How Queensland shoppers are helping the Budget bottom line

The news comes ahead of the mid-year Budget update, which is expected to help position the Federal Government for an election in the new year. New financial data to be released today shows the Budget deficit as at October 31 was $43.9 billion, down from the expected $51.8 billion. Big coal prices have helped bump up the numbers, even despite Beijing’s boycott.But the nation’s net debt remains high, stopping just shy of $600 billion at the end of October. Finance Minister Simon Birmingham said there were still Covid-19 curveballs coming, like the omicron strain, but the nation’s economy had proven to be resilient. “Given the tax cuts we’ve delivered for households and businesses, the strength in tax being paid is further proof of Australia’s economic recovery,” Senator Birmingham said.“As we head towards Christmas, more Australians in jobs and more confidence across the economy will be key to further improving our Budget position.”He said the economic supports during the Delta lockdowns had put businesses “in a prime position to bounce back”. The data shows the Budget position will be $7.9 billion better off, partially driven by tax receipts being more than $20 billion higher than expected.JobSeeker payers were $1.2 billion less than forecast as 350,000 jobs came back across the economy, despite the Delta lockdowns in NSW and Victoria. In a sign of improving consumer confidence, there was also a 4.9 per cent increase in retail sales in the month of October.Last week’s national accounts showed Queenslanders spending up while other states were in lockdown helped to grow the state’s economy. In the September quarter Queenslanders increased their spending on alcohol by $28 million to $1.2 billion, household furnishings by $13 million to $1 billion as well as on recreation by $330 million to $5.54 billion.Treasurer Josh Frydenberg said metallurgical and thermal coal prices had been higher than forecast at the May Budget.In October, Australian thermal coal prices were at record highs topping $US200 a tonne. Mr Frydenberg will hand down his mid-year Budget update on December 16. There has been increased speculation that this document, or the May Budget, may include an extension of the low and middle-income tax offset, a saving at tax time of up to $1080 for people earning up to $126,000. Download the Courier Mail app

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December 05, 2021 at 06:00PM
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The news comes ahead of the mid-year Budget update, which is expected to help position the Federal Government for an election in the new year. New financial data to be released today shows the Budget deficit as at October 31 was $43.9 billion, down from the expected $51.8 billion. Big coal prices have helped bump up the numbers, even despite Beijing’s boycott.But the nation’s net debt remains high, stopping just shy of $600 billion at the end of October. Finance Minister Simon Birmingham said there were still Covid-19 curveballs coming, like the omicron strain, but the nation’s economy had proven to be resilient. “Given the tax cuts we’ve delivered for households and businesses, the strength in tax being paid is further proof of Australia’s economic recovery,” Senator Birmingham said.“As we head towards Christmas, more Australians in jobs and more confidence across the economy will be key to further improving our Budget position.”He said the economic supports during the Delta lockdowns had put businesses “in a prime position to bounce back”. The data shows the Budget position will be $7.9 billion better off, partially driven by tax receipts being more than $20 billion higher than expected.JobSeeker payers were $1.2 billion less than forecast as 350,000 jobs came back across the economy, despite the Delta lockdowns in NSW and Victoria. In a sign of improving consumer confidence, there was also a 4.9 per cent increase in retail sales in the month of October.Last week’s national accounts showed Queenslanders spending up while other states were in lockdown helped to grow the state’s economy. In the September quarter Queenslanders increased their spending on alcohol by $28 million to $1.2 billion, household furnishings by $13 million to $1 billion as well as on recreation by $330 million to $5.54 billion.Treasurer Josh Frydenberg said metallurgical and thermal coal prices had been higher than forecast at the May Budget.In October, Australian thermal coal prices were at record highs topping $US200 a tonne. Mr Frydenberg will hand down his mid-year Budget update on December 16. There has been increased speculation that this document, or the May Budget, may include an extension of the low and middle-income tax offset, a saving at tax time of up to $1080 for people earning up to $126,000. Download the Courier Mail app