The Federal Government has delivered on its promise to bring the Budget back to black, delivering a $1.5 billion surplus.

 

The Government delivered its first surplus in the last four years, with the key announcements as follows:

  • $3.2 billion over five years for aged care, including initiatives including measures to double home care assistance and improve pay and conditions of aged care workers
  • $3.56 billion injection into the Nation Building Program, which, if matched by the NSW Government, could see the completion of the full duplication of the Pacific Highway by the end of 2016.
  • $475 million for 76 key health infrastructure projects
  • $1.1 billion over the next four years to assist people who receive income support allowance payments better manage unexpected cost of living expenses.
  • $1 billion in spending over four years to start the roll out of the first stage of the National Disability Insurance Scheme (NDIS).
  • $1.72 billion for the 2012-13 year for science and innovation, with an additional $126 million for research in universities
  • 54 million package to improve standards of science and maths teaching in Australian schools.
  •  $40 million in spending over four years to soften the blow of the newly unemployed and assist in making the most of savings while looking for a new job or studying.
  • Changes to the eligibility for Family Tax Benefit Part A to help target family payments
  • $350 million in funding to assist irrigation infrastructure reform in the Murray Darling Basin, sourced from existing funds.

 

Cuts announced were:

  • Scrapping the 1 per cent company tax to help fund the Government’s $3.6 billion package for low and middle income families and small businesses
  • An estimated $5 billion to be cut from Defence.

The Budget papers are available here.