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发表于 2008-5-22 12:05
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财政预算2008系列(7) - 对利息的影响
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% {: [9 {. b; q+ `0 y9 ?$ t看了不少报道,我的感觉是:
$ m1 p0 D/ g& W& J7 Y总体来说财政预算对利息的影响不是最大的。政府唯一能够做的就是削减政府开支以期影响通货膨胀下降。 ' }* _3 q7 @3 C( E |1 U
本次财政预算应该说是一个比较平衡的财政预算。政府在增加财政开支方面是非常谨慎的。所有增加的开支都是为实现选举时作出的承诺。 % x' M6 D" | T# a% P
本预算削减开支来源于:减少政府开支,大幅削减了中产阶级的福利(baby bonus和单亲家庭补助等等)并且取消了对最高收入层的减税。同时被削减的是非城市地区的拨款。 ) r# I' N0 N. |3 ?' q& P3 l
政府预算中今年的财政盈余会达到$217亿。这些盈余都被放到几个主要的政府基金中为未来的拨款作准备。 , X; H2 z7 u, ` J
) b" \4 [; q0 R这个预算利息的影响到底怎么样呢?我觉得在实现选举承诺的前提下从政府角度来说,能做得都已经做了。剩下就是看央行的利息政策的效果了。 9 {; d( k$ F! L( |" G( g
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SMH有两篇评论。
+ i6 k. ^) F! v; Q! v* j第一篇认为预算对通膨起到了推动作用。因为工党政府今次预算的开支($2880亿)既是计算了通货膨胀也比07/08年的预算($2750亿)开支多了1.1%。但是霍华德政府的最后一个财政预算(07/08)是一个非常糟糕的预算案。07/08年预算案比06/07多了5.2%的预算支出,实际多了2.5%
% W- o# L% ?* S/ ]0 }/ S第二片却认为这次的财政预算是一个非常苛刻的预算,削减了不少开支。应该给与肯定。
$ J" a$ ^0 Y, |1 f% n0 Z0 d# xInflation monster stalking * e2 F3 a) [7 @% }: i/ u1 x
引用: Swan is out to curb inflation but is he creating a monster he can't control?
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If it's true that political leaders fall into two broad categories - pleasers and doers - then Kevin Rudd's first budget reveals him to be veering towards the "pleaser" category.
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# [& ^9 V! B0 l. X6 d' SFor the first budget of the first term of a new government, the time when a government should be at its most ambitious, it displays an unseasonably strong desire to be popular.' j% R1 E, v9 y- k; }% k7 n9 j
8 J! O6 r; X5 e4 c! ]- p7 o! PA former chief of staff to Paul Keating, the economist Don Russell, said recently that pleasers "subscribe to the notion that if you are nice to the electorate, the electorate will be nice to you".: s: V* L9 I( p
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Doers, on the other hand, "believe that the electorate is much more impatient and believe that unless you are being useful, the electorate will inevitably tire of you and replace you"." w7 P' [" @/ b/ A- S9 c' o R
' F- C% I" L: T/ jThere is some doing in the budget, but its overall character is to try to please.
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8 C1 F ?: ^ B6 w# [1 V) m6 r# MThe Treasurer, Wayne Swan, talks tough. He trumpets it as a budget to "fight inflation first", yet it is a budget that actually squibs the fight.
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How? The Government will proceed with tax cuts. It will honour $8.3 billion in tax cuts pledged by the Howard government, plus it will enact $7.1 billion in the first year's Rudd tax cuts that were promised before the election.
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6 _' n8 e) s2 C7 RTogether, this will tip over $15 billion into taxpayers' incomes in 2008-09. Plus, this budget will increase overall federal spending, after adjusting for inflation, by 1.1 per cent. Whereas the last Howard budget spent $275 billion, this one is set to spend $288 billion.
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1 ?- p- |% h' v' H& Z/ t+ sThese are both measures that will stimulate demand and add to inflation.
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Swan declared yesterday that the budget delivered a "mild tightening". But, in truth, the budget is stimulatory. It will add to inflation, not fight it. That leaves the Reserve Bank to do the tightening instead.) y ?/ S7 q1 u) n! s% o2 y
: Y* L) _* G6 w, W' b* t6 T' iIt's true the Rudd Government has not spent as wantonly as the Howard government in its final term. A former director of budget analysis in the Department of Finance, Stephen Anthony, described recent Howard budgets as "Christmas night at the pirate's cave". Q- u& y: e" |& T/ N% ^
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The Howard government's final budget increased real spending by 5.2 per cent, according to the budget papers, and by 2.5 per cent in its penultimate budget.# g8 b2 H1 U8 s2 M) f3 m8 o
- `$ T a+ ~8 Y! _9 yBut this is a mismatched comparison. Howard's was an aged government approaching an election; Rudd's is shiny and new, in the full flush of a decisive victory.
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9 l: U1 ` L. ~$ H3 j8 J( IA better comparison is with the first terms of the Hawke and Howard governments - these administrations cut real spending by more than 2 per cent in their inaugural budgets, while Rudd is adding to real spending.
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And, despite the Robin Hood rhetoric of taking from the rich to give to Rudd's "working families", in truth, the rich emerge from this budget unscathed and, on some measures, better off.
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, ]( \& l; Q; e, b3 Y8 k' k) PThe budget does give generously to the "working families" previously known as Howard's battlers.
