At the Seniors Discount Club, we always have our eyes peeled for anything finance-related—especially those that affect our beloved members.

Well, brace yourselves because we've come across some rather disconcerting news. It might be a good idea to take a seat and maybe even brew a nice cup of tea to soften the blow.

Here's the scoop: the federal government has thrown Aussies a curveball, or should we say, a fiscal boomerang that's not planning on making a return trip anytime soon. It's definitely caught many off guard, and they're not exactly thrilled about it.

In a twist that left many Aussies hoping for some extra cost-of-living relief scratching their heads, Assistant Treasurer Stephen Jones has dropped a bit of a shocker.

Aussies hoping there could be more cost of living relief in the pipeline could be left disappointed with the government's plans for the additional revenue. Credit: Shutterstock.

Instead of using the budget surplus of around $20 billion to ease the financial strain of everyday Australians in these challenging times, the focus is on debt repayment.

To say that many Australians are feeling 'disappointed' would be an understatement—it's safe to say that the news has left citizens taken aback and feeling a sense of disbelief. We were all crossing our fingers for some breathing room in our wallets, but it looks like the surplus has other plans.

According to the latest monthly report from the Finance Department, the budget for the 2022-23 fiscal year has been doing exceptionally well. Surpassing the predicted $4.2 billion surplus announced in May, the figures for the first 11 months reveal an impressive surplus of $19 billion.

Assistant Treasurer Stephen Jones, in a Monday morning announcement, confirmed that the surplus is expected to grow even further, reaching an approximate total of $20 billion.

However, instead of using this extra revenue to provide relief for the cost of living, the government plans to bank it, thanks to the substantial increase in company and personal taxes.

'It's a good number. But we're focused on the medium term, not just one budget figure, and we know that there are structural problems with the budget,' Mr Jones told ABC News Breakfast.

'Big expenses coming in aged care, the NDIS and defence. We have to be able to meet not only this year's and next year's expenses but well over into the future.'

​

With costs of living—notably fuel prices, energy bills and groceries—rising exponentially, it's becoming tougher for Australians to make ends meet. Meanwhile, inflation hit a peak of 7.8 per cent, only to pull back to 7 per cent.

The cause for the rise in surplus lies in a tight job market boosting tax revenue, exceeding expectations by a noteworthy $8.5 billion.

Mr Jones believes that distributing payments to the Australian public while inflation is high wouldn't solve the overall issue. He emphasised that paying down the nation's debt is the government's primary focus—news that comes as a stinging revelation for many Aussies.

'But I want to make this point: Inflation is a problem,' explained Mr Jones.

'It looks like it is on the turn now, and that's good news, but the worst thing that the federal government could do at the moment was to take that $19, $20bn … and dump it into the economy, which was already facing inflationary pressures.'

He continued: 'That's why restraint and paying down the trillion dollars worth of debt that we have on our books is our number one focus.'

Key Takeaways

• The Australian federal government revealed that the surplus, which increased to an unexpected $20 billion, will not be used for additional cost-of-living relief.
• Assistant Treasurer Stephen Jones stated the funds would be used to pay down debt, emphasising a priority on long-term structural budget issues in areas like aged care, the NDIS and defence.
• The budget's growth is attributed to an unexpectedly high tax revenue due to a tight job market and reduced forecasted payments.
• Mr Jones argued that further cost-of-living relief payouts wouldn't solve the overall problem in the context of high inflation, instead emphasising recently implemented childcare subsidies and energy bill reliefs.

What this means for the average Aussie remains uncertain at the moment. Nevertheless, it's a good idea to get your affairs in order and be ready for any potential changes in the financial landscape.

As we wait for developments at the top levels of politics, let's be cautious with our spending and keep our budgets under control. What do you all think about this news, members? We're eager to hear your thoughts! Drop a comment below and share your opinions on this topic.

 

[Suzanne rose]

This is a hard one.
If they used it as a cost if living relief payment , I'm thinking this would just be putting a bandaide over the problem.

I'm thinking better to be banked.

I think people really do need to budget for awhile , and not spend money we don't have.
Yes it's a catch 22 , you don't spend then the economy feels it .

I just think we need to sit tight for awhile and ride out the wave.

I remember we bounced back quickly after the recession of the 80s.

Budgeting isn't that bad..

