2009 Australian federal budget: Difference between revisions
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There were many alledgedly planned [[leak]]s which released a number of headline details and bad news in the weeks beforehand.<ref>{{cite web|url=http://www.abc.net.au/am/content/2008/s2564238.htm|last=Lane|first=Sabra|title=AM - Private health insurance rebate to be cut|work=AM|publisher=Australian Broadcasting Corporation|date=2009-05-08|accessdate=2009-05-09}}</ref><ref>{{cite web|url=http://business.theage.com.au/business/angst-in-health-care-as-budget-passes-by-20090505-atyo.html|title=Angst in health care as budget passes by|date=2009-05-06|first=Ari|last=Sharp|work=The Age|publisher=Fairfax|accessdate=2009-05-09}}</ref><ref>{{cite web|url=http://www.brisbanetimes.com.au/national/heavy-rail-freight-link-for-brisbane-report-20090509-ayj3.html|title=Heavy rail freight link for Brisbane: report|author=AAP|work=Brisbane Times|publisher=Fairfax|date=2009-05-09|accessdate=2009-05-09}}</ref><ref>{{cite news|url=http://www.theaustralian.news.com.au/story/0,25197,25459128-5013871,00.html|title=Wait on for paid parental leave | The Australian|last=Karvelas|first=Patricia|date=2009-05-11|work=The Australian|publisher=News Limited|accessdate=2009-05-11}}</ref> |
There were many alledgedly planned [[leak]]s which released a number of headline details and bad news in the weeks beforehand.<ref>{{cite web|url=http://www.abc.net.au/am/content/2008/s2564238.htm|last=Lane|first=Sabra|title=AM - Private health insurance rebate to be cut|work=AM|publisher=Australian Broadcasting Corporation|date=2009-05-08|accessdate=2009-05-09}}</ref><ref>{{cite web|url=http://business.theage.com.au/business/angst-in-health-care-as-budget-passes-by-20090505-atyo.html|title=Angst in health care as budget passes by|date=2009-05-06|first=Ari|last=Sharp|work=The Age|publisher=Fairfax|accessdate=2009-05-09}}</ref><ref>{{cite web|url=http://www.brisbanetimes.com.au/national/heavy-rail-freight-link-for-brisbane-report-20090509-ayj3.html|title=Heavy rail freight link for Brisbane: report|author=AAP|work=Brisbane Times|publisher=Fairfax|date=2009-05-09|accessdate=2009-05-09}}</ref><ref>{{cite news|url=http://www.theaustralian.news.com.au/story/0,25197,25459128-5013871,00.html|title=Wait on for paid parental leave | The Australian|last=Karvelas|first=Patricia|date=2009-05-11|work=The Australian|publisher=News Limited|accessdate=2009-05-11}}</ref> |
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==Key initiatives== |
==Key initiatives, at a glance== |
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*A pension increase of $32.49 per week for singles and $10.14 per week combined for couples on the full rate. |
*A pension increase of $32.49 per week for singles and $10.14 per week combined for couples on the full rate. |
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*A 50% small business tax break for eligible assets. |
*A 50% small business tax break for eligible assets. |
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*Starting in 2011, there will be an 18-week [[minimum wage]] [[parental leave]]. |
*Starting in 2011, there will be an 18-week [[minimum wage]] [[parental leave]]. This paid parental leave scheme will be for 18 weeks at $544 a week. |
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*Extending the "First Home Owners Boost" for an extra 6 months. |
*Extending the "First Home Owners Boost" for an extra 6 months. |
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*The government contribution to 100 drugs on the Pharmaceutical Benefits Scheme will be reduced. |
*The government contribution to 100 drugs on the Pharmaceutical Benefits Scheme will be reduced. |
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*$22 billion on roads, rail, ports and clean energy |
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*First home owners grant boost to be extended for another six months, but at a reduced rate after three. <ref>http://www.abc.net.au/news/events/budget2009/</ref> |
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*Private health insurance rebate to be means tested for singles earning over $75,000 and couples earning over $150,000. |
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*Family tax benefits to be frozen at current for three years |
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*$2.7 billion for higher education, research and innovation |
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*Savings of $22.6 billion over four years i nvarious sectors of the budget. |
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==Outlined future policies== |
==Outlined future policies== |
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Revision as of 06:04, 13 May 2009
| Parliament | 42nd |
|---|---|
| Treasurer | Wayne Swan |
| Total revenue | A$290.6 billionǂ[1] |
| Total expenditures | A$338.2 billion[1] |
| Deficit | A$57.6 billion[1] |
| Website | http://www.budget.gov.au/2009-10/content/overview/html/index.htm Australian Budget 2009-2010 |
| ǂNumbers in italics are projections.
