90:
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24:
548:
352:, a 30% tax on coal and iron ore companies worth more than $ 75 million, is being introduced. It is expected to generate $ 11 billion over three years, which will be used to support superannuation boosts, infrastructure costs and offset business tax cuts. Small business tax was expected to be reduced by 1% from 1 July. However this measure was abandoned.
319:
New spending cuts and extra charges worth $ 16 billion were announced. Visa application fees will increase, the baby bonus payment will decrease for second and subsequent children and the
Medicare teen dental program was cancelled. Starting in 2014 companies with an annual turnover greater than
315:
In
October 2012, Wayne Swan announced a budget update which revealed revenue downgrades worth $ 21 billion from projected tax revenue and $ 4 billion from the current financial year. Lower commodity prices and falling tax receipts reduced the current forecast surplus to $ 1.1 billion.
535:
appreciated a return to surplus but also wanted a comprehensive audit of government spending. Brendan Lyon from
Infrastructure Partnerships Australia described the budget as a "lost opportunity" and lamented that instead of directing funding to infrastructure projects, the budget directed funding to
491:
suggested the aged care sector needed drastic reform and an investment plan to deal with a rapidly ageing population. The budget included $ 3.7 billion to reform the aged care system. Only $ 577 million of this is new funding spread across five years. $ 49.7 million has been allocated
296:
The surplus follows a projected $ 44 billion deficit for the 2011/12 financial year, up from the previous estimate of $ 36 billion. By abolishing the
Education Tax Refund and bringing forward payments to families into the 2011/12 fiscal year, the Government was able to forecast its surplus
407:
From July 2013, single, unemployed parents who claimed the parenting payment before 2007 will lose their parenting support payments when their youngest child turns eight, instead of the previous threshold of age sixteen. Welfare recipients who travel overseas for more than six weeks will have their
483:
The public dental waiting list is being targeted with an injection of $ 345 million to reduce the backlog. Also being introduced in the budget are measures to reduce the lack of dental healthcare professionals in rural and remote areas and the co-ordination of dental work for disadvantaged
440:
The budget is introducing the
Schoolkids Bonus, a replacement for the under-used Education Tax Refund. Under the scheme, eligible families are able to claim $ 820 for each high school student and $ 410 for each primary school student. The bonus is expected to assist 2.2 million families.
403:
The budget allocated $ 131.6 billion to social security and welfare spending. On 30 April 2012, Julia
Gillard announced the budget will fund the National Disability Insurance Scheme starting from July 2013. The scheme is planned to assist 10,000 people with significant and permanent
375:
The cost for managing asylum seeker boat arrivals has increased to $ 1.003 billion from an earlier estimate of $ 739 million. The number of asylum seekers entering
Australia by boat is currently at its highest level ever.
411:
1.5 million families will see an increase family tax benefits starting from 1 July. Other families will lose Family Tax
Benefit A because the eligibility age for children in this category is being reduced from 21 to under 18.
316:
Spot prices for iron ore, thermal coal and coking coal decreased by 15 to 35% since the budget was released in May. The update also showed the cost of processing asylum seekers has increased by $ 1.1 billion.
340:
collections. $ 1 billion has been lost to weak collections from superannuation funds and a further $ 750 million of revenue was lost due to lower than expected collections of customs and excise duties.
230:. The budget was described as a "battlers" budget with benefits geared towards families and low income earners. It forecast a surplus of $ 1.5 billion in the financial year ended 30 June 2013.
432:
has claimed there was an existing agreement based on an 80–20 funding split. The New South Wales state budget, which was handed down in June 2012, only allocated 20% of the cost for an upgrade.
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601:
241:. Swan was at pains to emphasise that the Bank would set rates independently. Swan had also stated it important for the confidence of sovereign debt investors following the
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328:
Before the budget was released Swan had warned that the government revenues would see a downgrade by $ 5 billion in both the 2012–13 and 2013–14 financial years.
1261:
1155:
359:. This will allow businesses to claim losses of up to $ 1 million against tax they have paid previously and will cost $ 700 million across three years.
300:
The 2011/12 expanded deficit moves the
Government's net debt position to 9.6% of GDP. Despite the spike in debt, the budget has not affected the nation's
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The inbound duty-free allowance for cigarettes and tobacco was reduced from 250 to 50 cigarettes, bringing savings of $ 600 million.
