Wayne Swan

Politics trumps principle

22 May 2012 | Geoff Kitney

PRINT: 22 May 2012 | PAGE 4 | Politics rides roughshod over principle

Kitney | Politics has trumped principle in the government’s handling of the Thomson affair, as it has in the opposition’s vicious campaign.

I’m Clive and I’m here to help

22 May 2012 | Mark Ludlow

PRINT: 22 May 2012 | PAGE 2 | My name’s Clive and I’m here to help

Queensland mining billionaire Clive Palmer yesterday signalled his intentions about a possible political career by unveiling two billboards in the Brisbane electorate of Deputy Prime Minister and Treasurer Wayne Swan.

The face of Labor’s ills

22 May 2012 | Jennifer Hewett

PRINT: 22 May 2012 | PAGE 1 | The face of Labor’s ills

Hewett | Even as an exercise in delusion, Craig Thomson’s hour-long speech was painful to watch.

Palmer billboard in Swan's seat

21 May 2012 |

Mining magnate Clive Palmer has made his presence known in Federal Treasurer Wayne Swan's seat of Lilley.

Revive Rudd or die on the vine

21 May 2012 | John Black

PRINT: 21 May 2012 | PAGE 1 | Revive Rudd or die on the vine

Dissatisfaction with Labor is so great that restoring the former PM to the leadership is the only workable strategy in sight.

Swan: Palmer set for humiliating backdown

21 May 2012 | Mark Ludlow

PRINT: 21 May 2012 | PAGE 1 | Swan: If Palmer doesn’t run, he will be humiliated

Federal Treasurer Wayne Swan is still waiting to find out if billionaire Clive Palmer will back up this threats to run against him at the next election.

Pushing the limits in a Porsche

19 May 2012 | Jacquie Hayes

PRINT: 19 May 2012 | PAGE 3 | Pushing the limits

Hayes | It was the morning after the federal budget and I was blasting up the Pacific Highway in the new Porsche 911 Carrera S.

Union or business: one law fits all

18 May 2012 | Louise Dodson

PRINT: 18 May 2012 | PAGE 1 | Union or business – one law fits all

Dodson | The HSU scandal has focused attention on how unions operate, the IR system, and the relationship between the ALP and unions.

Union show of defiance targets BHP

18 May 2012 | Pip Freebairn

PRINT: 18 May 2012 | PAGE 1 | Union show of defiance to hit BHP

Coalminers are preparing to declare a mass, seven-day strike across BHP Billiton’s Queensland coalmines from next week in a show of defiance against the company’s call to reduce the power of unions.

Has Labor lost Gen Y?

18 May 2012 | Benjamin Law

PRINT: 18 May 2012 | PAGE 2 | Gen Y and the blight on the hill

Bejamin Law says Labor’s poor media performance and conservatism have alienated younger voters, but there’s still time for the disaffected to make a difference.

Budget took Europe outlook into account: Swan

17 May 2012 |

Treasurer Wayne Swan does not perceive a need to update budget forecasts because of recent events in Europe, saying Treasury has already accounted for a bleak outlook.

Bias on interest rates is to the downside

17 May 2012 | David Bassanese

PRINT: 16 May 2012 | PAGE 4 | A downside for rates – and the surplus

The upshot of commentary from both the Federal Treasury and Reserve Bank of Australia is that the bias on official interest rates remains very much to the downside, and the Gillard government will have a very hard time meeting its budget surplus commitment.

Hockey comes up empty again

17 May 2012 | Geoff Kitney

PRINT: 17 May 2012 | PAGE 1 | Hockey silent on surplus plans

The federal opposition has passed up another chance to spell out how it will meet its commitments to debt and deficit reduction.

Jac Nasser nails Labor

17 May 2012 | Jennifer Hewett

PRINT: 17 May 2012 | PAGE 1 | Nasser nails Labor

Hewett | Whack! Plain speaking BHP Billiton chairman Jac Nasser has never been one for equivocation when he sees a problem.

BHP fires salvo on industrial relations, tax

16 May 2012 | Andrew White

PRINT: 17 May 2012 | PAGE 1 | BHP salvo on IR, tax

BHP Billiton chairman Jac Nasser has launched a broadside at the Gillard government, calling for a halt to tax changes that have unsettled investors, and for an industrial relations system that balances the needs of ­companies and employees to stem a fall in competitiveness.

Market takes a heavy Toll

16 May 2012 | Jacob Greber

PRINT: 16 May 2012 | PAGE 1 | Market takes a heavy Toll

Toll Holdings chief executive Brian Kruger says conditions have never been tougher. “[I’ve] never seen or been involved in a market where there’s been so much noise from our customers about the need for us to help them manage their margin issues,” he said.

Swan frames most contractionary budget ever

16 May 2012 | DES MOORE

PRINT: 16 May 2012 | PAGE 59 | Swan’s most contractionary budget ever

A lot has been said about Treasurer Wayne Swan’s “Labor budget” and Coalition Leader Tony Abbott’s reply. But writing as a former deputy secretary of the Treasury at least two important aspects have been missed.

