National Disability Insurance Scheme Savings Fund
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Added on 2019-11-12
National Disability Insurance Scheme Savings Fund
Added on 2019-11-12
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Running head: QUESTIONS QuestionsName Institution affiliation Question 1 The top ten spending cuts as follows: National Disability Insurance Scheme Savings Fund suffering a $2,186 million cut; Higher Education Reform - further consultation suffering a $1,982 million cut; $1,424 million cut or Public Sector Transformation and the Efficiency Dividend; $1,103 million cut for Jobs for Families Package - deferred implementation; $1,152 million cut for Aged Care Provider Funding - further revision of the Aged Care Funding Instrument; Medicare Benefits Schedule - pause indexation suffering a $925 million cut; Asset Recycling Initiative - return of unallocated funds suffering a $854 million cut; $494 million cut for Youth Employment Package - Work for the Dole – reform; Industry Skills Fund – efficiencies suffering a $223 million cut and Job Commitment Bonus – cessation suffering a $242 million cut ((Blumer, 2016). Question 2The top ten largest programs for expenditure are as follows: Revenue Assistance to the Statesand Territories with $61,265 million; Income support for seniors with $45,374 million ;Medicare benefits taking $21,956 million ; Family tax benefit with $19,341; Assistance to the States for public hospitals taking $17,912 million; $17,056 million was
QUESTIONS allocated to Income Support for People with Disability;Residential and flexible care with $11,319 million; Pharmaceutical and pharmaceutical services taking $10,800 million; Non-government schools - national support with $10,554 million and Job seeker income support taking $10,458 million (Blumer, 2016). Question 3Assistance to States for public hospital expenditure ranks fifth with revenue assistance to the State and Territories ranking first. Assistance to States for public hospital expenditure saw anincrease in spending due to the rise in demand for various programs in the medical services and benefits and pharmaceuticals services and benefits. States also got assistance for public hospitals sun functions (Australian Government, n.d.). Other reasons for the increase in spending are an increase in the demand for health services as well as a rise in the population many of which are aged and this keeps driving up health costs. Question 4The federal government injection of $18.6 billion in education over the next ten years takes the largest portion of the budget’s spending. However, this injection comes with one specific restriction, it is tied to improving the performance of students and will prevent states from reducing their budget for education and cost-shifting (Balogh, 2017). This means that more than twenty elite schools in certain states like New South Wales and Queensland will lose money and other will have their funds frozen. But, public schools will win with these reformsas their funding will increase. Eve primary school student will pay $10,953 yearly and $13,764 for students in secondary school.Question 5The Australian economy so exposed to a China downturn because it is very depend on the economic growth of China and any trouble with its economy could be disastrous for Australia. This is because during the financial crisis a decade ago, China was the one that
QUESTIONS saved capitalism from the problems it created itself (Verrender, 2017). The Chinese economywas the sole drive of global economic growth during that time which create a substantial raisein debt and investment (Balogh, 2017). It has been very difficult to curb these excesses and his has created a lot of problems such whether or not China’s economy will suffer a “hard landing”. Even if this does not happen, a slight slow in the country’s economy would be disastrous for Australia. Question 6Even though Australia’s debt has been going up ever since the global financial crisis, it is till considerably low compared to most developed countries with advanced economies. The majority of Australia industries are open to international competition and possess skilled available workers which makes the country attractive to foreign investment. The government’s withdrawal from most areas of the market has ensured that the competition in various sectors like financial services has improved. In 2012, the country’s net debt to gross domestic product ration was at 11.6% and was predicated to rise to 12.7% in 2013 (Carmignani, & White, 2013). In 2016 the country’s net debt was almost at $326 billion; this is 19 percent of the gross domestic product. Question 7 In the most recent budget university students are losers because the funding for Universities was reduced by 2.8 billion for a 4 year period effective from 2018. Effective January 2018, university students will face higher fees starting at 1.8% in next year which will be a total increase of 7.8% percent by the time we reach 2021 (Etax, 2017). Depending on the course a student is taking, he or she will pay an additional $1,000 to $3,600 for a course that last four years. For instance for a four year nursing course next year, the fees will increase from $26,550 to $27,800 with the government subsidies of $55,700 through the Commonwealth Grants.
QUESTIONS Question 8Small businesses are losers especially those who depend on foreign workers because they will have to helping in raising $1.5 billion for the Skilling Australians Fund (Kainth, 2017). There will be a yearly foreign worker levy of $1,200 or $1,800 per employees who are looking for temporary work visas. Companies sponsoring permanent skilled workers will paywill deal with a $3,000 or $5,000 one-off levy.Question 9Health will be a loser in the most recent budget due the fact that Medicare Levy will increase from 2 percent to 2.5 percent which is an extra $8.2 billion over a period of four years which will double the number of households affected. The extra funds will be put in the National Disability Insurance Scheme (Massola, 2017). This increase, even if it is just by half a percentage, will cause middle income workers, under the Coalition to carry the majority of the burden compared to those who are under Labor. In other words, effective July 1 2019, any Australian under Coalition earning $200,000 will have to 34.1 average tax rate but those under Labor will paying 34.3 percent average tax rate. Question 10There are various things in the budget that are worth about $1.6 billion that are still not yet made public. Further an approximate amount of $2 billion saving in 2019 is still nor disclosed(Leslie, Donoughue, & Elvery, 2016). The government does not have a lot of time and must announce these remaining items within ten days when the campaigns starts. When this is done they might be some new losers and winners. Question 11The government is involved in healthcare for various reasons. The government is responsible for purchasing and providing health care, ensure that the vulnerable populations have access to quality care as well as minimize medical errors and improve patient safety. Other reasons
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