Over 50s reckon Budget fair enough, but not great hopes

Graeme replies to Anonymous of NSW Seems the truth can evade or hurt those of the far ultra left. Wake up and look around you and don't believe all you hear. Develop an independent healthy attitude to life and living. 

The Social Services Department has warned pensioners against selling off assets to ensure they can still qualify for the pension, telling them it could lower their standard of living. The Federal Government plans to tighten the assets test for the part-pension, meaning hundreds of thousands of wealthier retirees will either have their payments reduced or cut altogether. Social Services Minister Scott Morrison has said those affected by the changes would be able to maintain their current payment levels by drawing down "less than 1.84 per cent on their additional assets". But during a Senate estimates hearing in Canberra last night, the department's Andrew Whitecross said that could leave pensioners worse off. "The commentary has tended to suggest that would be an obvious thing to do," he said. "But that's not really the case, because they would actually be denying themselves resources which they could be using to support themselves in their retirement, and as a result they'd have a lower standard of living." Mr Whitehead said evidence suggested pensioners were "careful and prudent" with their money and most either maintained or grew their assets in retirement. The department's Serena Wilson told senators if a pensioner decided to sell an asset worth $30,000 to get below the new threshold, they would be both denying themselves any return on that asset and forfeiting a large sum or money for a very small pension payment. "So it's not a particularly rational thing to do," she said. The pension changes are due to come into effect from January 2017 and are expected to save the budget $2.4 billion over four years. (ABC News 5/6/15) 

Be very wary of comments from Amnesty International - they're more political that Canberra and push barrows for their own benefit Graeme 

Want to know why ABBOTT, CORMANN & HOCKEY WILL SOON LOSE THEIR JOBS? THE GUYS HAVE NO VISION, NO PLAN WHAT SO EVER FOR THIS COUNTRY ! As reported by the ABC, Australia has posted its worst monthly trade deficit on record, with imports exceeding exports by nearly $3.9 billion. Bureau of Statistics data show the deficit of $3,888 million in April just edged the previous record of $3,881 million set in February 2008 as commodity prices slumped during the peak of the global financial crisis. The data shocked economists, who had been expecting a poor result but nowhere near as bad as the actual figure. The typical forecast in a Reuters survey was for a deficit of $2.25 billion, which would have already been almost twice the previous month's trade shortfall. The actual result is more than treble March's downwardly revised $1,231 million seasonally adjusted deficit. The value of goods and services exports fell 6 per cent, or more than $1.56 billion, seasonally adjusted, while the value of imports jumped 4 per cent, or nearly $1.1 billion. Traders reacted to the negative trade surprise, and disappointingly flat retail sales, by selling the Australian dollar, which dropped from around 77.8 before the release at 11:30am (AEST) to 77.1 shortly after that time. JP Morgan economist Tom Kennedy described the trade data as a "disaster", with it being the biggest deficit in figures going back to 1971. UBS chief economist Scott Haslem pointed out that some deficits during the global financial crisis were worse as a proportion of the economy, which has grown since then, but it was still a very poor set of numbers. "Today's trade data thumped home the reality of Australia's falling terms of trade," he said, referring to the ratio of prices that Australia gets for its exports compared to what it pays for imports, which fell another 2.9 per cent in the March quarter. 

Mining-magnate-turned politician Clive Palmer has launched an attack on the federal government for “duping” small businesses into believing the government is assisting them, when in fact it is winding them up. Palmer based his claims on statistics revealed by SmartCompany earlier this week that showed the Australian Tax Office applied to wind-up 556 companies in May. “This figure represents 77% of all wind-ups in Australia and is twice as many as July 2014, making the government the largest petitioner of bankruptcy in Australia,” Palmer said in a statement to SmartCompany this afternoon. “The government has dropped the threshold level for winding up businesses from $300,000 to $30,000. They are closing the doors on businesses before the business is given the opportunity to make money.” The ATO has previously told SmartCompany the increased number of wind-up applications is “not a crackdown”. Palmer questioned if the government is “really supporting small business”. His attack comes after on the same day the first of the government’s small business budget measures passed through the House of Representatives. The $20,000 asset write-off scheme will now be voted on by the Senate later this month. But Palmer said if the government is “truly committed to helping small businesses” it would introduce a Chapter 11-like system of bankruptcy protection, similar to the system that operates in the United States. “This would enable the equity of the business to be sold, but would allow the business to remain operational and continue to trade,” Palmer said. “This would not only help to save many struggling businesses but would also save jobs.” 