Fiscal discipline sadly lacking

16 May 2012 | The Australian Financial Review

PRINT: 16 May 2012 | PAGE 1 | Nation’s economy

Editorial | Treasury secretary Martin Parkinson makes a compelling case for substantive fiscal discipline in order to repair the deep structural problems in the federal budget. Pity his political masters haven’t got the message.

Swan wants business back

16 May 2012 | Jennifer Hewett

PRINT: 16 May 2012 | PAGE 1 | Swan wants business back

Hewett | Wayne Swan has made a belated attempt to reassure a sceptical business community that your Treasurer is still here to help, that he still cares about business.

Push for corporate-tax cut grows

16 May 2012 | Katie Walsh

PRINT: 16 May 2012 | PAGE 3 | Push for corporate tax cut intensifies

Labor’s failure to pass on promised company tax cuts will push business to find ways to fund a future cut, the head of the federal government’s business tax working group says.

Something fishy about avocado

16 May 2012 | Alan Stokes

PRINT: 16 May 2012 | PAGE 2 | There’s something fishy about avocado

Stokes | Whoever decided “avocado” and “sushi” belonged together should be sliced thinly and drizzled with lemon juice.

Palmer has duty to run, says Swan

15 May 2012 | Nassim Khadem

Treasurer Wayne Swan has said Clive Palmer needs to run for the federal seat of Lilley if he wants to prove he’s not full of hot air.

Australia is the land of the fair go: Swan

15 May 2012 |

As the three-day Australian Council of Trade Unions congress kicks off in Sydney, the treasurer Wayne Swan has told reporters the union movement plays a crucial role in creating the "fair go".

Surplus opens way for RBA rate cuts: Swan

15 May 2012 | Gemma Daley

Treasurer Wayne Swan says the difference between Australia and Europe couldn’t be more stark and that the community understands the budget surplus opens the way for further Reserve Bank of Australia interest rate movements.

Super strategy upside down

15 May 2012 | Andrew Podger

PRINT: 15 May 2012 | PAGE 2 | Super strategy upside down

The orthodox approach is to exempt super contributions from tax and to tax all benefits. We do the reverse.

Brogden fights to avoid 30pc US tax on super

15 May 2012 | John Kehoe

PRINT: 15 May 2012 | PAGE 22 | Brogden fights to avoid 30pc US tax on super

Financial Services Council chief John Brogden is in the US to make a last-ditch bid for super funds to be carved out of laws that threaten to impose a 30 per cent withholding tax on financial institutions.

Palmer bats for Costello

15 May 2012 | Mark Ludlow

PRINT: 15 May 2012 | PAGE 3 | Palmer bats for Costello

Mining billionaire Clive Palmer has suggested a seat should be found in Queensland for former federal treasurer Peter Costello.

Swan no Robin Hood for single Mums

15 May 2012 | Laura Tingle

PRINT: 15 May 2012 | PAGE 3 | Business tax still on Swan’s agenda

Robin Hood has “got lost in the forest” when it comes to funding in the federal government’s budget says Terese Edwards chief executive of the National Council for Single Mothers and their Children.

Greens to chew over dental care plans

15 May 2012 | Emma Connors

PRINT: 15 May 2012 | PAGE 2 | Greens to chew over dental care plans

The government will next week begin negotiations with the Greens to introduce a Medicare like system that will pay private dentists to provide dental care for those on lower incomes.

IR, Nauru head Abbott’s reform plans

14 May 2012 | Mark Ludlow

PRINT: 15 May 2012 | PAGE 3 | Carbon tops Abbott’s list

Federal Opposition Leader Tony Abbott says a Coalition government would undertake “careful economic reform” if it won the next election.

Budget, rate cut set to boost consumer sentiment

14 May 2012 | Jacob Greber

PRINT: 14 May 2012 | PAGE 4 | Budget, rate cut set to boost consumer sentiment

Confidence is at the centre of economic data out this week, as the government and markets look for guidance on the impact of the budget and interest rate blockbuster.

Swan’s song

12 May 2012 |

PRINT: 12 May 2012 | PAGE 56 | Swan’s song

Federal Treasurer Wayne Swan could be forgiven for a bit of crowd envy when he lobbed into his home town of Brisbane on Friday as part of his national “selling the surplus” tour.

There’s a lot of spending along with a suplus

12 May 2012 | Louise Dodson

PRINT: 12 May 2012 | PAGE 1 | There’s a lot of spending along with a surplus

One constituency’s circuit-breaker is another’s missed opportunity.

Labor makes Abbott’s job easy

12 May 2012 | Geoff Kitney

PRINT: 12 May 2012 | PAGE 1 | Just cruising: Abbott’s job made easy

Kitney | Opposition Leader Tony Abbott’s task is so ridiculously easy that it clearly makes some on his own side jealous.

A government under siege

12 May 2012 | Jennifer Hewett

PRINT: 12 May 2012 | PAGE 1 | Under siege

Labor is trying to refashion itself as the party for working families in a last-ditch bid to repair the damage done by its cosy embrace with the union movement.

Abbott surges to the lead

12 May 2012 | Louise Dodson

PRINT: 12 May 2012 | PAGE 1 |

Opposition Leader Tony Abbott’s personal popularity and standing as preferred prime minister has surged as the federal government battled leadership instability and “the sleaze factor” during the Slipper and Thomson scandals.

