Quick Snapshot of the Federal Government Budget 2012-13

Treasurer Wayne Swan has handed down his fifth federal budget at Parliament House in Canberra tonight. Here is a snapshot of the major points.

  • Treasurer Wayne Swan’s fifth budget has delivered a surplus of $1.5 billion from a $44 Billion deficit in 2011- 12
  • Total income from tax receipts in 2012-13 – $343 billion.
  • 35% of total expenses of the government are social security and welfare spending.
  • Government revenues down about $150 billion since start of the global financial crisis
  • Commitment to lift spending on foreign aid to 0.5 per cent of gross national income to be met a year later than promised. $2.9 billion saved over four years.

Some aid groups are warning UN seat is in doubt after decision to defer o/s direct aid committment by 1yr

  • Tax rate on superannuation contributions doubled from 15 to 30 per cent for people earning more than $300,000 a year
  • Tax cuts for small business promised under the mining tax redirected to households because measures unable to garner enough support to pass Parliament – $4.75 billion saved
  • $2.5 billion saved by changes to Medicare levy surcharge and means-testing of private health insurance rebate;
  • Planned tax breaks for green buildings will not proceed, saving $405 million over the forward estimates
  • $923 million saved over forward estimates by scrapping of 50 per cent discount on interest income
  • $2 billion saved by not proceeding with standard tax deduction on work-related expenses that was due to begin in July 2013
  • $1,000 payment to companies for each worker they hire aged over 50 for at least three months
  • $700 million over four years to allow small businesses to “carry back” past profits to offset current losses by up to $1 million
  • $515 million to treat 400,000 people on the public dental waiting list and to help dentists relocate to rural and remote areas
  • $1 billion over four years to roll out the first stage of a National Disability Insurance Scheme expected to cover 10,000 people from 2013-14 and 20,000 people from 2014-15
  • 100,000 single parents affected by cutbacks to parenting payments and shifting single unemployed parents onto Newstart.
  • $29 estimated carbon price per tonne for 2015-16
  • $4.02 billion is the expected revenue from Carbon Pricing in 2012-13
  • 1.1 million families to receive at least $300 extra a year due to Family Tax Benefit A increase.

Categories: Australian, Current Affairs, Political Commentary or Thoughts, Uncategorized

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