Budget Out To Mixed Reviews
The 2012-2013 Federal Budget was announced last night to a mixed reception. Low and middle income earners and families were the biggest winners as Wayne Swan scrapped the promised 1% tax cut for businesses in favour of tax breaks and cash hand outs to voters.
This budget is about discipline and restraint but also about priorities, ensuring precious funds are redirected to the purposes and people that need them most, Swan boasted of his books.
As expected, Swan announced a targeted $1.5 billion surplus for next year's accounts. Although the legitimacy of this target has been undermined by news that massive capital spending projects have been shifted out of the period to accommodate the surplus.
If a surplus can be achieved, Australia will be the first developed economy in the world to do so following the GFC.
Oil Prices Sink on Greek Concerns
In welcome news for motorists but bad news for investors, oil prices fell for a fifth straight session overnight as Greek worries bubbled again.
The fall followed a key Greek leftist politician vowing to reject austerity measures under the EU-IMF bailout as the country struggles to form a coalition government.
Also impacting prices were expectations tonight’s US oil inventory report will show a seventh straight weekly rise in stockpiles, signaling seriously softening energy demand by the world's biggest oil consumer.
US stockpiles of oil are currently at their highest level sine 1990.
Personal Budget Boost for Three Lucky Aussies
Three lucky Australians can forget the Federal Budget after winning almost $25 million each in last night's Oz Lotto jackpot. There was one jackpot winner each from South Australia, NSW and Victoria.
And the luck didn’t stop there, as 2.2 million Australians will split the remainder of the $119.6 million prize pool.
Are you one of them? The winning numbers were 17, 8, 28, 34, 41, 42, and 6, with supplementary numbers 4 and 19.