Voters have already decided

12 May 2012 | Geoff Kitney

PRINT: 12 May 2012 | PAGE 4 | Voters already decided

There has been a budget bounce, but not the way the Gillard government wanted. Tony Abbott’s personal popularity and his standing as preferred prime minister have jumped to their highest levels since Spring last year.

Jobless figure throws a spanner in the budget

12 May 2012 | Jacob Greber

PRINT: 12 May 2012 | PAGE 1 | Jobless figure throws a spanner in the budget

The budget surplus is being counted on to drive down costs but the jobless rate threatens the achievement of that aim.

Threat to your savings

12 May 2012 | Sally Patten

PRINT: 12 May 2012 | PAGE 1 | threat to your SAVINGS

Labor’s commitment to balancing the budget means many tax-effective savings options, starting with super, could be facing a shake-up.

Global shocks may shake Swan’s faith

12 May 2012 | Tony Walker

PRINT: 12 May 2012 | PAGE 1 | Swan’s faith might sink in sea of uncertainty

Walker | Wayne Swan’s sparse references to the global outlook and “glass half-full’’ assessments did not do justice to the gravity of the situation.

High earners face cash cuts

12 May 2012 | Sally Patten

PRINT: 12 May 2012 | PAGE 2 | High earners face cash cuts

Tony Abbott’s claim that the government is waging class war is underpinned by modelling showing high-income earners face severe cuts to their disposable income as a result of a raft of tax changes.

Tactic shows Labor is out of touch

12 May 2012 | The Australian Financial Review

PRINT: 12 May 2012 | PAGE 1 | Class envy tactic shows Labor out of touch

Editorial | The ALP may well have been formed at a time when there was genuine conflict between uneducated working class labour and capital, but as a society and an economy Australia has well and truly moved on.

Surplus to buffer global waves

12 May 2012 | Mark Ludlow

PRINT: 12 May 2012 | PAGE 3 | Surplus to buffer global waves

Federal Treasurer Wayne Swan admitted the uncertainty about the European debt crisis would continue to cast a shadow over the Australian economy over the next few years.

Local signs fine but beware Europe

11 May 2012 | David Bassanese

PRINT: 12 May 2012 | PAGE 3 | Local signs fine; Europe a threat

Some of the more dour predictions about the economy look a little stretched.

Another budget later and we’re deeper in debt

11 May 2012 | Andrew Robb

PRINT: 11 May 2012 | PAGE 1 | Another year later and we’re deeper in debt

While the government boasted about a surplus, it quietly raised the national debt ceiling by $50 billion.

Great expectations vanish

11 May 2012 | John Roskam

PRINT: 11 May 2012 | PAGE 1 | Great expectations vanish

Business should not be surprised by broken Labor promises.

Labor fails on trust

11 May 2012 | Coke Tomyn

PRINT: 11 May 2012 | PAGE 55 | Labor fails on trust

Why is the corporate sector upset at being “diddled” by Treasurer Wayne Swan who promised a 1 per cent reduction in the company tax rate but has since reneged?

Teach your kids super short-cuts

11 May 2012 |

PRINT: 11 May 2012 | PAGE 55 | Super short cuts

Like many parents, I have grown hoarse nagging my children to consolidate the various superannuation funds they have accumulated.

Surplus a lifebuoy Labor can cling to

11 May 2012 | Laura Tingle

PRINT: 11 May 2012 | PAGE 1 | Surplus a lifebuoy Labor can cling to

“When you are on the high wire,” one Labor figure said yesterday, “it doesn’t matter how high it is, and there is no point looking down.”

National briefs

11 May 2012 |

PRINT: 11 May 2012 | PAGE 18 |

Maritime Union of Australia members at Patricks stevedores have endorsed a new agreement, which appears to end an 18 month workplace struggle.

Swan fast on rhetoric but slow to act

11 May 2012 | John Kehoe

PRINT: 11 May 2012 | PAGE 16 | Swan big on rhetoric, slow on action

Four years ago, Treasurer Wayne Swan rose to his feet in Parliament and boasted the Rudd government would boost the financial services sector.

Double trouble submerges Swan’s ‘triple triple’

11 May 2012 | Geoff Kitney

PRINT: 11 May 2012 | PAGE 3 | Double trouble submerges Swan’s ‘triple triple’

Around the Cabinet table it’s referred to as “our triple triple” and Federal Treasurer Wayne Swan wears it even more proudly than his “world’s best finance minister” citation.

Abbott’s address in reply resonates success

11 May 2012 | Geoff Kitney

PRINT: 11 May 2012 | PAGE 4 | Leader’s reply celebrates success

With a bit of luck, Tony Abbott must have been thinking as he beavered away on his budget reply speech, this will be the last time he has to do this.

Class warfare debate a bit rich

11 May 2012 | Katie Walsh

PRINT: 11 May 2012 | PAGE 17 | Class warfare debate a bit rich

The class warfare debate sparked by the budget overlooks the fact that it contains welfare cuts and that spending for the less well-off is relatively small, particularly when compared with past budgets.

Red tape strangling resources, says BCA

11 May 2012 | Louise Dodson

PRINT: 11 May 2012 | PAGE 1 | Red tape strangling resources, says BCA

The Business Council of Australia is ramping up pressure on the federal and state governments to slash overlapping regulations, in a bid to bolster the case for investing here.

