What I got in the budget

[Gob]

KEY INITIATIVES OF THE 2011‑12 BUDGET

Getting the budget back in the black

Despite the challenges posed by recent natural disasters, the Budget remains on track for a surplus in 2012‑13
To avoid compounding the pressures associated with the unprecedented mining investment boom, the Government has made the difficult decisions necessary to deliver $22 billion in savings
The return to surplus represents the fastest fiscal consolidation in at least forty years

Building Australia's Future Workforce

$558 million to deliver tailored, quality training places through the National Workforce Development Fund
Ambitious reform of the vocational education and training system, with a further $1.75 billion on offer to partner with the States and Territories
A range of measures to boost participation, by rewarding work, providing new opportunities through training, education and services, and introducing new requirements for some groups

Infrastructure

$36 billion in investment in roads, rail and ports, including $1 billion in funding for the duplication of the Pacific Highway
Removing tax impediments to infrastructure investment

Better hospitals and health care

Delivering on the commitment to provide at least $16.4 billion in additional hospital growth funding guaranteed to the states from 2014‑15
$2.2 billion over five years delivering on national mental health reform
$717 million to expand access to diagnostic imaging services and make medicines more affordable
$53 million to improve access to public dental services, particularly for people on low incomes

Making every school a great school

$425 million to reward top performing teachers
$200 million to support school students with disability
$222 million to extend the National School Chaplaincy program

Helping families and low income earners

Bringing forward up to $300 per year of the Low Income Tax Offset into pay packets
Increasing the Family Tax Benefit Part A for teenagers by up to $4,208 per year, with more flexible access arrangements
Maximum pensions are $128 per fortnight higher for singles and $116 for couples since pension reforms began in September 2009

Investing in our regions and our businesses

Delivering for our regions, with $4.3 billion in investments in regional hospitals, health care, universities and roads
Supporting small businesses, through tax relief and simplification
Linking Australian suppliers and manufacturers to opportunities in the resources sector through the Buy Australian at Home and Abroad package


http://www.budget.gov.au/2011-12/conten ... atives.htm

Reasonable and not too risky. But best of all, from a purely selfish point of view..

$492 million for prevention and early intervention mental health services for children and young people

Guess who is working at the sharp end of early intervention?

[Scooter]

Fuck me, when can I move there?

I shudder to think of what's going to be in our new government's budget now that they have a majority - it's going to be a slash and burn to try to get down the deficit.

Oh yeah, and to pay for the new fighter jets and prisons.

[dgs49]

Seems like half of a new story to me (only spending, not revenue).

There is a hint that new revenues from the "mining boom" may have played a role in the balancing of the budget.

We couldn't do that here. The Administration won't let us exploit our natural resources. They talk like they will, but in fact they throw up roadblocks to every viable avenue.

[Gob]

Here you go dgs;

The Gillard government has upheld its commitment to return to a budget surplus in fiscal 2013, despite raising its deficit forecasts for the next two years.

The government expects the deficit for the current financial year to reach $49.4 billion, or 3.6 per cent of gross domestic product (GDP), up from $41.5 billion forecast in November's mid-year outlook.

Economists had forecast a deficit of about $50 billion for 2011.

The deficit is expected to narrow to $22.6 billion in fiscal 2012, or 1.5 per cent of GDP – close to double the government's previous forecast of $12.3 billion – before returning to a surplus of $3.5 billion in fiscal 2013.

Surpluses of $3.7 billion and $5.8 billion are projected for fiscal years 2014 and 2015.

But the impact of this summer's spate of natural disasters - both home and abroad, a strong Australian dollar, and a patchy economy has taken its toll, wiping $16 billion off government tax receipts over both this year and next.

This has resulted in even deeper budget deficits in the near term than forecast in November.

"We'll be back in the black by 2012/13, on time, as promised," Mr Swan told parliament on handing down his fourth budget.

"The alternative - meandering back to surplus - would compound the pressures in our economy and push up the cost of living for pensioners and working people."

WORK AND TRAINING:

. A $3 billion training package is the centrepiece of plans to greatly expand Australia's skilled workforce

. A new program, Building Australia's Future Workforce, aims to help industries to get more skilled workers, modernise apprenticeships and encourage more Australians into work

. Industry is at the centre of a $558 million National Workforce Development Fund tasked with delivering 130,000 new training places over four years

. The needs of industries and regions are addressed through a $101 million national mentoring program to help 40,000 apprentices finish training. The Government is also spending $100 million on more flexible training models for apprenticeships

. Up to $1.75 billion has been allocated to reforms of the vocational education and training system

. The Government will fund 30,000 more places in the language, literacy and numeracy program to provide basic skills essential for a job

HEALTH:

. In health care, an extra $3.4 billion over four years has been provided for emergency departments, elective surgery and 1300 sub-acute hospital beds.

