PieFed
Tax windfall from Iran war to be pocketed in federal budget
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ikthttps://www.abc.net.au/news/2026-05-04/tax-windfall-iran-war-to-be-banked-federal-budget/106636300
In short:
Any larger-than-expected tax take driven by the Iran war will be entirely used to pay down Commonwealth debt.
Treasurer Jim Chalmers is managing expectations of major cost-of-living relief in the federal budget, saying the government will save more than it spends when the budget is handed down.
What’s next?
The federal budget will be delivered on May 12.
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Good to know we should manage our expectations then. Meanwhile homelessness runs rampant in the capitals, rental/housing affordability is a joke, and the cost of food, utilities, and living in general is slowly killing people.
Expectation = “Fuck the poors” managed.
A big part of this is inflation which has been going up, in the conservative/mainstream media they blame the government for spending too much which has caused prices to rise
So this is the government attempting to spend less to lower inflation and lower the impact on cost of living
Wouldn’t it be much more effective to tell the truth that a massive portion of inflation has been driven by corporate profits? Inflation became an excuse to price gouge like crazy.
They won’t say that though, because the Labor Party wouldn’t want to piss off their donors they’re too piss-weak to regulate, and who they’ll end up getting cushy jobs with after they leave politics.
It’s technically not illegal corruption, but it sure is corrupt.
Break up Coles and Woolies, for starters. They should have been not allowed to do all the predatory pricing they got away with during their rise, and they certainly should not be permitted to continue to exist in their current form.
Watch Labor do exactly nothing though, because they’re not a left-wing party, they’re centre, at best.
They’re much better than the LNP and One Nation, but that’s all they really have going for them.
I’m sorry, but the government spending less money is going to do absolutely diddleysquat for the cost of living.
I don’t know how profitable our companies are tbh, the big one for me is housing materials seem to have gone through the roof, maybe I can get mistral to do a research project on what exactly is going on
https://www.woolworthsgroup.com.au/au/en//investors/our-performance/reports.html#reports
They tell you themselves. Profits have been going up in real terms.
The food side of the cost of living crisis is being fueled by our supermarket duopoly to a large degree.
Our housing side of the cost of living crisis is being fueled by asset price inflation (something Labor have danced around doing something about. I give it about an 80% chance they do something extremely tokenistic on this though - talking federal Labor)
Housing materials most certainly have increased, but it’s by far not the biggest reason house prices have risen to the price they have over the last 30, 40 years.
We have the most housing per person we’ve ever had: https://www.housingdata.gov.au/ (Well, 2022 vs 1990)
And yet prices are through the roof. Supply and demand would dictate it should be lower in real terms, but it isn’t, because much of the demand is coming from investors.
Housing prices are not at the point they are because of materials.
They are where they are because they’ve become an investment vehicle.
good points
isn’t it also the lowest per person it has ever been?
during covid when the gates were shut and prices dropped everyone rushed out and bought a house or unit so we had record prices before even reopening up
lots of singles now taking 2 bedroom places for the bed and home office
that and immigration being higher than average and materials and labour wages
Sorry could you elaborate a bit? Do you mean rooms/space per person are at an all time low?
I’d love if you could link me, as that’s valuable insight to have if true.
it’s private businesses that are causing affordability crises
our wages are one third in real value of what they were in the 1970s
and manufacturing was sent to China
join a union and shop in small stores, but Australian made , together we are stronger
yay, that’s our money
hopefully it will b spent on good social programs