Labor goes back to the future

11 May 2012 | John Black

PRINT: 11 May 2012 | PAGE 1 | Labor goes back to the future

In the late 1960s, the ALP fought out one of those eye-glazing factional debates about whether the party should support equality of outcomes versus equality of opportunity.

Oakeshott questions PM deal

11 May 2012 | Gemma Daley

PRINT: 11 May 2012 | PAGE 1 | Oakeshott questions PM deal

Updated | Independent MP Rob Oakeshott says the Craig Thomson affair has undermined his agreement with Prime Minister Julia Gillard, becoming the second cross bencher to question the pact he has with Labor.

Drug money fed into budget surplus

10 May 2012 | Marcus Priest

Money launderers, tax evaders and drug smugglers are helping to return the federal budget to surplus, thanks to the government’s controversial plan to return all money from its Confiscated Assets Account to consolidated revenue.

Behind the surge to surplus

10 May 2012 | Chris Richardson

PRINT: 10 May 2012 | PAGE 2 | Behind Labor’s surge to surplus

The Gillard government is trying very hard to keep its promise of a budget surplus in 2012-13. But it had to break a bunch of other promises to do it.

Nothing super in $8bn retirement strip

10 May 2012 | Bianca Hartge-Hazelman

PRINT: 10 May 2012 | PAGE 1 | Nothing super about $8bn retirement strip

Nearly $8 billion has been stripped out of the nation’s super system since 2008 and growing uncertainty means people are likely to opt to rely on their own wits to provide for retirement.

Right budget but wrong sales team

10 May 2012 | Kris Kempson

PRINT: 10 May 2012 | PAGE 71 | Right budget but wrong sales team

While the revenue assumptions of this budget arguably have more holes than a standard cheese grater (leading to this budget really being a lower than average deficit in the clothing of a surplus), however Treasurer Wayne Swan is clearly doing his best with limited resources to stimulate the economy.

Swan’s credit for canning some policies

10 May 2012 | Peter Apps

PRINT: 10 May 2012 | PAGE 71 | Swan’s credit for canning policies

Doubtless there is great wonderment at Wayne Swan’s brilliance in achieving a budget surplus by cancelling a bunch of measures that have never actually been introduced. Such brilliance could only be topped by discovering that this had been cleverly planned all along. Joe Hockey will now be able to see the wisdom of Tony Abbott’s paid parental leave scheme.

Swan budget to create more battlers

10 May 2012 | Andrew Cherry

PRINT: 10 May 2012 | PAGE 71 |

Wayne Swan is correct to call this the battlers’ budget as it will likely create more of them.

When one poor person suffers we all do

10 May 2012 | Matt Herring

PRINT: 10 May 2012 | PAGE 71 | When one suffers

Many people tell me that we need to look after our own first, but Australia’s problems pale in comparison to those in places like Ethiopia and East Timor.

Climate change far too hot to handle

10 May 2012 | Mark Latham

PRINT: 10 May 2012 | PAGE 1 | Far too hot to handle

Latham | Climate change dare not speak its name in Labor circles, even in the Treasurer’s biggest speech of the year.

Consumer stocks depend on RBA

10 May 2012 |

PRINT: 10 May 2012 | PAGE 39 | Consumer stocks depend on RBA

Strategists say whether the federal budget’s ‘cash bonanza’ will help consumer cyclical stocks depends on the reaction of the Reserve Bank of Australia.

States fuming over no funding

10 May 2012 | Mark Ludlow

PRINT: 10 May 2012 | PAGE 3 | Leaders fume over no funding

The NSW, Victorian and Queensland conservative governments say they have been short-changed by the Gillard government budget.

No vote, more tax, few perks: foreigners pay

10 May 2012 | Katie Walsh

PRINT: 10 May 2012 | PAGE 25 | No vote, more tax, few perks: foreigners pay

A smattering of changes introduced in the budget on Tuesday that target foreigners will damage the attractiveness of Australia as an investment destination, business advisers warn.

Don’t put the cart before the horse on Asia

10 May 2012 | Greg Earl

PRINT: 10 May 2012 | PAGE 22 | Don’t put cart before horse on Asia policy

First there was the Big Idea. Now we are in danger of the save string in the world processing software for every government speech.

Swan insists RBA has wider scope for cuts

10 May 2012 | Jacob Greber

PRINT: 10 May 2012 | PAGE 3 | Swan insists RBA has wider scope for cuts

Chances that the central bank will cut the benchmark lending rate to a record low this year have increased since the budget on speculation domestic growth will be dampened by Treasurer Wayne Swan’s surplus drive.

Economists OK higher debt cap

10 May 2012 | Jason Murphy

PRINT: 10 May 2012 | PAGE 3 | Economists OK higher debt cap

The increase in the debt ceiling to $300 billion is creating more noise in the political realm than in the markets, economists say.

Sacred political cows were spared the axe

10 May 2012 | Fleur Anderson

PRINT: 10 May 2012 | PAGE 19 | Sacred political cows get spared the axe

The federal budget will be cut by $33 billion over the next financial year, but experts say Treasurer Wayne Swan avoided targeting many government programs that should have been axed because of fears of a political backlash.

