Australian Treasurer Wayne Swan has fulfilled Labor’s pledge to turn a $37 billion deficit into a slender $1.5 billion surplus in tonight’s budget announcement.
The 2012/2013 Australian Budget, handed down tonight, will support jobs to the everyday Australians, Treasurer Swan says.
Earlier today, Mr Swan told a press conference that by “Coming back to surplus is about making sure we help those people sitting around the kitchen table when they are figuring out how they will make ends meet.”
The biggest area of savings in the budget is defence, with $5.4 billion to be cut over the next fours years, including $966 million this financial year.
Some of the revenue destined for the company tax cut will instead flow to families, with a $1.8 billion tax break package for families at its centre.
Parents with school children will receive up to $820 extra a year for high school students, or $410 for primary pupils, under changes to the education tax refund.
The budget also kickstarts the government’s National Disability Insurance Scheme with $1 billion committed to the program over the next four years, with $84 million for this year.
Australian’s dental health will also get a boost with $515 million to help reduce public dental waiting lists and entice dentists to regional, rural and remote areas.
Australians earning less than $80,000 a year will also receive a modest tax cut, while from July 1 the tax-free threshold will be tripled to $18,200 meaning nearly a million Australians will no longer need to file a tax return. This is part of the government’s carbon tax scheme.
Unlike big business, small businesses will receive some relief as they will be able to offset tax losses of up to $1 million against previous years
