cuts again... We might see new initiatives for startups, for home-based businesses, for digital businesses," Drum said. "We're going to be on the look out for things like that that are going to encourage investment and business activity and certainly consumption."

Last year's budget included tax cuts that worked out to be about $10 a week for low and middle-income workers. There is a possibility that this year could be a little more generous, and bring forward some of Morrison's long-term changes to personal income tax brackets announced in 2018.

Drum said that although there are economic problems; falling house prices and stalled wages, etc. the government is wanting to give people more money in their pockets in the form of tax cuts to encourage spending.

Of course, we can only speculate... for a few more hours at least.

If you're keen to do what treasurer Josh Frydenberg suggested and turn off Married at First Sight in favour of watching the budget live, you can do so on the ABC from 7.30pm.

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