ANZ rebukes Swan for playing politics

10 May 2012 | Joanna Heath

PRINT: 10 May 2012 | PAGE 18 | ANZ rebukes Swan for playing politics

ANZ Banking Group chief executive Mike Smith has questioned the legitimacy of Treasurer Wayne Swan’s commitment to a surplus.

Taxing blow to workforce mobility

10 May 2012 | Katie Walsh

PRINT: 10 May 2012 | PAGE 15 | Taxing blow to workforce mobility

Slashing tax perks for those living away from home for work may add $1 billion to government coffers, but advisers warn it will hurt the bottom line for businesses and limit staff mobility.

Lack of focus on productivity

10 May 2012 | Louise Dodson

PRINT: 10 May 2012 | PAGE 2 | Lack of focus on productivity

Business groups have questioned whether Treasurer Wayne Swan’s budget addresses the urgent issues facing companies including skills shortages, rising costs and a loss of international competitiveness.

Budget slammed as Labor reels

10 May 2012 | John Kehoe

PRINT: 10 May 2012 | PAGE 1 | Budget slammed as Labor reels

The federal government’s adviser on transforming Australia into a financial centre, Mark Johnson, has condemned a surprise doubling in the budget of withholding tax for foreigners investing in managed investment trusts.

Budget fails tax reform litmus test

10 May 2012 | The Australian Financial Review

PRINT: 10 May 2012 | PAGE 1 | Budget fails

Editorial | Labor’s 2012-13 budget shows the government has failed dismally to fulfil Kevin Rudd’s promise to embrace “root and branch’’ tax reform.

‘Sugar rush’ well timed to win votes

10 May 2012 | Claire Stewart

PRINT: 10 May 2012 | PAGE 1 | ‘Sugar rush’ well timed

Pollsters are not expecting Labor’s budget to do anything for its near-term popularity but say the “sugar rush” after cash payments are made to 1.5 million lower-income families could trigger a temporary boost for the flailing government.

Swan’s cuts to fill war chest for election year

10 May 2012 | Mathew Dunckley

PRINT: 10 May 2012 | PAGE 2 | Swan’s cuts to fill war chest for election year

Wayne Swan’s package of cuts and spending tweaks will supply an election year revenue surge for the government.

Wayne the knife hasn’t finished yet

10 May 2012 | Laura Tingle

PRINT: 10 May 2012 | PAGE 9 | Wayne the knife hasn’t finished yet

Treasurer Wayne Swan has committed to making whatever further spending cuts are necessary to ensure the 2012-13 budget stays in surplus as the Coalition launched attacks over “cash splashes”.

Thomson saves the day from horror

10 May 2012 | Geoff Kitney

PRINT: 10 May 2012 | PAGE 1 | Thomson saves the day from horror

Wayne Swan’s fifth budget teetered on the brink of political irrelevance during 15 minutes of horror for the Gillard government.

No ‘loaves and fishes’ for business

10 May 2012 | Lucille Keen

PRINT: 10 May 2012 | PAGE 3 | No loaves and fishes for business

Victorian businesses are sceptical and wonder what is in it for them following the federal budget. Concern centres on the lack of support for declining sectors, the promised surplus and the carbon tax.

Pushing the envelope on bowel cancer

10 May 2012 | Jill Margo

PRINT: 10 May 2012 | PAGE 70 | Pushing the envelope on bowel cancer

More Australian men will soon be receiving bulky envelopes in the post. Should you be lucky enough to get one, don’t throw it away. It contains something so important it could save your life.

Euro woes, budget knock almost 1pc off shares

09 May 2012 | Bianca Hartge-Hazelman

PRINT: 09 May 2012 | PAGE 4 | Miners hit in Europe, budget fallout

The spending cuts announced in Tuesday’s budget and growing uncertainty in Europe weighed on investor sentiment and pushed the local sharemarket lower.

Surplus gives RBA room to cut rates: Swan

09 May 2012 | Gemma Daley

Updated | Treasurer Wayne Swan has said delivering the budget surplus will boost confidence and give the Reserve Bank of Australia room to cut rates.

Budget driven by political necessity: Howard

09 May 2012 | Matthew Cranston

PRINT: 10 May 2012 | PAGE 2 | Surplus far from necessary: Howard

Former prime minister John Howard said Wayne Swan’s budget was driven by politics and largely ignored essential economic reform critical for a slowing economy.

Surplus doesn’t wash with offshore investors

09 May 2012 | Ben Potter

PRINT: 10 May 2012 | PAGE 3 | Surplus doesn’t wash with offshore investors

Wayne Swan’s return to budget balance met with a lukewarm reception from the few Atlantic commentators to shift their gaze from Europe.

Video | Reactions to the budget

09 May 2012 |

Business and community leaders give their feedback on the budget.

Budget day 2: Swan’s sales pitch begins

09 May 2012 | Gemma Daley

Live | Treasurer Wayne Swan sets about selling the budget in earnest on Wednesday. But can Labor find enough clear air to deliver the message it hopes will revive its fortunes? Refresh regularly for updates.