‹ 2008 2010› | |
The 2009 to 2010 budget was released at 7.30pm AEST, Tuesday 12 May 2009 by the Treasurer of Australia, Wayne Swan, on behalf of the Rudd Government.[2] Swan has commented that the budget will be tougher than in previous years, commenting "Projected government revenue has fallen by $200 billion since the last budget because of the global economic crisis."[3]
There were many alledgedly planned leaks which released a number of headline details and bad news in the weeks beforehand.[4][5][6][7]
Key initiatives, at a glance
- The government will invest more than $22 billion for "Nation Building Infrastructure" in rail, road, port, university and hospital projects. Also included is the "Clean Energy Initiative" and the "National Broadband Network".
- A pension increase of $32.49 per week for singles and $10.14 per week combined for couples on the full rate.
- A 50% small business tax break for eligible assets.
- Starting in 2011, there will be an 18-week minimum wage parental leave. This paid parental leave scheme will be for 18 weeks at $544 a week.
- Extending the "First Home Owners Boost" for an extra 6 months.
- Honouring the promised tax cuts.
- Budget savings of $22.6 billion over four years, including through vital structural reform.
- Breaking a long-standing promise, the private health insurance rebate will be means-tested for middle and high-income earners.
- The government contribution to 100 drugs on the Pharmaceutical Benefits Scheme will be reduced.
- $22 billion on roads, rail, ports and clean energy
- First home owners grant boost to be extended for another six months, but at a reduced rate after three. [9]
- Private health insurance rebate to be means tested for singles earning over $75,000 and couples earning over $150,000.
- Family tax benefits to be frozen at current for three years
- $2.7 billion for higher education, research and innovation
- Savings of $22.6 billion over four years i nvarious sectors of the budget.
Outlined future policies
- The qualifying age for the Age Pension will be progressively increased to 67 years by 2023, reflecting increases in life expectancy, and consistent with international trends.[10]
Reception
The budget has been generally well received by media and economic commentators. However, there were few headline details not previously leaked, the deficit and the spending cuts or tax increases were not as bad as we were lead to believe, the future of the world economy seems to be optimistically projected, and it was noted the Treasurer never mentioned the deficit figure in the budget speech.
The Opposition "right of reply"
On Thurdsay 14 May 2009 the current Leader of the Opposition will deliver the "right of reply" speech in Parliament that is also broadcast on live TV.
References
- ^ a b c "2009-10 Commonwealth Budget - Overview". 2009-10 Commonwealth Budget. Commonwealth of Australia. 2009. p. p. 34. Retrieved 2009-05-12.
{{cite web}}:|page=has extra text (help) - ^ "Budget website". Australian Government. Retrieved 2009-05-09.
- ^ http://business.smh.com.au/business/swan-says-revenue-200b-short-20090506-audr.html
- ^ Lane, Sabra (2009-05-08). "AM - Private health insurance rebate to be cut". AM. Australian Broadcasting Corporation. Retrieved 2009-05-09.
- ^ Sharp, Ari (2009-05-06). "Angst in health care as budget passes by". The Age. Fairfax. Retrieved 2009-05-09.
- ^ AAP (2009-05-09). "Heavy rail freight link for Brisbane: report". Brisbane Times. Fairfax. Retrieved 2009-05-09.
- ^ Karvelas, Patricia (2009-05-11). "Wait on for paid parental leave". The Australian. News Limited. Retrieved 2009-05-11.
{{cite news}}: Text "The Australian" ignored (help) - ^ "2009-10 Commonwealth Budget - Overview". 2009-10 Commonwealth Budget. Commonwealth of Australia. 2009. Retrieved 2009-05-12.
- ^ http://www.abc.net.au/news/events/budget2009/
- ^ a b Swan, Wayne (2009-05-12). "Budget Speech 2009-10". Budget Speech 2009-10. Commonwealth of Australia. Retrieved 2009-05-12.
External links
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