Budget 2012

For those that asked for a summarised 2012 budget, here you go:

 

$2.9b in Foreign Aid deferred by a year – 0.5% GNI Millenium goal now 2016/17.

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.

Real GDP forecasts – 3.25% for 2012/13.  3 % for the remaining fiscal years.
Surplus of 1.5b projected for next financial year, 2b the fiscal year after.

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.

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