Hockey wanted tougher budget
Joe Hockey wanted to go much harder in his first Budget by reining in pension costs earlier and forcing many more Australians to pay the deficit levy, a biography of the Treasurer reveals.
Based on interviews with Mr Hockey's inner circle, senior members of the Government and former prime minister John Howard, the book Hockey: Not Your Average Joe claims only a public backlash forced the Government into changing its mind on the deficit levy.
As _The West Australian _revealed at the time, Mr Hockey and Finance Minister Mathias Cormann wanted to apply the deficit levy on all income above $80,000. This would have collected about $10 billion if implemented.
But after the leaking of early details of the levy prompted claims the Government was breaking a key election promise, the levy was pushed only on to people earning more than $180,000.
The levy is one of the few Budget measures to pass the Parliament. Another change, to the rate at which the age pension is indexed, is yet to be debated.
Book author Madonna King said in both cases Mr Hockey had wanted to go further.
"In reality, the Budget was much softer than Joe would have liked," King wrote.