Regulators face harsh reality

09 May 2012 | tony boyd

PRINT: 09 May 2012 | PAGE 56 | Regulators face harsh reality

The spin from the three ministers who oversee the Australian Securities and Investments Commission is that an extra $180 million in funding over four years will ensure strong and effective oversight of the Australia’s financial markets to protect retail investors and their retirement savings.

Too many tricks and handouts

09 May 2012 | The Australian Financial Review

PRINT: 09 May 2012 | PAGE 2 | Far too many

Editorial | Treasurer Wayne Swan advertised his 2012-13 budget as the biggest fiscal consolidation in 25 years, and warned the community that it would be painful. But while the government deserves credit for returning the budget to surplus, the congratulations can only be half-hearted.

Consumer payouts to perk up retail stocks

09 May 2012 | Joanna Heath

Economists and strategists say the budget should have minimal effect on the Australian sharemarket, but retail stocks could benefit from the consumer cash payouts.

Team that teased out the numbers

09 May 2012 | Laura Tingle

PRINT: 09 May 2012 | PAGE 26 | Team that teased the numbers

The clichés about the framing of federal budgets inevitably involve the cabinet locked in the bunker and bureaucrats working late into the freezing Canberra nights. But the final shape of the 2012-13 budget was settled in very different surroundings.

Nobody panic, our subs are just fine

09 May 2012 | Brian Toohey

Toohey | It is difficult to think of a less harmful way to help achieve a budget surplus than saving $5.4 billion from projected defence spending over the next four years.

Big win for some small businesses

09 May 2012 | Fleur Anderson

The interests of 110,000 small businesses have taken precedence over the demands from big businesses for a corporate tax cut.

Business to pay for strugglers’ benefits

09 May 2012 | Marcus Priest

Low to middle-income voters facing cost of living pressures have been the major beneficiary of this year’s budget at the expense of business and high-income earners.

Funding fillip for market regulators

09 May 2012 | Fiona Buffini

The twin regulators of the financial system have won a $260 million funding increase to ensure they are “appropriately resourced” to do their jobs, the budget papers say.

Facing up to a surplus of distractions

09 May 2012 | Michaela Whitbourn

It wasn’t the way a Treasurer would really want to start his day in the spotlight.

Airport charge taps China but tourism testy

09 May 2012 | Pip Freebairn

Treasurer Wayne Swan faces a backlash over a rise in the passenger movement fee for travellers passing through airports which will be used to fund Asian century initiatives.

Super funds call for more projects 

09 May 2012 | Michael Hobbs

PRINT: 09 May 2012 | PAGE 20 | Super funds call for more projects

Leading investors have criticised state and federal governments for delaying crucial infrastructure spending, arguing there are not enough projects to meet their “huge appetite” for investment.

Wine tax push stays on the shelf

09 May 2012 | Michael Smith

PRINT: 09 May 2012 | PAGE 3 | Wine tax push stays on the shelf

The beverage industry will have to wait another year for serious reform to Australia’s wine tax system.

Non-resources sector to feel pinch

09 May 2012 | Michael Dwyer

The non-resources parts of the economy are expected to grow well below trend over the next few years as the high Australian dollar weighs on trade-exposed sectors such as manufacturing and tourism.

Swan says no to sovereign wealth fund

09 May 2012 | Michael Dwyer

PRINT: 09 May 2012 | PAGE 12 | No to sovereign wealth fund

Treasury recognises the need for prudent longer-term fiscal planning to boost government saving, but that runs counter to the politics of Wayne Swan’s fifth budget.

Surplus too small, budget too tight

09 May 2012 | Alan Mitchell

Mitchell | Should the government be tightening fiscal policy when large chunks of the economy are in effect in recession? Ideally, no.

Success hinges on rate cuts

09 May 2012 | Jacob Greber

Australia’s economy is forecast to shrug off Treasurer Wayne Swan’s fiscal consolidation, helped by a central bank interest rate as low as 3.25 per cent, a record investment boom and the timing of government handouts.

Pauline Vamos, CEO, Association of Superannuation Funds of Australia

09 May 2012 |

Pauline Vamos received far less than she had hoped for. She was especially disappointed at the two-year deferral of the higher contributions caps for over-50s.

Who pays for loss measure? Everyone

09 May 2012 | Katie Walsh

The four business tax breaks flagged by Treasurer Wayne Swan’s working group as possible candidates for slashing to pay for the new $700 million loss carry-back measure triggered an outcry from business.

Incentive for savers gets the chop

09 May 2012 | John Kehoe

The plan to introduce tax breaks on bank deposits has been axed.

Corporate Australia dudded

09 May 2012 | John Kehoe

Kehoe | If tax reform ever really got going under the Gillard government, the budget confirms any serious agenda is now firmly on the back burner.

Messy, but survivable

09 May 2012 | Geoff Kitney

PRINT: 09 May 2012 | PAGE 1 | Messy, but survivable

Kitney | The unravelling of the government’s credibility stopped just short of disaster as it achieved its key political objective – preserving its parliamentary ­majority.

Labor hangs on as crisis deepens

09 May 2012 | Sophie Morris

PRINT: 09 May 2012 | PAGE 1 | Labor hangs on as crisis deepens

The Gillard government clung to its parliamentary majority by the slimmest of margins in an assault by the Coalition over its support for sidelined Speaker Peter Slipper and embattled MP Craig Thomson.