790:
723:
516:
was troubled by the debt ceiling being raised to $ 300 billion and said that a surplus was only the result of forward spending.
424:. The funding is being provided on the condition that a similar figure is spent on the highway by the New South Wales government.
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191:
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is being reduced by $ 255 million and the CSIRO is set to lose $ 25 million. Smaller cuts are also planned for the
467:
There is $ 214 million worth of funding for a number of international studies to select a new submarine to replace the
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500:$ 63 million is being provided to SBS for the production of a new free-to-air national Indigenous television channel.
249:
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304:
472:
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believes that targeted public expenditure was still needed to sustain the
Australian economy. Former Governor of the
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281:. The return to surplus has been criticised as a political imperative rather than an economic necessity. The
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More than $ 4 billion of spending on defence projects is being reduced or deferred. The purchase of 12
392:
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claimed the budget undermined businesses ability to make long-term investments. Jennifer Westacott at the
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345:
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252:(NDIS). Measures to improve public dental health care, one of the conditions of support made by the
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233:
The Gillard government emphasised the importance of returning the budget to a surplus so that the
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has dismissed the notion that delivering a surplus is critical, describing it as "a dud policy".
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with the Gillard government were addressed with more than $ 500 million worth of funding.
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128:
37:
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8:
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The budget will introduce a small business "loss carryback" option as recommended by the
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301:
238:
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444:$ 11.7 million worth of funding has been allocated for a one-off boost to the
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320:$ 1 billion will have to pay tax in monthly instalments instead of quarterly.
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has said the surplus was created by "cooking the books" and that it was confused.
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may be in a better position to cut interest rates and thereby generate positive
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420:$ 3.56 billion is being spent on the complete duplication of the
178:
336:$ 2 billion worth of lost tax revenue was due to a decline in
1262:"One Laptop per Child Australia scores $ 11.7m in federal budget"
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460:
will be delayed by two years and plans to equip the army with
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in Australia, which will provide laptops for 50,000 students.
1156:"Benefits boost for 1.5 million middle- income families"
588:"Swan Plans Savings With Australia Tax A$ 150 Billion Short"
344:
High income earners on $ 300,000 or more are to have their
1128:"Tough Love: Budget targets single parents to save $ 700m"
1207:
Bruce MacKenzie & Samantha Turnbull (12 June 2012).
492:
to support the national bowel cancer screening program.
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Budget Paper No. 1: Budget Strategy and Outlook 2012‑13
415:
214:
ended 30 June 2013 was presented on 8 May 2012 by the
503:
1499:"Federal Budget surplus a charade, says Tony Abbott"
1209:"State funds 20 per cent of Pacific Highway upgrade"
543:
990:
872:"Swan needs to save $ 10b to get budget in surplus"
1421:"2012–13 Commonwealth Budget – Budget at a Glance"
1235:"Families of school kids in line for budget boost"
898:"Swan still fishing around to find another $ 10bn"
617:
586:
1289:
1076:"Government's welfare budget costs $ 5000 a head"
896:Peter Martin & Amy Corderoy (30 April 2012).
870:Peter Martin & Amy Corderoy (30 April 2012).
495:
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1101:"Government to fund disability insurance scheme"
1050:"Budget a 'lost opportunity' for infrastructure"
226:presented by Swan, and the second budget of the
348:contributions taxed at 30% instead of 15%. The
1318:"Rethink of Defence projects to save billions"
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765:"Swan wields axe to protect shrinking surplus"
398:
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620:"Budget drills deep to shorten dental queues"
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1344:"Back to black as Swan budgets for the boom"
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698:"Fraser takes aim at both sides of politics"
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475:are to be trimmed over the next four years.
671:"Support economy, not surplus: accountants"
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1473:"SBS gets funds for Indigenous TV channel"
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1447:"Dental, aged care focus of health budget"
1315:
1183:"Funding clash looms over Pacific Highway"
1047:
817:"Swan's tax shakeup puts business offside"
47:. Please do not remove this message until
1396:"Aged-care overhaul protects family home"
645:"Labor values centre of budget: Bradbury"
67:Learn how and when to remove this message
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43:Relevant discussion may be found on the
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1369:"Stringent budget will show some teeth"
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863:
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1018:"Fresh blowout in asylum seeker costs"
993:"Federal budget – what we know so far"
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984:
964:"Budget gifts mining boom to families"
957:
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953:
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814:
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1523:
1479:. Australian Broadcasting Corporation
1215:. Australian Broadcasting Corporation
1024:. Australian News Channel. 8 May 2012
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756:
724:"Gillard defends budget surplus plan"
613:
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604:from the original on 18 January 2013.