Local holidays instead of overseas holidays

Home cooking instead of restaurants

Picnics instead of restaurants

Look at free or low cost outings. I do day trips to Manly or Kiama.

Don't impulse buy, walk away from the item and ask yourself do you really need it, I can guarantee you are more likely not to return for the item

 

[darrellh]

That is all very well for those that have a choice but unfortunately there are a very large number who struggle to live day to day, eat, pay their bills. Fortunately that is not us but these people need help now not later. The divide is widening without any doubt, the rich are getting richer and the poor are getting poorer and I can't see it improving anytime soon unfortunately.

 

[Suzanne rose]

That is all very well for those that have a choice but unfortunately there are a very large number who struggle to live day to day, eat, pay their bills. Fortunately that is not us but these people need help now not later. The divide is widening without any doubt, the rich are getting richer and the poor are getting poorer and I can't see it improving anytime soon unfortunately.

If the government gave us a relief payment it would help us for a very very short time and not really fix the problem.

I would love a payment or some kind of help but it would only be a quick relief

Maybe they need to put more money into our country before sending billions over seas

 

[Isis]

At the Seniors Discount Club, we always have our eyes peeled for anything finance-related—especially those that affect our beloved members.

Well, brace yourselves because we've come across some rather disconcerting news. It might be a good idea to take a seat and maybe even brew a nice cup of tea to soften the blow.

Here's the scoop: the federal government has thrown Aussies a curveball, or should we say, a fiscal boomerang that's not planning on making a return trip anytime soon. It's definitely caught many off guard, and they're not exactly thrilled about it.

In a twist that left many Aussies hoping for some extra cost-of-living relief scratching their heads, Assistant Treasurer Stephen Jones has dropped a bit of a shocker.

View attachment 24024

Aussies hoping there could be more cost of living relief in the pipeline could be left disappointed with the government's plans for the additional revenue. Credit: Shutterstock.

Instead of using the budget surplus of around $20 billion to ease the financial strain of everyday Australians in these challenging times, the focus is on debt repayment.

To say that many Australians are feeling 'disappointed' would be an understatement—it's safe to say that the news has left citizens taken aback and feeling a sense of disbelief. We were all crossing our fingers for some breathing room in our wallets, but it looks like the surplus has other plans.

According to the latest monthly report from the Finance Department, the budget for the 2022-23 fiscal year has been doing exceptionally well. Surpassing the predicted $4.2 billion surplus announced in May, the figures for the first 11 months reveal an impressive surplus of $19 billion.

Assistant Treasurer Stephen Jones, in a Monday morning announcement, confirmed that the surplus is expected to grow even further, reaching an approximate total of $20 billion.

However, instead of using this extra revenue to provide relief for the cost of living, the government plans to bank it, thanks to the substantial increase in company and personal taxes.

'It's a good number. But we're focused on the medium term, not just one budget figure, and we know that there are structural problems with the budget,' Mr Jones told ABC News Breakfast.

'Big expenses coming in aged care, the NDIS and defence. We have to be able to meet not only this year's and next year's expenses but well over into the future.'

View attachment 24058​

With costs of living—notably fuel prices, energy bills and groceries—rising exponentially, it's becoming tougher for Australians to make ends meet. Meanwhile, inflation hit a peak of 7.8 per cent, only to pull back to 7 per cent.

The cause for the rise in surplus lies in a tight job market boosting tax revenue, exceeding expectations by a noteworthy $8.5 billion.

Mr Jones believes that distributing payments to the Australian public while inflation is high wouldn't solve the overall issue. He emphasised that paying down the nation's debt is the government's primary focus—news that comes as a stinging revelation for many Aussies.

'But I want to make this point: Inflation is a problem,' explained Mr Jones.

'It looks like it is on the turn now, and that's good news, but the worst thing that the federal government could do at the moment was to take that $19, $20bn … and dump it into the economy, which was already facing inflationary pressures.'

He continued: 'That's why restraint and paying down the trillion dollars worth of debt that we have on our books is our number one focus.'

Key Takeaways

• The Australian federal government revealed that the surplus, which increased to an unexpected $20 billion, will not be used for additional cost-of-living relief.
• Assistant Treasurer Stephen Jones stated the funds would be used to pay down debt, emphasising a priority on long-term structural budget issues in areas like aged care, the NDIS and defence.
• The budget's growth is attributed to an unexpectedly high tax revenue due to a tight job market and reduced forecasted payments.
• Mr Jones argued that further cost-of-living relief payouts wouldn't solve the overall problem in the context of high inflation, instead emphasising recently implemented childcare subsidies and energy bill reliefs.

