I thought at first that it was a follow-up call to former Treasurer Peter Costello who 10 years ago said: “One for Dad, one for Mum and one for the country.”
Costello was referring to babies and indeed Australia duly responded with a mini baby boom over the next two years.
Hockey, on the other hand, was suggesting that we get out there and start a small business or turn a small business into a bigger one. And his Budget this week gave us tax incentives to do just that.
Too late for me. I’m retired.
Hockey’s Budget is a mixed bag for us retirees. A tougher asset test means 91,000 retirees lose their part pension entirely and another nearly quarter million will have their part pension reduced. Some of these savings are reallocated to the other end of the spectrum where 172,000 pensioners will be better off.
For superannuants, there are hardly any changes. I did like the thinking of a local media commentator who linked the small business tax incentive with a possible rush from those approaching retirement to set themselves up with a new vehicle and the latest in computing gear.
“Who knows, this might even by Joe Hockey’s own form of quantitative easing – getting retirees to fund economic stimulus by spending the kids’ inheritance,” wrote Nick Bruining in The West Australian.
Spending the kids’ inheritance. Now where have I heard that before?