{"id":5669,"date":"2019-04-03T14:30:54","date_gmt":"2019-04-03T04:30:54","guid":{"rendered":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?p=5669"},"modified":"2019-04-03T14:43:29","modified_gmt":"2019-04-03T04:43:29","slug":"greening-the-budget","status":"publish","type":"post","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/greening-the-budget\/","title":{"rendered":"Greening the budget?"},"content":{"rendered":"<p>Last night\u2019s 2019 federal\u00a0<a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/www.budget.gov.au\/\" target=\"_blank\" rel=\"nofollow noopener\">budget<\/a>\u00a0was about tax relief and a hope for a surplus of $7.3 billion by 2020. While the surplus is not real, but only a projection, the fact is that it will largely depend on a range of external and internal factors, including increased company tax revenue, higher commodity price and a stronger global economy, many of which are outside the purview of our own jurisdictions. Again, the projected surplus comes at the cost of serious spending cuts and in other words cost savings from some frontline services, including\u00a0<a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/www.ndis.gov.au\/\" target=\"_blank\" rel=\"nofollow noopener\">National Disability Insurance Scheme<\/a>\u00a0(NDIS).<\/p>\n<h4 id=\"1947\" class=\"graf graf--h4 graf-after--p\">A pre-election budget<\/h4>\n<p id=\"1289\" class=\"graf graf--p graf-after--h4\">The budget came at a time when the next election is only a few weeks away, as such it was a no brainer that the budget was so friendly, giving a bit of sweetener for the voters, with the expectation that the voters may think differently at the ballot box. At a time when the economy is facing a slowdown, mainly due to the low wage growth of only 2.1% not enough to meet the increasing cost of living, any extra dollar is a lot for many low and middle income earners. The official interest rate is already at record low at 1.5%, where the central bank has little room for any further cut.<\/p>\n<p id=\"9181\" class=\"graf graf--p graf-after--p\"><a class=\"markup--anchor markup--p-anchor\" href=\"https:\/\/www.rba.gov.au\/\" target=\"_blank\" rel=\"nofollow noopener\">The Reserve Bank<\/a>\u00a0would be more than happy seeing that some tax relief is given in the budget to the ordinary Australians, which may increase spending much needed for sustaining the job growth. On the employment front, while unemployment is record low at 4.9%, underemployment is at record high meaning that further stimulus will be needed for sustaining the economy in the form of another interest rate cut or two. The RBA would be hoping to keep its options unharmed as long as possible. Is the budget a big win for the RBA?<\/p>\n<h4 id=\"88fd\" class=\"graf graf--h4 graf-after--p\">Where\u2018s the\u00a0policy?<\/h4>\n<p id=\"6b98\" class=\"graf graf--p graf-after--h4\">A budget is not just an annual estimate of income and expenditure. Rather it should contain some future oriented policy measures and directions in tackling the climate change. The budget failed to provide any plan to enhance our renewable energy growth or to phase out coal. Are we still eying for a fossil fuel based economy? While other countries in the\u00a0<a class=\"markup--anchor markup--p-anchor\" href=\"http:\/\/www.oecd.org\/\" target=\"_blank\" rel=\"nofollow noopener\">OECD<\/a>\u00a0including our trading partners such as China are making substantial progress on this front, the question arises \u2018is this a missed opportunity for not allocating significant funding or policy directions to transition to renewables\u2019? While the budget provides a $3.9 billion Emergency Response Fund which will be available from October to allow state and territory governments deal with the fiscal hit from future natural disasters, the measure could have been much better if substantial policy signals were given to tackle the climate change.<\/p>\n<p class=\"graf graf--p graf-after--p graf--trailing\">There is no doubt that the budget is a re-election pitch, however without providing clear policy directions such as the use of fiscal and economic instruments in the climate change mix, it would be so difficult to achieve substantial emission cuts, much needed in transitioning to a carbon constraint world. We can only hope that Australia will make substantial progress on this front in the near future.<\/p>\n<div class=\"label author\">AUTHOR<\/div>\n<p class=\"author-bio\"><strong>Tapan Sarker\u00a0<\/strong>is\u00a0is a Senior Lecturer in the Department of Business Strategy and Innovation within the Griffith Business School and a member of the Griffith Asia Institute.<\/p>\n<p>This article was first published at the <a href=\"https:\/\/medium.com\/the-machinery-of-government\/greening-the-budget-33bac4ff4358\">Machinery of Government<\/a>, Policy Innovation Hub.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Last night\u2019s 2019 federal\u00a0budget\u00a0was about tax relief and a hope for a surplus of $7.3 billion by 2020. While the surplus is not real, but only a projection, the fact is that it will largely depend on a range of external and internal factors, including increased company tax revenue, higher commodity price and a stronger [&hellip;]<\/p>\n","protected":false},"author":42,"featured_media":5670,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[233],"tags":[939,842,498],"class_list":["post-5669","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feature-series","tag-budget","tag-climate-change","tag-dr-tapan-sarker"],"acf":[],"modified_by":"Jill Moriarty","yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Greening the budget? | Griffith Asia Insights<\/title>\n<meta name=\"description\" content=\"Last night\u2019s 2019 federal\u00a0budget\u00a0was about tax relief and a hope for a surplus of $7.3 billion by 2020. 