The Hon Peter Costello, MP Treasurer of the Commonwealth of Australia

The Hon Peter Costello, MP

Treasurer of the Commonwealth of Australia

Senator the Hon Nick Minchin Minister for Finance and Administration

Senator the Hon Nick Minchin

Minister for Finance and Administration

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Budget
Overview

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Budget Overview

Budget
at a Glance

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Budget at a Glance

The 2004–05 Budget provides for an underlying cash surplus of $2.4 billion while delivering the $37 billion more help for families package.

More help for families

  • This Budget includes the largest package of assistance for families ever, with an additional $19.2 billion over five years.
  • More generous Family Tax Benefit arrangements will significantly help families with the costs of raising children.
  • A new Maternity Payment and the expansion of outside school hours child care and family day care places will assist families balancing work and family commitments.

Cutting income tax

  • Reductions in personal tax worth $14.7 billion over four years will improve work rewards from work and more than 80 per cent of taxpayers will face a marginal tax rate of 30 per cent or less.

boosting retirement savings

  • $2.7 billion to enhance the superannuation co contribution scheme and reduce the superannuation surcharge, boost incentives to save for their retirement.

Past Budget Documents

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