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The "typical working family" illustrated in Government budget pamphlets has a primary breadwinner, Patrick, earning $60,000, and Susie, earning $27,000, and two young kids. The family will receive total new benefits worth $4160.
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- o7 e2 G% g) J- JThis comprises tax cuts worth $1050, an education tax refund of $375, plus an increase in the child-care rebate worth $1255, and benefits through the first home saver account of $1480." l% A* w, R. P( v" h' l6 ]; g" U
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All together, that's an increase in Patrick's and Susie's disposable income of 4.8 per cent a year.
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@9 b! J% t2 E. l, {! q1 S: LIn his 2005 book Postcode, Swan described families like this as the "splintering middle" of the Australian electorate. This group was "feeling left behind in the race for prosperity, they feel pressured. These are the people who increasingly determine the outcome of our elections.") O7 p3 K1 }! u" P
9 \+ k2 p" n, a5 H/ `" F4 DHis first budget is plainly designed to stop the splintering - to stop families from splintering financially, and politically, to prevent them from splintering away from Labor, to bind them with largesse to the Rudd Government which is governing so ostentatiously in their interests.
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But this budget does not give to them at the expense of the winners
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9 W& b) i, m* F8 p9 ?0 p; vProud to be mean, the cut-lunch assassin+ e$ x0 f* ^# z+ X4 m; p
How strange it is to see a Treasurer trying to convince us of his brutality. Wayne Swan, bringing down his first budget, spent the first 20 minutes of his press conference talking up the nasty bits of the thing and barely mentioning the nice bits.4 Z6 T: k! U+ J+ e5 D3 n
/ P+ O# ~( a( z1 V, {4 `8 YSure, there are tens of billions of dollars in tax cuts and lovely new Medicare for thousands of people previously dragooned into taking out private health insurance, but all the Treasurer wanted to talk about was the slashing and burning. The Slaughter of the Innocents, in which thousands of babies lose their automatic $5000 lucky door prize!% q4 w3 j0 E6 W! \7 d# C [( o
( u& B, I" {& c4 ~0 R5 @The brutal Cut Lunch Tax Assault, in which office workers can no longer escape fringe benefits tax on their sandwiches from the caf!
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The Rape of the Rolls-Royces!
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' \2 D. m! q+ e, {9 m3 C9 }/ z% ^6 gThe merciless replacement of Australian Industry Productivity Centres with Enterprise Connect Innovation Centres (a saving of $36 million, and exactly four consonants)!
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) R! n0 s. l! n; O- K# Q+ j9 DMr Swan couldn't stop talking about how mean he's planning to be, and how savage his spending cuts are.1 a8 S5 {4 H* l8 @+ f
) ^% i8 K6 b2 \" n" D" f"They are broad, they are wide, and they will not be popular," he warned.- p0 s& w9 P. l [: O6 G0 a
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It was a faintly odd experience, like hearing a Sydney real estate agent saying: "Never mind about the harbour views. Have you noticed how crappy the plumbing is? And check out the needle exchange across the street!"* N6 K, U$ o6 b* j; x
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Messrs Swan and Rudd have successfully established a deep association between suffering and virtue in just six short months., u( n0 j6 U, p$ W C- j: @+ N
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Which is pretty impressive, when you consider that it takes some organised religions centuries to achieve the same effect.1 C8 A& _2 v3 M
0 X! L1 S1 p' C: ]On their own measure, this budget had to be mean, or else it would just be plain irresponsible, hence the talking-up of the horror.- o9 ~) p) R) z) _% X+ J
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But as a horror budget, it turned out to be a pretty PG-rated affair.
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& r6 p* j% @7 M! e) HIf we were expecting Saw III, what we got was more High School Musical. The hulking spectres of our pre-budget nightmares turned out to be not much more than the distorted shadows of twigs on windows.
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The Slaughter of the Innocents, for all its appeal to hot-button politics, will save only $52 million next financial year - enough to pay for the "HECS incentives for maths and science students", or perhaps two "cyber-safety plans".
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) f& o1 H) \9 _. u" L- ?Much of the rest of it was shuffling. Several hundreds of thousands of dollars were saved by the abolition of a program called Defeating The Weed Menace. In its place, the Government will spend $15 million over four years on something called the National Weeds and Productivity
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0 y4 u- M8 R* ? s/ Y) Y) B. ?in the race to prosperity. Although much Rudd Government rhetoric gives the impression that it is taking a stern approach to upper-income earners, it is not imposing any real penalty.
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The budget does indeed impose a means test on the baby bonus and family tax benefit part B, denying these benefits to anyone earning more than $150,000.
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4 z% b! f' p7 j9 _A household with an income of $200,000 a year, one stay-at-home spouse and two young kids will lose a tax benefit worth $118 a week under this measure.9 Z4 v0 E2 }! j% O! Q. S
D- P& T# r/ e/ p9 _1 }1 ?9 Q9 Z9 gThis, Swan said yesterday, was the toughest decision of the budget. But offsetting this is the fact that the same family will receive a tax cut worth $50. So the net loss will be $68 a week. That's a loss of 1.7 per cent. It's real, but it's very modest. Few families in this income bracket will cancel the family holiday as a result.& k, `4 L! m; D, p' B; Q
O2 a7 ^/ _4 m1 ^+ z; SBut look two years ahead. The gathering value of the tax cuts will g |