No apologies for soft-shoe shuffle

09 May 2012 | Fleur Anderson

Treasurer Wayne Swan has used a multibillion-dollar shuffle to push next year’s budget into surplus at the same time as promising $22 billion in new spending.

Business left on the sidelines

09 May 2012 | Jennifer Hewett

PRINT: 09 May 2012 | PAGE 2 | Business left on the sidelines

Hewett | The business community doesn’t need to read the fine print of the budget to get the message. Wayne Swan’s focus is on getting the largest political payback. And for business that means more tough luck.

08 May 2012 |

Gallery | AFR photographers Rob Homer and Penny Bradfield capture the scenes at the 2012 budget lock-up in Canberra.

Higher earners face contributions tax slug

08 May 2012 | Sally Patten

All taxpayers will be limited to injecting $25,000 annually into superannuation for at least two years in a move that will curtail older savers’ ability to save for their retirement.

Most families face wait for sweeteners

08 May 2012 | Fleur Anderson

The biggest beneficiaries of the discarded company tax cut will be families earning less than $45,000 a year, who will get up to $26 a week more in government payments from next year.

Video | Tingle on the budget

08 May 2012 |

Political editor Laura Tingle analyses Treasurer Wayne Swan’s fifth federal budget.

Government’s reverse psychology

08 May 2012 | Laura Tingle

PRINT: 09 May 2012 | PAGE 3 | Team Gillard employs some reverse psychology

Tingle | Labor is choosing to have a series of fights on measures which the Coalition itself has either proposed in opposition or implemented in government.

Swan’s Stimulus: Part II – Rated PG

08 May 2012 | Tony Boyd

Retailers and gambling venues look like being the early business winners from the federal budget.

Tricks, cuts and handouts

08 May 2012 | Laura Tingle

Business will lose tax cuts but households will enjoy a cash bonanza as Wayne Swan’s fifth budget redirects the benefits of the mining boom to underwrite growth and gives Labor its best chance at re-election in 2013.

A surplus too small, at the wrong time

08 May 2012 | Alan Mitchell

Should the government be tightening fiscal policy when large chunks of the economy are effectively in recession? Ideally, no.

Winners & losers

08 May 2012 | Marcus Priest

Winners and losers in the federal government’s 2012-13 budget.

Live: 2012 Budget speech

08 May 2012 |

Watch Federal Treasurer Wayne Swan deliver the 2012 Budget live from 7.30pm at Parliament House.

ASX ends up 0.3pc on budget hopes

08 May 2012 | Bianca Hartge-Hazelman

PRINT: 09 May 2012 | PAGE 4 | ASX lifts on budget hopes but miners hurt

Expectations of tighter fiscal policy strengthened the case for rate cuts, which supported Australian shares, but the market is tipped to move sideways ahead of fresh data on China’s economic health.

Rates: Smith takes a swipe at Swan

08 May 2012 | Matthew Cranston

ANZ chief executive Mike Smith has signalled the bank is unlikely to pass on a full rate cut when it reviews its interest rates this week.

Bottoms up for the budget

08 May 2012 | Michael Smith

One area likely to be overlooked in this year’s budget, but worthy of an overhaul, is Australia’s ludicrously convoluted tax system for alcohol.

‘Sleaze’ factor may overwhelm budget message

08 May 2012 | Geoff Kitney

Senior Labor figures have conceded there is a serious risk the federal government’s political problems will quickly overwhelm the impact of the budget.

Budget 2012: business, markets react

08 May 2012 | Will Glasgow

Live | Treasurer Wayne Swan is set to unveil a contentious $1.5 billion 2012-13 budget surplus at 7.30pm AEST against the backdrop of fresh revelations in the Thomson affair and a shifting political landscape in Europe. Refresh for the latest budget updates.

Wealth firms in impact zone

08 May 2012 | Bianca Hartge-Hazelman

PRINT: 08 May 2012 | PAGE 2 | Wealth firms in impact zone

A number of companies are expected to come under pressure as a result of the federal government’s commitment to fiscal tightening in the budget.

Sentiment may suffer but real economy safe: Evans

08 May 2012 | Joanna Heath

PRINT: 08 May 2012 | PAGE 21 | Sentiment may suffer but real economy safe

The federal budget, which is expected to include the biggest fiscal contraction in nearly 40 years, should have a minimal impact on monetary policy setting, Westpac chief economist Bill Evans says.

Weaker $A gives Treasurer a break

08 May 2012 | Jacob Greber

PRINT: 08 May 2012 | PAGE 11 | Weaker $A a bonus

Wayne Swan could finally be getting a break – an Australian dollar showing signs of losing steam.

Swan’s handout a retail relief

08 May 2012 | Emily Parkinson

PRINT: 08 May 2012 | PAGE 11 | Handout a retail relief

Wayne Swan’s planned cash payment to low-income families is welcome news for Melbourne retailer Michael Sklovsky, founder and owner of Victorian handicraft chain Ishka.

Labor’s cheap fiscal conjuring trick

08 May 2012 | Luke Malpass

PRINT: 08 May 2012 | PAGE 1 | Labor’s cheap fiscal conjuring trick

Surplus or not, there will be structural spending increases.