- continued / 2 of 2- 'Worst is still to come' Capital Economics senior Asia economist Daniel Martin went further and said although the first quarter GDP results may be positive but "the worst is still to come". "While the headline GDP figure might be seen as cause for encouragement, the breakdown is far less reassuring. The falls in investment show that non-mining investment is failing to fill the hole left by the end of the mining boom. The latest private capital expenditure survey suggests that this is not going to change within the next year or two." Critical to Australia's financial strength is an effective transition away from a mining-led economy to a more well-rounded and services-led economy. But hopes for a transition towards to non-mining investment-led growth were battered last week after last weeks disappointing capital expenditure data. The data revealed not only had mining and manufacturing fallen by 14 and 9 per cent respectively, but so too had non-mining investment, down 4.8 per cent from last quarter. 

"We're working harder, producing more but we're earning less. " James McIntyre, Macquarie Group after seeing today's GDP figures. & From Rose Powell: Wednesday's gross domestic product numbers revealed a growing and already significant gap between rising company profits and declining employee pay. Australia's GDP grew faster than expected over the first three months of the year, by 0.9 per cent on the previous quarter instead of the consensus estimate of 0.7 per cent, driven by greater mining output and increased inventories. But nominal GDP, which is a better indicator of wages and personal income growth, expanded by only 0.4 per cent over the March quarter, and was up only 1.2 year-on-year. "We're working harder, producing more but we're earning less," Macquarie Group chief economist James McIntyre said. Mr McIntyre described the gap between company growth and employee wages as "the income challenge" and the key economic challenge of 2015. Real gross domestic income, which adjusts for the terms of trade, rose 0.2 per cent quarter-on-quarter and was 0.2 per cent lower over the year. Australian workers earned an average of 0.5 per cent less over the three months. Mr McIntyre said waning commodity prices and the dwindling mining boom were pushing incomes and employment growth down. "It's a slow moving, continual drain," he said..../... > 

During the Labor reign - we had "pink Batts", school extensions, NBN - all mangled by non management........and because I criticise, I'm brainwashed by the LNP? Constructive criticism is not always easy to take but its necessary if this country is going to progress (just like NZ). Stay tuned for further criticism - maybe Lib policies - I'm not selective - just honest! 

(Between you and me... and a disclaimer: THIS IS NOT FINANCIAL ADVICE!) I don't know about you but I switched myself ALL my investments on the share market(s) to CASH, last Friday, please, understand why, take a good look at their performances since Monday:dramatic, isn't it? The mediocre performance of our economy with the Libs, the risk of the USA increasing their rates and the Greek crisis , etc... ALL contribute to what is looking more and more like another GFC... 

THE NSW LIBS WERE SUPPOSED TO NEGOTIATE WITH FRED NILE THE SALE OF YOUR POLES AND WIRES, THEY ARE NOW ON THE VERGE OF FORCING "SPECIAL RELIGIOUS EDUCATION" ON UR KIDS, WILL "ETHICS" GO? THAT IS THE QUESTION TODAY, WEDNESDAY THE 3rd OF JUNE 2015! THEY ARE SOOO INCOMPETENT, THE LIBS, THEY HAVE NOT EVEN WELL DEFINED WHAT "ETHICS" ENCOMPASSES, NOBODY KNOWS, IT IS TOTAL CONFUSION AS WHAT "ETHICS" IS ! AND THE PRICE YOU WILL PAY FOR YOUR ELECTRICITY IS GOING TO GO THRU THE ROOF (WHEN THE CORDS FOR SOLAR PANELS -REFER 50UpClub...- SHOULD BE THE ONLY THING GOING "THRU YOUR ROOF" !! NEXT TIME, REFRAIN FROM PUTTING THE LIBS IN "POWER", OR YOU WILL PAY A HEFTY PRICE FOR IT, SO COULD YOUR CHILDREN!