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The 2012 - 2013 Federal Budget
Introduction
The 2012 – 2013 federal budget was announced by treasurer Wayne Swan on the 8th of May 2012. The Federal budget is announced every year and it states how the government will raise revenue and its use in expenditure to benefit the economy. Despite the significant deficit on last year’s budget, Wayne Swan has committed to generate a small $1.5 Billion surplus. Big spending cuts in defense, foreign affairs, welfare, pharmaceuticals and the public service have helped the government reach its long-held goal of a return to surplus in 2012-2013
How Revenue Will Be Raised in the Next Year
To keep the surplus promise, Wayne Swan had to break other promises.
The Government has announced it will no longer proceed with the following measures that were previously announced as policy:
• 1% company tax cut to 29%. Saves $4.6 Billion
• 50% discount for first $1,000 of interest income. Saves $795 Million
• Standard Deduction for Work Related Expenses. Saves $2 Billion
The big numbers that have helped the government raise surplus are stated in the following:
For high income earners, individuals earning more than $300,000 a year will have the tax on their superannuation contributions doubled from 15% to 30% in a move estimated to bring in an additional $1 Billion.
Australian foreign aid will continue to grow but at a reduced rate, saving $3 Billion
Cuts in in military will be expected to save nearly $5 Billion.
Recent carbon tax pricing which is estimated to be $4 Billion
The new mining tax which is worth $3 Billion
The winding back of the school building program worth about $13 Billion www.abc.net.au/news/2012-05-08/budgets-winners-and.../3998972 What it will be spent on http://www.budget.gov.au/2012-13/content/at_a_glance/html/at_a_glance.htm
Families
While Wayne Swan is taking with one hand he is giving with the other. Revenue from the Minerals Resource Rent Tax will: increase family payments by $1.8
Introduction
The 2012 – 2013 federal budget was announced by treasurer Wayne Swan on the 8th of May 2012. The Federal budget is announced every year and it states how the government will raise revenue and its use in expenditure to benefit the economy. Despite the significant deficit on last year’s budget, Wayne Swan has committed to generate a small $1.5 Billion surplus. Big spending cuts in defense, foreign affairs, welfare, pharmaceuticals and the public service have helped the government reach its long-held goal of a return to surplus in 2012-2013
How Revenue Will Be Raised in the Next Year
To keep the surplus promise, Wayne Swan had to break other promises.
The Government has announced it will no longer proceed with the following measures that were previously announced as policy:
• 1% company tax cut to 29%. Saves $4.6 Billion
• 50% discount for first $1,000 of interest income. Saves $795 Million
• Standard Deduction for Work Related Expenses. Saves $2 Billion
The big numbers that have helped the government raise surplus are stated in the following:
For high income earners, individuals earning more than $300,000 a year will have the tax on their superannuation contributions doubled from 15% to 30% in a move estimated to bring in an additional $1 Billion.
Australian foreign aid will continue to grow but at a reduced rate, saving $3 Billion
Cuts in in military will be expected to save nearly $5 Billion.
Recent carbon tax pricing which is estimated to be $4 Billion
The new mining tax which is worth $3 Billion
The winding back of the school building program worth about $13 Billion www.abc.net.au/news/2012-05-08/budgets-winners-and.../3998972 What it will be spent on http://www.budget.gov.au/2012-13/content/at_a_glance/html/at_a_glance.htm
Families
While Wayne Swan is taking with one hand he is giving with the other. Revenue from the Minerals Resource Rent Tax will: increase family payments by $1.8