Forrest praises decision not to cut diesel fuel rebate

08 May 2012 | Natalie Gerritsen

PRINT: 08 May 2012 | PAGE 10 | Forrest welcomes reprieve for diesel fuel rebate

Fortescue Metals Group chairman Andrew Forrest says the federal government’s apparent decision not to cut the 32¢ diesel fuel rebate to mining companies is “sensible and fair”.

PM cannot escape from the Thomson stench

08 May 2012 | Geoff Kitney

PRINT: 08 May 2012 | PAGE 1 | Gillard cannot escape stench

The messy business of minority government has an awful smell which will linger for as long as the Labor Party depends on Craig Thomson’s support to hang on to power.

HSU case taints Labor

08 May 2012 | Jennifer Hewett

PRINT: 08 May 2012 | PAGE 1 | HSU case taints Labor

Hewett | How did we get to a point where unions seem to have fewer restrictions on their use of members’ money than those facing a local garden club?

Swan’s surplus a small mercy

08 May 2012 | The Australian Financial Review

PRINT: 08 May 2012 | PAGE 1 | Swan’s surplus a small mercy

Editorial | It is a good thing that the federal government plans to deliver a budget surplus in 2012/13. Even so, the picture behind the headline surplus is not so impressive.

Structurally the budget will still be unbalanced

08 May 2012 | Geoff Winestock

PRINT: 08 May 2012 | PAGE 10 | Structurally it will still be unbalanced

Treasurer Wayne Swan will proudly announce a balanced budget, but in structural terms the federal government won’t get back to surplus for another two years.

Company tax cuts at risk

08 May 2012 | Laura Tingle

PRINT: 08 May 2012 | PAGE 1 | $1.5bn surplus stings business

Treasurer Wayne Swan has told cabinet colleagues the $1.5 billion surplus he will announce in the budget will be a “surplus for confidence and interest rate relief”, yet it appeared Labor may not proceed with company tax cuts.

Carry-back not immediate

08 May 2012 | Katie Walsh

PRINT: 08 May 2012 | PAGE 8 | Long wait in store for

Companies keen to cash in on the federal government’s new $1 million loss carry-back will have to wait until around 2014 to do so, businesses and advisers warn.

Materials sector leads nose-dive

07 May 2012 | Bianca Hartge-Hazelman

PRINT: 07 May 2012 | PAGE 2 | Materials sector leads nose-dive

Australian shares experienced their biggest one-day sell-off this year as investors digested disappointing US employment numbers, further concerns about Europe and braced themselves for tough spending cuts in Tuesday’s federal budget.

Swan won’t commit to company tax cut

07 May 2012 | Gemma Daley

Updated | Treasurer Wayne Swan has cast fresh doubt on whether the government would pursue the 1 per cent company tax rate reduction, which was promised as part of the $10.6 billion minerals resource rent tax.

‘Fair go’ budget endorsed by IMF: Swan

07 May 2012 |

Treasurer Wayne Swan says the International Monetary Fund has given a “ringing endorsement” to Labor’s plan to return to surplus.

Stoking Stevens

07 May 2012 | Brigitte Dwyer

PRINT: 07 May 2012 | PAGE 51 | Stoking Stevens

Alan Stokes’ uncharacteristically nasty attack on the Reserve Bank chief Glenn Stevens shows how easy it is to find an economic theory to suit your opinion (“Just don’t bank on an apology”, May 5-6).

Winding back the banking clock

07 May 2012 | Andrew Cornell

PRINT: 07 May 2012 | PAGE 42 | Winding back banking clock

Cornell | Suddenly, as The Goons famously observed, nothing happened. But it happened suddenly. The nothing this time around was deposits.

Swan’s epic budget task faces economic reality

07 May 2012 | Jacob Greber

PRINT: 07 May 2012 | PAGE 25 | Swan’s epic budget task constrained by reality

With all eyes this week on Treasurer Wayne Swan’s plan to engineer a record budget turnaround, a flood of reports may underscore the size of the challenge.

Bourse braces for bustling week

07 May 2012 | Joanna Heath

PRINT: 07 May 2012 | PAGE 4 | Bourse braces for bustling week

Disappointing US employment data has unnerved investors ahead of what will be a big week for global markets, with elections in France and Greece, Chinese inflation data and a federal budget closer to home.

Super changes create aches everywhere

07 May 2012 | Sally Patten

PRINT: 07 May 2012 | PAGE 4 | Super changes create aches everywhere

Patten | If anyone in super had been lulled into thinking that Wayne Swan might overlook retirement savings in the budget, they‘ve been set straight.

News briefs

07 May 2012 |

PRINT: 07 May 2012 | PAGE 10 |

More than 45,000 people affected by this year’s floods won’t have to pay the flood levy introduced in 2011. Treasurer Wayne Swan has also confirmed that the temporary flood levy in place for the 2011-12 financial year will end on June 30.

Banks will toe line on price signalling: Sims

07 May 2012 | Hannah Low

PRINT: 07 May 2012 | PAGE 1 | Banks will toe line on price signalling: Sims

Australian Competition and Consumer Commission chairman Rod Sims has hinted that few prosecutions may be brought against banks under controversial price-signalling laws that start in June.