Connecticut budget mistake? Tax hikes and lost business

United Technologies CEO on Raytheon merger: This will be a powerhouse of a company United Technologies CEO Greg Hayes and Raytheon CEO Tom Kennedy on the long-term impact of the merger deal. United Technologies is the latest company to announce its departure from Connecticut, after a tax rate increase appears to have contributed to the state’s multi-year corporate exodus. Continue […]

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UPDATE 1-Ethiopia forecasts 9% growth, plans higher spending in 2019/2020

(Adds details, background) ADDIS ABABA, June 11 (Reuters) – Ethiopia’s economy is projected to grow by 9% in 2019/2020, finance minister Ahmed Shide told lawmakers on Tuesday as he presented plans to raise spending. Ahmed proposed 386.9 billion birr ($13.48 billion) in government spending for 2019/2020, which if approved will be 12% higher than 2018/19’s 346.9 billion birr figure. Lawmakers […]

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Treasury signs off on budget fantasy forecasts

While we were preparing for the Easter-Anzac super long weekend, the secretary to the Treasury and the secretary of the Finance Department released the PEFO – pre-election economic and fiscal outlook – their official, once-every-three-years licence to tell us anything the government hasn’t told us but should have. And what was that? Not a sausage. They made trivial updates to […]

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Federal Budget 2019: Western Sydney Airport rail line, North South Rail Link included in NSW $7.3b infrastructure boost

More than 3.6 million NSW residents will receive immediate tax relief and the state's infrastructure boom will be further boosted with $7.3 billion for new rail and road projects. Funding to health and hospitals in NSW will also increase, while GST payments, which the state government has repeatedly said leaves NSW "short-changed" will also rise this financial year. A new […]

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Federal Budget 2019: Billions to woo Victorian commuters

Treasurer Josh Frydenberg has unleashed billions of dollars of spending on Victorian roads and railways, aimed squarely at commuters in Melbourne's sprawling outer suburbs and the state's growing regions. New spending of $6.2 billion for roads and rail in Victoria, which has emerged as a key battleground in the coming federal election, was unveiled in Tuesday night's budget. 2019 Federal […]

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Federal Budget 2019: Josh Frydenberg’s income tax preference over budget repair comes at a cost for future generations

Here's a budget scoop for you. In last year's budget lockup, a very senior Treasury official walked away from me when I attempted to confirm the $140 billion price tag of treasurer Scott Morrison's ambitious multi-year tax cut plan. In a later press conference, Morrison would confirm the figure. But it was not explicitly mentioned anywhere in the official budget […]

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Federal Budget 2019: Wages unlikely to rise until 2020 after Treasury forced to cut forecasts

Workers will have to wait until late 2020 for a substantial pay rise, according to Treasury, after it was forced to cut wage forecasts twice in one year amid weaker than expected local and global economic growth. The Coalition and Labor have promised to boost the pay packets of workers, making weak wage growth in recent years a major election […]

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