What this means for the average Aussie remains uncertain at the moment. Nevertheless, it's a good idea to get your affairs in order and be ready for any potential changes in the financial landscape.

As we wait for developments at the top levels of politics, let's be cautious with our spending and keep our budgets under control. What do you all think about this news, members? We're eager to hear your thoughts! Drop a comment below and share your opinions on this topic.

We do have to pay down our debt. However some relief for people battling with ever increasing mortgage rates needs to be addressed as well. If they don’t want to dish out cold cash reduce our utilities by a reasonable percentage. Don’t know how families with the extra water gas electricity are managing.

 

[Mikeyboy2012]

At the Seniors Discount Club, we always have our eyes peeled for anything finance-related—especially those that affect our beloved members.

Well, brace yourselves because we've come across some rather disconcerting news. It might be a good idea to take a seat and maybe even brew a nice cup of tea to soften the blow.

Here's the scoop: the federal government has thrown Aussies a curveball, or should we say, a fiscal boomerang that's not planning on making a return trip anytime soon. It's definitely caught many off guard, and they're not exactly thrilled about it.

In a twist that left many Aussies hoping for some extra cost-of-living relief scratching their heads, Assistant Treasurer Stephen Jones has dropped a bit of a shocker.

View attachment 24024

Aussies hoping there could be more cost of living relief in the pipeline could be left disappointed with the government's plans for the additional revenue. Credit: Shutterstock.

Instead of using the budget surplus of around $20 billion to ease the financial strain of everyday Australians in these challenging times, the focus is on debt repayment.

To say that many Australians are feeling 'disappointed' would be an understatement—it's safe to say that the news has left citizens taken aback and feeling a sense of disbelief. We were all crossing our fingers for some breathing room in our wallets, but it looks like the surplus has other plans.

According to the latest monthly report from the Finance Department, the budget for the 2022-23 fiscal year has been doing exceptionally well. Surpassing the predicted $4.2 billion surplus announced in May, the figures for the first 11 months reveal an impressive surplus of $19 billion.

Assistant Treasurer Stephen Jones, in a Monday morning announcement, confirmed that the surplus is expected to grow even further, reaching an approximate total of $20 billion.

However, instead of using this extra revenue to provide relief for the cost of living, the government plans to bank it, thanks to the substantial increase in company and personal taxes.

'It's a good number. But we're focused on the medium term, not just one budget figure, and we know that there are structural problems with the budget,' Mr Jones told ABC News Breakfast.

'Big expenses coming in aged care, the NDIS and defence. We have to be able to meet not only this year's and next year's expenses but well over into the future.'

View attachment 24058​

With costs of living—notably fuel prices, energy bills and groceries—rising exponentially, it's becoming tougher for Australians to make ends meet. Meanwhile, inflation hit a peak of 7.8 per cent, only to pull back to 7 per cent.

The cause for the rise in surplus lies in a tight job market boosting tax revenue, exceeding expectations by a noteworthy $8.5 billion.

Mr Jones believes that distributing payments to the Australian public while inflation is high wouldn't solve the overall issue. He emphasised that paying down the nation's debt is the government's primary focus—news that comes as a stinging revelation for many Aussies.

'But I want to make this point: Inflation is a problem,' explained Mr Jones.

'It looks like it is on the turn now, and that's good news, but the worst thing that the federal government could do at the moment was to take that $19, $20bn … and dump it into the economy, which was already facing inflationary pressures.'

He continued: 'That's why restraint and paying down the trillion dollars worth of debt that we have on our books is our number one focus.'

Key Takeaways

• The Australian federal government revealed that the surplus, which increased to an unexpected $20 billion, will not be used for additional cost-of-living relief.
• Assistant Treasurer Stephen Jones stated the funds would be used to pay down debt, emphasising a priority on long-term structural budget issues in areas like aged care, the NDIS and defence.
• The budget's growth is attributed to an unexpectedly high tax revenue due to a tight job market and reduced forecasted payments.
• Mr Jones argued that further cost-of-living relief payouts wouldn't solve the overall problem in the context of high inflation, instead emphasising recently implemented childcare subsidies and energy bill reliefs.

