2017/2018 Budget Summary The Budget for 2017/2018 is summarised as follows in the corresponding topic areas heading each paragraph: Jobs For foreign workers, in March 2018, the government will introduce a business levy on the businesses that employ foreign workers. Small business will have to pay an initial $3000 for a foreign worker and a perpetual $1200 per annum. ‘Larger’ businesses will pay a one-off $5000 and an on-going $1800 per annum. This is forecast gross $1.2 billion over the next four years to go towards a new Skilled Australians Fund (SAF). This will have a double-edged effect on the Australian economy. The local labour market will be boosted as they are viewed more favorably in terms of price over foreign workers and they …show more content…
Western Australia will be receiving $1.6 billion to contribute to a $2.3 billion road and rail infrastructure package in partnership with the state government. The state’s GST payment will also be increased by $226 million because the federal government states that “in recognition of Western Australia’s low share of GST revenue” the funding must increase. The Australian Rail Track Corporation will receive $8.4 billion in equity to deliver inland rail from Melbourne to Brisbane. These projects will ultimately allow the states to continue to operate at a high capacity with the much needed transport infrastructure being crucial to economic activity. (Commonwealth of Australia 2017) (Commonwealth Bank of Australia 2017) (Chang 2017) Medicare A Medicare Guarantee Fund will be established to cover essential healthcare, providing $1 billion over four years for the phased unfreezing of the Medicare rebate. Some medicines will see a drop in price as more items are listed on the Pharmaceutical Benefits Scheme. There will be an extra $2.8 billion in funding for hospitals. The Medical Research Future Fund will receive $65.9 million towards preventive health research, clinical trials and breakthrough research. From July 1, 2019, the 0.5% increase in the Medicare levy from 2% to 2.5% of taxable income will contribute to the funding of the National Disability Insurance Scheme (NDIS). The entirety of these changes to healthcare are geared to towards increasing
Due to some of these reforms, the Medicare spending growth rate has decreased. From 2010-2015 the average annual growth rate in Medicare spending was 4.4 percent, which was a decrease from the 2000-2010 spending growth rate of 9 percent (Cubanski & Neuman, 2016). The average annual growth rate of healthcare expenditures on beneficiaries, also, decreased from 7.4 percent in 2000-2010 to 1.4 percent in 2010-2015 (Cubanski & Neuman,
This report provides data on the current budget of the State of Michigan. It includes data on state government finances based on information collected from the 2014 Comprehensive Annual Financial Report CAFR, and the State of Michigan Executive Budget for the fiscal year 2016. This report covers the following: revenues, expenditures, and debt, fund balances, and credit rating. For many years, Michigan 's economy declined while the nation 's economy thrived. Grasping this one-state recession is essential for determining Michigan 's economic present and future. It is also important to understand why Michigan stayed in a recession while the rest of the country’s economy flourished, and why it ended, because those may be vital solutions to avoiding another downturn.
“The federal budget is the yearly plan for how the US government will spend the money it takes from taxes and borrowing.” After thoroughly analyzing the federal budget from 2012, it is unquestionably evident that a majority of the money is being put into a few major categories, leaving room for the rest of the smaller categories to be financially neglected. Is this fair? It seems that the money could be more fairly distributed, and that there is room for cuts in some of the larger categories, to improve the littler ones. In each of the three budget clusters, the US Government should make adjustments in the way it is distributing money; changes involving the big five, the middle
The remaining balance of 74.5 percent for the cost is funded by Medicare. Once more, higher-income beneficiaries will pay a larger share of the cost of regular drug coverage.
While oil represents about 7 percent of Louisiana 's revenue, its budget structure is more complex than other oil-producing states -- and probably most similar to Kansas in its budget woes, according to Leachman. Edwards 's fiscal 2017 budget proposal includes dramatic cuts to virtually every part of state government: higher education, healthcare, the attorney general 's office, and youth services. Some budget experts trace the start of Louisiana 's revenue problems to the repeal of income tax increases under what has been termed the Stelly Plan, a restructuring of state revenue that also called for lowering the sales tax. The repeal came as Louisiana was awash in one-time revenue, including federal funding to the state to aid recovery
Medicare covers over 47 million Medicare Beneficiaries. This includes 39 million seniors and 8 million people under 65 receiving social services disability insurance (SSDI) payments due to permanent disabilities (Kaiser Family Foundation 2010). Medicare accounts for 12% of federal spending, 23% of national health spending, and is critical part of policy discussions related to the federal budget and the 2010 Health Reform Law (Kaiser Family Foundation 2010). Medicare’s financial problems affect the entire budget, and are largely responsible for projected increases in federal deficits (Peter G. Peterson Foundation 2010).
Fifty years ago, Lyndon B. Johnson signed the Medicare program into law. “It has been a reliable guarantor of the health and welfare of older and disabled Americans by paying their medical bills, ensuring their access to needed health care services, and protecting them from potentially crushing health expenses.” (Hamel, Blumenthal, Davis, & Guterman, 2015, p. 479). With the encouragement of George W. Bush, congress passed the Medicare Modernization Act of 2003 (MMA). The MMA extended Medicare to include prescription-drug coverage, known as Medicare Part D. In 2013, Medicare covered the health care expenses for 52.3 million Americans, costing $583 billon. Originally, Medicare had difficulty controlling costs; physicians and hospitals were
Medicare, which was first enacted by Congress in 1965, is a popular, yet failing, program because of a rapidly increasing population of retirees and their increasing costs; despite program’s flaws, Medicare is difficult to change because of the political influence of the elderly, who approve of the benefits they receive from the program. Medicare provides health benefits to citizens who are eligible for social security benefits(Fiorina, Peterson, Johnson & Mayer 2009). The program is embraced by the public, but Medicare’s increasing cost makes it difficult to sustain. Due to its popularity, the program is also very difficult to change, but without limitations the program will continue to decline in the future.
