2011 Australian federal budget: Difference between revisions
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The '''2011 to 2012 Australian Federal Budget''' was released on the 10th of May 2011, which featured the theme of '''Providing Opportunity, Demanding Responsibility'''<ref>http://www.smh.com.au/business/federal-budget/treasurer-wayne-swans-budget-speech-20110510-1eh8z.html</ref> |
The '''2011 to 2012 Australian Federal Budget''' was released on the 10th of May 2011, which featured the theme of '''Providing Opportunity, Demanding Responsibility'''.<ref>http://www.smh.com.au/business/federal-budget/treasurer-wayne-swans-budget-speech-20110510-1eh8z.html</ref> Treasurer [[Wayne Swan]] delivered an address to the House of Representatives outlining major initiatives and programmes of the budget. The Gillard Government’s first federal budget aims to return the [[Economy of Australia|Australian economy]] to surplus by 2012-2013, as promised during the [[2010 Australian federal election]]. |
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==Total receipts== |
==Total receipts== |
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[[File:Revenue2011.png|thumb|Pie graph showing revenue as reported in the 2011-12 Australian federal budget]] |
[[File:Revenue2011.png|thumb|Pie graph showing revenue as reported in the 2011-12 Australian federal budget]] |
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Total expenses for 2011-2012 is expected to be $365.8 billion, which is an increase of 1.0 percent from estimated expenses as reported by the Mid-Year Economic and Fiscal Outlook 2010-2011. |
Total expenses for 2011-2012 is expected to be $365.8 billion, which is an increase of 1.0 percent from estimated expenses as reported by the Mid-Year Economic and Fiscal Outlook 2010-2011. |
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===Revenue Summary=== |
===Revenue Summary=== |
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*$150,890 million - Individuals Income Tax |
*$150,890 million - Individuals Income Tax |
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==Spending and Expenditures == |
==Spending and Expenditures == |
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[[File:2011budgetspending.png|thumb|Pie graph showing expenditures in the 2011-12 Australian federal budget]] |
[[File:2011budgetspending.png|thumb|Pie graph showing expenditures in the 2011-12 Australian federal budget]] |
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==Significant Cuts== |
==Significant Cuts== |
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Many significant cuts were made by the Australian Government in the 2011-12 federal budget. The government will phase out the dependent spouse tax offset, which will save $755 million. $1.1 billion dollars will be saved from increasing the public sector efficiency dividend, while $470 million will be saved by removing access to the Low Income Tax Offset for the unearned income of minors. |
Many significant cuts were made by the Australian Government in the 2011-12 federal budget. The government will phase out the dependent spouse tax offset, which will save $755 million. $1.1 billion dollars will be saved from increasing the public sector efficiency dividend, while $470 million will be saved by removing access to the Low Income Tax Offset for the unearned income of minors. |
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===Welfare=== |
===Welfare=== |
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Before the release of the federal budget, speculation was arising about crackdowns on the welfare system. On the 5th of May 2011, Prime Minister Gillard announced a proposal to force teenage mothers back into secondary education on or before their child turns one. If the mothers refused to return to their appropriate schooling, their social security payments would be cut. The Prime Minister defends the policy by saying that those recipients are at a lifetime of disadvantage if they do not return to school by the required time. |
Before the release of the federal budget, speculation was arising about crackdowns on the welfare system. On the 5th of May 2011, Prime Minister Gillard announced a proposal to force teenage mothers back into secondary education on or before their child turns one. If the mothers refused to return to their appropriate schooling, their social security payments would be cut. The Prime Minister defends the policy by saying that those recipients are at a lifetime of disadvantage if they do not return to school by the required time.<ref>http://www.theaustralian.com.au/national-affairs/toughen-rules-on-teenage-mums/story-fn59niix-1226050764546</ref> |
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The Gillard Government’s first budget has been strongly based on the changes to the welfare system. In a push to put more people in work and to lower unemployment by refining who is a worthy recipient of welfare and better targeting of family payments. This will provide savings of approximately $2 billion. Higher income earners will lose more than $5 billion in welfare benefits and concessions. |
The Gillard Government’s first budget has been strongly based on the changes to the welfare system. In a push to put more people in work and to lower unemployment by refining who is a worthy recipient of welfare and better targeting of family payments. This will provide savings of approximately $2 billion. Higher income earners will lose more than $5 billion in welfare benefits and concessions. |
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{{Reflist}} |
{{Reflist}} |
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==External links== |
==External links== |
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*[http://www.budget.gov.au Official budget website] |
*[http://www.budget.gov.au Official budget website] |
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{{Australian federal budget}} |
{{Australian federal budget}} |
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{{DEFAULTSORT:2011 Australian Federal Budget}} |
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[[Category:2011 in Australia]] |
[[Category:2011 in Australia]] |
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[[Category:Australian Labor Party]] |
[[Category:Australian Labor Party]] |
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[[Category: |
[[Category:Politics of Australia]] |
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[[Category:Australian budgets]] |
[[Category:Australian budgets]] |
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Revision as of 22:00, 17 May 2011
 | This article may need to be rewritten to comply with Wikipedia's quality standards. (April 2009) |
| Parliament | 43rd |
|---|---|
| Treasurer | Wayne Swan |
| Deficit | TBA |
| Debt | $6.2 trillion |
| Website | http://www.budget.gov.au/ |
|
2012› | |
The 2011 to 2012 Australian Federal Budget was released on the 10th of May 2011, which featured the theme of Providing Opportunity, Demanding Responsibility.[1] Treasurer Wayne Swan delivered an address to the House of Representatives outlining major initiatives and programmes of the budget. The Gillard Government’s first federal budget aims to return the Australian economy to surplus by 2012-2013, as promised during the 2010 Australian federal election.
Total receipts
Total expenses for 2011-2012 is expected to be $365.8 billion, which is an increase of 1.0 percent from estimated expenses as reported by the Mid-Year Economic and Fiscal Outlook 2010-2011.
Revenue Summary
- $150,890 million - Individuals Income Tax
- $3,760 million - Fringe Benefits taxation
- $9,330 million - Superannuation taxation
- $76,650 million - Company and petroleum resource rent taxation
- $51,900 million - Sales taxes
- $17,180 million - Petroleum excise
- $9,150 million - Other excise
- $7,520 million - Customs Duty
- $2,867 million - Other taxation
- $20,714 million - Non-tax revenue
Spending and Expenditures
Significant Cuts
Many significant cuts were made by the Australian Government in the 2011-12 federal budget. The government will phase out the dependent spouse tax offset, which will save $755 million. $1.1 billion dollars will be saved from increasing the public sector efficiency dividend, while $470 million will be saved by removing access to the Low Income Tax Offset for the unearned income of minors.
Welfare
Before the release of the federal budget, speculation was arising about crackdowns on the welfare system. On the 5th of May 2011, Prime Minister Gillard announced a proposal to force teenage mothers back into secondary education on or before their child turns one. If the mothers refused to return to their appropriate schooling, their social security payments would be cut. The Prime Minister defends the policy by saying that those recipients are at a lifetime of disadvantage if they do not return to school by the required time.[2] The Gillard Government’s first budget has been strongly based on the changes to the welfare system. In a push to put more people in work and to lower unemployment by refining who is a worthy recipient of welfare and better targeting of family payments. This will provide savings of approximately $2 billion. Higher income earners will lose more than $5 billion in welfare benefits and concessions.
