What is MYEFO?
The mid-year fiscal economic outlook (Myefo) statement that was released on 18th December 2018, is a collection of decisions the government makes at the middle of the financial year that in principle ‘reshapes’ positions based on the previous 6 months of budget expenses and revenue. In reality, the government has once again focussed on cutting services and opportunities for average and struggling Australians.
- Plan to drop corporate tax from 30% to 25% reconfirmed (still to be passed)
- $5.4m cut from the Australia Council
- $2.2bn removed from University funding budgets
- Student loans pay-back threshold reduced to $45K
- Welfare access cuts for new migrants
- Family daycare subsidies reduced nationally
- Family assistance made more difficult to obtain nationally
Why make these cuts? So on the spreadsheets, there’s possibly a bigger budget surplus by 2021, risen from a projected $7.4bn to $10.2bn. Of course anything could happen to upset this projection. In terms of quality of life improvement, education, cultural access and community support, it’s only negative.
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Here’s what the ABC says about the corporate tax situation
What’s the Arts Party position?
These changes at the end of 2017 directly affect benefits for the most disadvantaged Australians, hurt young families and limit access to higher education for everyone. They do not move Australia or Australian lives as a whole forward, rather the opposite for many. A victory for creative accounting is how we characterize MYEFO 2018.