The 2018-19 Budget - Back to the Future
Streem conducted a comparative textual analysis of Scott Morrison’s last three Budget speeches to find out how the Turnbull Government’s budget priorities and key messages have evolved over time.
This year’s budget took a trip down memory lane, with the Treasurer harking back to budgets of yesteryear to emphasise the success of the 2018-19 budget outcomes. Morrison set the tone early, announcing “This will be the best budget outcome since the Howard Government’s last budget a decade ago.”
Mentions of last decade’s Global Financial Crisis also rated highly, as did the mining boom.
“The Global Financial Crisis was significant. But coming off our once in a hundred years mining investment boom had an even bigger impact, ripping $80 billion out of our economy.”
Personal income tax, changes to the tax rate threshold, energy infrastructure and export trade deals also led based on impact score.
The 2017-18 Budget focused heavily on the States and Territories, introducing measures to address health, crime, housing, small business and infrastructure. Snowy Hydro 2.0 also featured prominently, as did the Western Sydney Airport and proposed Medicare Levy.
The Turnbull government’s first budget focused heavily on the policy stalwarts of education, defence and infrastructure. Tax policy also led the agenda, with tax incentives, income tax, capital gains tax, tax offsets and the small business tax rate all notching up high impact scores.