Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

Analysis: Hayne, citizenship saga take shine off 2018 budget

Every year, the federal budget whips journos into a ritualistic frenzy of anticipation that I still find odd. This year’s edition proved to be pretty dull reading.

On Wednesday afternoon, a friend asked me: “What do you make of this year’s budget?”

“Not a lot,” I told him. Which is true — there are better stories to cover. An item like the 2018–19 Federal Budget is simply too cumbersome to fit neatly into the cut and thrust of the 24-hour news cycle. Besides, the explosive headlines that came out of the banking royal commission were bound to leave the budget coverage a little lacklustre. 

At a breakfast hosted by NAB the morning after budget night, the vast ballroom at Sydney’s The Star casino lacked enthusiasm. Few questions were asked by the audience, most of them small business owners. The rest of the congregation were an assortment of professionals, including a fair portion of bankers.

Keynote speaker and Sky News anchor Helen Dalley provided a summary of the key points — tax cuts, aged care, infrastructure — but made sure to weave the Hayne royal commission into her narrative.

Advertisement
Advertisement

In what she believes is a “fair assessment” of the Turnbull government’s proposed corporate tax cuts, Dalley pointed to The Australian’s Paul Kelly, who wrote that they have been “ambushed, and possibly derailed, by the corporate sector itself by the timing of the revelations and executive’s evidence at the royal commission and the admission of bad behaviour and bloated bonuses”.

The Sky News veteran then pointed to Australia’s longest serving federal treasurer, Peter Costello, who last week doubted the government would get company tax cuts through, blaming the arrogance of certain corporate leaders who have “cruelled the hopes of tax cuts for the wider business community”.

On budget eve, Costello gave an equally scathing review of the current government on his side of politics.

But the real excitement happened after breakfast, when the High Court found Labor senator Katy Gallagher ineligible to sit in the parliament due to her dual citizenship.

Shortly after, Centre Alliance MP Rebekha Sharkie and Labor MPs Justine Keay, Josh Wilson and Susan Lamb stepped down before the sun set over Parliament House, generating plenty of headlines and interrupting the good news being pumped out of the Turnbull camp.

So, there you have it — the citizenship saga is back and making headlines once again, the budget is almost forgotten and the royal commission will return for its third round of hearings on 21 May.

Order is restored.

Analysis: Hayne, citizenship saga take shine off 2018 budget
mortgagebusiness

Latest News

The chief executive and executive director of Westpac Life is set to become the new CEO of Heartland Bank. ...

Wages growth has slightly lifted, up to its highest annual rate since 2018, with all eyes now shifting to watch for what the Reserve Bank do...

ANZ has shifted its forecasts around the housing market, expecting rising mortgage rates to drag prices by 3 per cent this year. ...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

What is the maximum proportion of income borrowers should use to service a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.