Thursday, 12 May 2016

It's official; the budget is unfair - ANU modelling

The Australian National University has done modelling of it's own as to the effects of the Turnbull budget, and ait plain to see that any adherence to fairness is missing. In fact the budget as shown is profoundly unfair, having a much larger impact on poor people than middle and high income earners. Particularly those with kids.
Australia's poorest families will be hardest hit when all the measures factored into last week's budget are implemented, modelling by the Australian National University shows. 

Single-parent families in the poorest 20 per cent of households will be worst affected by the 2018-19 financial year, mainly through scheduled cuts to family tax benefits and hikes in tobacco excise. 

Those families will be $1407 worse off a year, the equivalent of 3.6 per cent of average incomes for that group. 

Couples with children in the poorest fifth of households will lose $1146, or 2.7 per cent of average incomes, should all budget measures be successfully introduced. 

By contrast, relatively well-off couples with children in the second-top income quintile will be $392 a year better off by 2018-19, modelling of the budget's impact by ANU's Centre for Social Research and Methods found. 

"The analysis … clearly shows that the proposed measures in the 2016-17 budget would impact low income families with children more significantly than other families," the report says. 

"The losses for the middle and top income groups are proportionately much less than low income families." It concluded the budget will have a "regressive impact". Sydney Morning Herald   
My, how "innovative" :s