What this means for the average Aussie remains uncertain at the moment. Nevertheless, it's a good idea to get your affairs in order and be ready for any potential changes in the financial landscape.

As we wait for developments at the top levels of politics, let's be cautious with our spending and keep our budgets under control. What do you all think about this news, members? We're eager to hear your thoughts! Drop a comment below and share your opinions on this topic.

There must be a balance between paying back the debt and covering day to day costs, for any budget. If you leave debt as is, the interest paid alone tends to accumulate and erode your available funds, leaving you with less for other things. Once debt is repaid, or at least greatly reduced, you will then have additional funds for the day-to-day and expansion.

 

[Gaena]

Giving cash handouts while being a popular option will only increase inflation more as people rush out to spend it. The better option would be direct credits to utility accounts, electricity/water and gas. these moves wold give most of us some much needed breathing room.

 

[Ricki]

This is a hard one.
If they used it as a cost if living relief payment , I'm thinking this would just be putting a bandaide over the problem.

I'm thinking better to be banked.

I think people really do need to budget for awhile , and not spend money we don't have.
Yes it's a catch 22 , you don't spend then the economy feels it .

I just think we need to sit tight for awhile and ride out the wave.

I remember we bounced back quickly after the recession of the 80s.

Budgeting isn't that bad..

Local holidays instead of overseas holidays

Home cooking instead of restaurants

Picnics instead of restaurants

Look at free or low cost outings. I do day trips to Manly or Kiama.

Don't impulse buy, walk away from the item and ask yourself do you really need it, I can guarantee you are more likely not to return for the item

It's nice to see someone else who thinks like me.

 

[SGH]

Big houses with big mortgages and absolutely no fudge factor, why does a young couple need a five bedroom house straight up. Everything has to be bigger and better and what happens if there is say, a pandemic; really that will never happen. Well what about a recession, no we had one of them in the 80's that not going to happen again, my partner leaves me with all the bills and the children. Welcome to the real world people shit happens, and you have no control over any of it.
We should of locked down our border (International) and gone for the herd mentality because three years later all the workers are a bunch of sheep. Their bosses are telling them to get back to the office and their workers are refusing, really who are the bosses now. The factory/machinist/tradespeople who had to stay at home and had no jobs to go back to are the losers.
The government pays everyone big bucks even though they know who the dole bludgers were all along and we go spiralling into massive debt that we will never see the end, I don't even think my grandchildren will see the end of it, and who are they going to blame. Not the government, no it was the pandemic, or the recession, or whatever. But they will never blame themselves for getting too far into debt, that they could not get out of it and lost everything, it will always be someone else's fault but their own.

 

[Miss Chris]

I just think that for the majority of the population, their way of life, their quality of life, has gone to pot through no fault of their own in most cases. The stress placed upon those people must be so very hard to bear because of the lack of enough money with which to pay their way in society in this crisis of the cost of living. No one should have to choose whether they buy groceries for their families, or pay to keep them warm in winter, or even to keep a roof over their heads. Some of us will be able to weather this crises but many more of us won’t. When you read about surplus you can’t help but hope some of it should be spent at home , helping those that charities are always struggling to help, but can’t, because very few of us can afford to donate. I get that our country has debt (although I’d like to know where 1 trillion dollar debt is owed)…….. but none of us have a magic wand and life is what it is, be it of very poor quality or not. Something needs to be done but I’m not clever enough to say what……that is why we have a government is it not……And I’m not sure that the present government is doing all it can…….and I’m not sure that any government would either……….

 

[Gsr]

How lucky for the present government that they are in power when commodity prices are skyrocketing, this is where their budget surplus is coming from, not from anything they have done. I don’t think handouts of cash will help the inflation, better to give money towards relief of energy bills, utility bills like council and water rates. Raise the gst, especially on luxury items, this will help cut the inflation rate as well, which in turn should help stop the constant rise in interest rates which are affecting most people who have a mortgage. The way things are going there will be a lot of houses up for sale, but who will be able to afford to buy them, and where will the people being forced to sell live as the rental situation is so bad. There will be more and more homeless people if things keep going like they are. I wonder if the government will claim responsibility for that as well as the budget surplus.