Medicare are getting people more improved and secured benefits every year, and Medicare’s long-term sustainability is stronger as a result of performances, new tools, resources to lessens waste and fraudulence, and a decrease growth in Medicare costs. These significant changes will produce savings for the taxpayers and help to prolong the life of the Medicare Hospital Insurance Trust Fund. These changes will also assist people with Medicare by keeping their premiums and cost sharing lesser than under the law before. , Medicare beneficiaries under the Affordable Care Act will enjoy improved quality care, better access to care, and a more innovative care delivery system that will improve outcomes and reduce
Medicare is the Federal government’s largest program and provides health care benefits to individuals that are 65 years old or old (Elmendorf, 2013). This program covers over 50 million Americans, including over 8 million disabled Americans (Raising Medicare's Eligibility Age: A Costly Benefit Cut for Senior, 2014). With the baby-boomer generation coming to the age of Medicare eligibility there is an estimated drastic increase in the number of individuals participating in Medicare for their health insurance (Elmendorf, 2013). With this being said some, including the Congressional Budget Office (CBO), believe that increasing the minimum age of eligibility will save the Federal government money (Meyerson,
One of the problems of Medicare itself is that it doesn't cover the costs of prescription drugs for its members; this has led to one of the major reasons that the program is in danger. A great deal of personal healthcare relies on the use of drugs, and since the program doesn't cover these costs, the individual must bear them. According to the AARP, in 1999 out-of-pocket costs for prescription drugs were estimated to be $450 per person each year (AARP). Obviously, members have joined the program to defray their medical costs, but these figures indicate that they still have large costs to pay. The other problem faced by the Medicare program is that it is also suffering from a lack of funds. According to Governor George W. Bush, the financial health of Medicare is in serious jeopardy and might face deficit as soon as 2010 (Bush). As a result of these major problems, one might wonder why the plan isn't scrapped for another program; well according to polls done by the Public Agenda, an Internet public policy site, American citizens are strongly in favor of Medicare, and would rather see the problems ironed out (Public Agenda). Therefore it is necessary to come up with a solution, so that the Medicare program remains intact.
This video involves discussing Trumps new budget for the year. Some viewers have opinions that his cuts were excessive in all the wrong places. He cut funds from welfare medicaid medicare and social security. In his defense he claims that he cut so much because some people would take advantage of even though they do not need it. Government help has now become harder to receive for those that do really need the help. However in his campaign he claimed he would do the opposite as president that he would not take any funds away from welfare. In his campaign he tried to appeal to the right wing by saying he would not cut any funds. By making the budget the way it is now he appeals to the left wing. It is understandable that he cannot please
As our economy continues to grow, as does the world that we live in. With this more and more people are continuing to travel and immigrate across borders. With over 175 million people accounting for 3% of the world’s population (Kerr, Kerr 2011) living permanently overseas, the landscape of global business and economics is continuing to grow. This shift in demographic can leads to many changes and adjustments for countries, some of which can reap benefits others may cause financial harm. Major impacts of immigration can be observed in several forms of a countries economic system such as employment opportunities for both immigrated workers as well as current citizens along with unemployment rates, wages, profit margins, the ability of local and international business’ to grow and the overall GDP of the specific country. For this paper specifically the developed country that will be analysed will be Australia. Considered to be one of the worlds “major immigration nations” (together with New Zealand, Canada and the United States of America) (Phillips, Simon-Davies 2016) Australia is fast becoming a go-to country for those looking for a fresh start. Entering through either the “Migration Program” or “Humanitarian Program” depending on the specific level of expertise Australia is quick to start the process of entering these immigrants to the workforce. With a high percentage of Australians that have been born overseas (7.2 million) Australia needs to prepare and plan
For this piece of assignment, a cash budget will be made for Doomy Corporation for the second quarter of the year. For this budget, all the sales figures for the second quarter and some of the expenditure have been given. Hence, to prepare a cash budget, the sales figure given will be used and some calculations will be worked out in order to fully prepare an outstanding budget for Doomy Corporation the following information will be used efficiently.
The growing concern regarding the financial security of Medicare is one of particular interest to the nearly 72 million baby boomers that become eligible for this government-assisted, and tax-payer bolstered, program over the next two decades. According to the U.S. Census Bureau (2010), there will be a rapid increase in baby-boomers between 2010 and 2030, as the entire baby boomer population move into the 65 years and over category (p.3). Political and financial revisions must be made to ensure the security of Medicare as the numbers of individuals paying into this program are soon to be surpassed by the number of individuals drawing-off this program (U.S. Census Bureau, 2010). The elderly are also at a disadvantage with transportation to health care visits, picking up prescriptions, and rehabilitation services. There needs to be an establishment of access not only to primary care providers, hospitals, and rehabilitation services, but access to other aspects of the health care system for the elderly population.