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A peaceful, stable and prosperous Indo-Pacific is in Australia\u2019s long-term interest, but poverty, vulnerability to natural disasters and inequality threaten stability. With this in mind, the Government recently commissioned DFAT\u2026","rel":"","context":"In &quot;Commentary&quot;","block_context":{"text":"Commentary","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/commentary\/"},"img":{"alt_text":"The Pacific depends on remittances, through labour mobility programs.","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/04\/7-DFAT-development-finance-review.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/04\/7-DFAT-development-finance-review.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/04\/7-DFAT-development-finance-review.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/04\/7-DFAT-development-finance-review.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":10335,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/pacific-outlook-bulletin-6-december\/","url_meta":{"origin":5669,"position":1},"title":"Pacific Outlook Bulletin | 6 December","author":"Griffith Asia Institute","date":"6 December 2023","format":false,"excerpt":"TESS NEWTON CAIN\u00a0 |\u00a0 COP28 Begins Amongst much by way of controversy, the 28th Conference of the Parties (COP28) is now underway in the United Arab Emirates. This global forum is of prime importance to Pacific island countries given the leadership their negotiators have provided over many years. 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It covers various topics including the upcoming BRI Forum, Compact negotiations, Vanuatu's new Prime Minister, Pacific tourists caught in Israel violence, Forum Trade Ministers meeting in Fiji, and Tuvalu's new Constitution.","rel":"","context":"In &quot;Region | Papua New Guinea and the Pacific&quot;","block_context":{"text":"Region | Papua New Guinea and the Pacific","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/pacific-outlook\/"},"img":{"alt_text":"Griffith University Pacific Outlook banner - map of the Pacific region over a beach background.","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/05\/pacific-outlook-banner-900x500-copy-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/05\/pacific-outlook-banner-900x500-copy-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/05\/pacific-outlook-banner-900x500-copy-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/05\/pacific-outlook-banner-900x500-copy-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":10817,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-two-sessions-2024-highlights-from-green-development-energy-transition-green-finance-carbon-market-and-belt-and-road-initiative\/","url_meta":{"origin":5669,"position":3},"title":"China\u2019s Two Sessions 2024: highlights from green development, energy transition, green finance, carbon market and Belt and Road Initiative","author":"Griffith Asia Institute","date":"20 March 2024","format":false,"excerpt":"JING ZHANG AND\u00a0CHRISTOPH NEDOPIL\u00a0\u00a0| China's annual Two Sessions[i] opened on 4 March 2024 and lasted for seven days (typically, the two sessions last about ten days). Much attention was given to China\u2019s 2024 economic growth target of \u201caround 5 per cent\u201d and the lack of a traditional press conference by\u2026","rel":"","context":"In &quot;Commentary&quot;","block_context":{"text":"Commentary","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/commentary\/"},"img":{"alt_text":"Xi Jinping - Two sessions","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/03\/two-sessions.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/03\/two-sessions.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/03\/two-sessions.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/03\/two-sessions.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":9957,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/southeast-asia-snapshot-57-2\/","url_meta":{"origin":5669,"position":4},"title":"Southeast Asia snapshot #57","author":"Griffith Asia Institute","date":"6 September 2023","format":false,"excerpt":"SOVINDA PO | In this week's Southeast Asia snapshot, Sovinda Po looks at the election of Thailand's new Prime Minister while Singapore gears up for its upcoming Presidential election. 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One of the most important, and yet subtle developments this fortnight was a shift in Australia\u2019s position on the ongoing border tensions between India and China.","rel":"","context":"In &quot;Commentary&quot;","block_context":{"text":"Commentary","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/commentary\/"},"img":{"alt_text":"Griffith Asia Institute - Regional Wrap 54","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/02\/REGIONAL-WRAP-900.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/02\/REGIONAL-WRAP-900.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/02\/REGIONAL-WRAP-900.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/02\/REGIONAL-WRAP-900.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_likes_enabled":true,"featured_image_thumbnail_url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2019\/04\/greening-the-budget-900x500.jpg","_links":{"self":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts\/5669","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/users\/42"}],"replies":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/comments?post=5669"}],"version-history":[{"count":0,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts\/5669\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/media\/5670"}],"wp:attachment":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/media?parent=5669"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/categories?post=5669"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/tags?post=5669"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}