For those that asked for a summarised 2012 budget, here you go:
Net budget impact of Government savings is $17b over the next four fiscal years, with new spending totalling $22.4b – nearly $6b of which had been placed in the contingency reserve.
Government says it’s made $33.6b worth of savings in this budget to make room for ‘priority spending.’
Inflation to grow at 3.25% next year because of the carbon price worth 0.75%.
Unemployment expected to ‘drift’ to 5.5% next and following fiscal year.
Net debt peaked at 9.6% of GDP in 2011/12 which is higher than previously expected.
Deficit for this financial year has doubled to $44.b.
Australian Government commits $1b over four years for Disability Insurance Scheme.
$2.1b on the schoolkids bonus which starts next month.
$1.8b in increased family tax benefit A and top ups for eligible income support recipients from 2013.
$5b in family payments funded by Mining Tax as the Government has scrapped it’s promise to cut company tax.
Australian Government announces $5b in increased family and low income payments.