. Hospitals and health care in the regions will get $1.8 billion

. New funding of $717 million over five years will expand access to diagnostic imaging services and make new medicines and immunisations more affordable

. An extra $53 million will improve access to public dental services

. $2.2 billion has been set aside for mental health services

EDUCATION:

. In education, $425 million has been allocated to reward top performing teachers and $18 million to provide new pathways into a teaching career

. Disabled school students benefit from a $200 million investment and the National School Chaplaincy program will be extended

. Extra support will be provided for families with kids at school - from July this year up to a further $300 a year of the Low Income Tax Offset will be delivered into pay packets, rather than at the end of the year

NATURAL DISASTERS:

. The floods and Cyclone Yasi have cost the economy $9 billion in lost output. Treasurer Wayne Swan last night announced a deficit of $22.6 billion for 2011-12

. More than $4.7 million is being provided to help those affected by the Queensland floods, including $206 million to help local governments restore utilities and transport infrastructre

. $950 million will provided to areas affected by Cyclone Yasi

IMMIGRATION:

. For the first time, 16,000 skilled migration places are earmarked for regional Australia

* 800 boat refugees will be transferred to Malaysia

* We will accept 4000 genuine refugees now in Malaysia

* $7 million will be spent to support the voluntary return of asylum seekers to their country of origin

TAXATION:

. Under the plans to get more people into work, tax rates will be cut for 50,000 single parents by up to 20c in the dollar, $80 million will be invested in their skills and more parents with high school kids will be moved on to job search payments

. To remove tax breaks that encourage people without kids to stay at home, the Dependent Spouse Tax Offset will be phased out starting with partners aged under 40

. To remove incentives for young people to leave study for the dole queue, Earn or Learn requirements will be extended to 21-year-olds and new pathways created to fulltime employment for early school leavers

THE UNEMPLOYED:

. To get the long term unemployed into work, $233 million will be invested in new support programs and 35,000 targeted wage subsidies. This encourages employers to hire those who have not worked for more than two years

DISABILITIES:

. To slow the growth of Disability Support Pension numbers and get more people into work, the Government will bring forward "strict" new work tests, updating the definition of incapacity, introducing new requirements for younger recipients, providing more wage subsidies and allowing more hours to be worked before payments are suspended

. $200 million will be spent to support disabled school students

* $11.3 million will be invested over three years to provide wage subisides to employers to help those with a disability gain paid employment.

TEEN PARENTS:

. Participation plans will be introduced for teen parents, new requirements for jobless families and more support for local and regional employment

SENIORS:

. For seniors the work bonus will allow an extra $125 per week of earned income before their pensions are affected

TRANSPORT:

$36 billion will be invested in roads, rail and ports, including $1 billion in funding for the duplication of the Pacific Highway

REGIONAL AUSTRALIA:

. Regional Australia is helped with $4.3 billion of investments in hospitals, health care, universities and roads

SMALL BUSINESS:

. From July 1, 2012 small businesses will be allowed to write-off assets below $5000 - the first $5000 of the cost of a vehicle can be written off immediately as well

FAMILIES:

. Family Tax Benefit Part A will be increased for older teens by up to $4208 a year

. The Government will allow payment advances of up to $1000 for Family Tax Benefit Part A recipients to meet unexpected expenses and give parents greater choice in when they receive child care support

CLIMATE CHANGE:

. As previously announced, the Government will put a price on carbon to drive investment in clean energy.

. Details of the carbon price and its impact were not included in this budget - but will be reported in the next budget after the scheme's design has been finalised

. Households will receive "generous" assistance to meet the costs passed on - more than 50 per cent of the revenue will be used to assist households

DEFENCE:

* $1.5 billion will be spent to bolster international security in the Asia Pacific region

* $32 million will be invested to establish a Civilian Corps Rapid Deployment Fund for quick disaster and conflict response

* $177 million will be invested in a Bay Class amphibious ship, Largs Bay

* $252 million will be spent on a new C-17 Globemaster aircraft to support Australia's efforts in Afghanistan

PRISONERS OF WAR:

. Prisoners of war from World War II and the Korean War are recognised with an extra payment of $500 a fortnight from September 20, 2011

http://www.dailytelegraph.com.au/the-fe ... 6053509550

[dgs49]

I still don't get it. They are spending like crazy on new programs, and next-to-nothing is being said about where the additional money is coming from.

Sounds like VooDoo economics to me.

I'm not saying it's not true, I just don't understand how it works.

[Scooter]

See this pie chart for a breakdown of revenues and expenses.

Note also that GDP growth is forecast at 4% for 2011-12 and 3.75% for 2012-13.

[Gob]

It's about priorities also, compare military and health spendings in Aus vs USA.