It’s easy to tune out when it comes to politics (and often preferable), especially when it comes to all things $$$, so we’ll dumb this down for you all.
Treasurer (head money-man) Josh Frydenberg has announced today that the government expects to deliver a $4.1 billion surplus in the 2019-20 financial year.
In other words, the Aussie economy will have $4.1 billion of left-over cash after all other necessary expenses have been met.
The reason for the extra money has come mainly due to our mining industry seeing a surge of demand (as the worlds non-renewables go down the sink) and more tax payments.
Aussie exports are also set to increase 2% this financial year, and 3.5% in 2019-20.
Treasurer Josh Frydenberg gets his money graph on
“Today’s update shows the Australian economy is on the right track, giving us much to look forward to,” said Frydenberg in what is no doubt an election sweetener for his government.
Unfortunately, this won’t mean any more cash in the mail that some of us received this year, but there are some notable moves the government has made which have helped everyone.
The government did want to give the big companies another tax cut, but it failed to win the support of the parliament, injecting an extra $300 million dollars. Who would’ve thought that companies paying taxes could bring in more money hey?
Allowing backpackers to stay for longer periods of time and work is also expected to give the economy a boost.
The announcement is a huge win for Prime Minister Scott Morrison, who is desperately trying to keep the wheels on his runaway government freight train.
Even if this announcement isn’t enough to give him victory over Labours Bill Shorten in May next year, he’s still been in the job longer than at least five other ex-PM’s; a remarkable feat given he’s this government’s third leader.
For the rest of us, if the news that we might move into surplus doesn’t make buying a house on the Easter seaboard any easier, just remember what this government told us to do a few years ago-“get a good job that pays good money” (maybe not journalism?)
Check out this gold nugget of housing advice for all you millennials