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277:The budget was expected to produce a
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1435:
1413:
1387:
1253:
1036:
915:
860:
834:
416:Infrastructure, transport and energy
250:National Disability Insurance Scheme
248:The budget set up funding for a new
17:
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1361:
1335:
1309:
1280:
1227:
1200:
1174:
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1119:
1093:
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1010:
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946:
929:"Budget measures already announced"
889:
808:
782:
689:
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264:were both introduced in July 2012.
187:Numbers in italics are projections.
13:
991:Madeleine Heffernan (7 May 2012).
753:
715:
608:
578:
504:Opposition and crossbench response
471:. 1,000 civilian positions at the
365:
283:Institute of Chartered Accountants
14:
1778:
618:Stephanie Peatling (6 May 2012).
585:Fickling, David (29 April 2012).
179:http://www.budget.gov.au/2012-13/
83:Australian federal budget 2012–13
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1290:Brendan Nicholson (4 May 2012).
843:"Independents' budget hard line"
789:Peter Martin (20 October 2012).
546:
88:
22:
1394:James Massola (20 April 2012).
841:Lauren Wilson (30 April 2012).
791:"Budget shock: $ 21b shortfall"
389:National Film and Sound Archive
381:Australian Bureau of Statistics
1074:Phillip Hudson (10 May 2012).
741:
722:Paul Osborne (18 April 2012).
496:Community services and culture
323:
208:2012 Australian federal budget
1:
1292:"$ 4bn stripped from Defence"
1181:Sean Nicholls (10 May 2012).
962:Jessica Wright (8 May 2012).
927:Jessica Wright (7 May 2012).
572:
533:Business Council of Australia
169:$ 1.5 billion (Forecast)
1767:May 2012 events in Australia
519:
435:
426:Minister for Roads and Ports
393:National Museum of Australia
310:
267:
7:
1445:Julian Drape (8 May 2012).
1260:Rohan Pearce (9 May 2012).
696:Stephen Long (1 May 2012).
539:
399:Social security and welfare
385:Australian National Library
331:
305:international credit rating
181:2012–13 Commonwealth Budget
49:conditions to do so are met
10:
1783:
815:Cullen (23 October 2012).
763:Cullen (22 October 2012).
451:
350:Minerals Resource Rent Tax
272:
262:Minerals Resource Rent Tax
243:2007–2008 financial crisis
1706:
1640:
1589:
1578:
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1551:Australian federal budget
1471:Tony Allan (8 May 2012).
1316:Sabra Lane (3 May 2012).
1187:The Sydney Morning Herald
1048:Tony Moore (9 May 2012).
902:The Sydney Morning Herald
876:The Sydney Morning Herald
728:The Sydney Morning Herald
675:The Sydney Morning Herald
649:The Sydney Morning Herald
529:Australian Industry Group
478:
287:Reserve Bank of Australia
235:Reserve Bank of Australia
212:Australian financial year
185:
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562:Australian national debt
469:Collins class submarines
462:self-propelled artillery
1757:2012 government budgets
1423:. Australian Government
489:Productivity Commission
487:A 2011 report from the
109:Parliament of Australia
216:Treasurer of Australia
129:Australian Labor Party
1342:Cullen (8 May 2012).
1126:Benson (3 May 2012).
473:Department of Defence
464:have been cancelled.
458:Joint Strike Fighters
1268:. IDG Communications
567:Economy of Australia
446:One Laptop Per Child
159:$ 376.3 billion
149:$ 376.1 billion
1708:Albanese Government
1650:Morrison Government
1213:ABC North Coast NSW
1132:The Daily Telegraph
1080:The Daily Telegraph
84:
36:of this article is
1762:Gillard government
1752:Australian budgets
1451:The Canberra Times
1022:Sky News Australia
624:The Canberra Times
408:payments reduced.
371:General government
239:consumer sentiment
228:Gillard government
155:Total expenditures
79:
1747:2012 in Australia
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1559:Howard Government
508:Shadow treasurer
254:Australian Greens
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379:Funding for the
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1107:. 30 April 2012
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366:Expenditure mix
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1716:2022 (October)
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