ÿþ<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html401/loose.dtd"> <html> <head> <meta http-equiv="Content-Type" content="text/html; charset=iso-8859-1" /> <link rel="schema.AGLS" href="http://www.naa.gov.au/recordkeeping/gov_online/agls/1.2" /> <meta name="DC.Identifier" scheme="URI" content="http://www.budget.gov.au/2009-10/content/overview/html/overview_01.htm" /> <meta name="DC.Title" content="Budget Overview - Budget at a glance" /> <meta name="DC.Subject" scheme="TAGS" content="budgets; income; economy; fiscal policy; public expenditure; public accounting; government information; government programs; public finance; grants; funding; government agencies; goods and services tax; allowances; budget process; national budget; economic development; economic analysis; economic conditions; economic indicators; social welfare" /> <meta name="DC.Type.documentType" scheme="agls-document" content="report" /> <meta name="AGLS.Function" scheme="AGIFT" content="information dissemination" /> <meta name="DC.Description" content="This document forms part of the 2009-10 Budget Papers." /> <meta name="DC.Date.created" scheme="ISO8601" content="2009-05-12" /> <meta name="DC.Creator" scheme="X500" content="ou= Treasury ; o= Commonwealth of Australia ; c=AU " /> <meta name="DC.Publisher" scheme="X500" content="ou= Treasury ; o= Commonwealth of Australia ; c=AU " /> <title>2009&#8211;10 Commonwealth Budget - Overview</title> <link rel="stylesheet" type="text/css" media="all" href="../../../_stylesheet/content.css" /> <link rel="stylesheet" type="text/css" media="all" href="../../../_stylesheet/layout.css" /> <link rel="stylesheet" type="text/css" media="all" href="../../../_stylesheet/overview.css" /> </head> <body> <div id="body_container"> <div id="overview_inner"> <div id="overview_masthead"> <h1>Budget at a glance</h1> <br /><br /><br /> <p class="description">This Budget supports jobs today by investing in the infrastructure Australia needs for tomorrow, while making the hard choices necessary to chart the course back to surplus. </p> </div> <div id="overview_body_inner"> <div id="overview_content"> <p class="page-nav"> <a href="overview_key_initiatives.htm"><img src="../../../_image/page_previous.gif" alt="&lt; previous page" /></a> <a href="index.htm"><img src="../../../_image/page_toc.gif" alt="contents and downloads" /></a> <a href="overview_02.htm"><img src="../../../_image/page_next.gif" alt="next page &gt;" /></a> </p> <div id="content_columns"> <div class="overview_col"> <p class="subheading">Most challenging global economic conditions since the Great Depression</p> <p>The global economy is experiencing the worst recession since the Great Depression, which has dragged the Australian economy into recession.</p> <p>Real GDP is expected to contract slightly in 2009&#8209;10. This contraction is expected to be milder than almost any other advanced economy. An economic recovery is expected to gather pace from early 2010. The downturn will impact significantly on jobs, with employment contracting over 2009&#8209;10, and gradually growing in late 2010.</p> </div> <div class="overview_col"> <p class="subheading">Stimulus and nation building investment </p> <p>This Budget supports jobs now, and invests in the future, to ensure the economy is well placed to make the most of the global recovery. </p> <p>The centrepiece of the Budget is a significant program of investment in nation building infrastructure, including roads, metro rail, ports, universities and energy efficiency.</p> <p>The net measures in the Budget raise the level of GDP by &#190; of a per cent in 2009&#8209;10. These measures will support the housing sector, jobs and small business.</p> </div> <div class="overview_col"> <p class="subheading">Making the hard decisions</p> <p>The Government has made the hard decisions required to deliver a fairer pension system and put the Budget on a sustainable footing.</p> <p>Government programs have been better targeted, to ensure support is provided to those who need it most.</p> <p class="subheading">Delivering on the deficit exit strategy</p> <p>Projected budget deficits have increased mainly as a result of the impact of the global recession on revenues. The Government s strategy is expected to see the budget return to surplus in 2015&#8209;16.</p> </div> </div> <div class="graph_table"> <div> <div class="graph_text"> <p>Budget aggregates<sup>(a)</sup></p> </div> <div class="graph_img"> <img src="../image/01_BO_Budget_at_a_glance_1.gif" alt="Table: Budget aggregates" /> </div> <div class="graph_footnotes"> <ul class="noBullet"> <li> <span class="footnote_text">Excludes expected Future Fund earnings.</span> </li> </ul> </div> </div> </div> <div class="graph_table"> <div> <div class="graph_text"> <p>Major economic parameters<sup>(a)</sup></p> </div> <div class="graph_img"> <img src="../image/01_BO_Budget_at_a_glance_2.gif" alt="Table: Major economic parameters" /> </div> <div class="graph_footnotes"> <ul class="noBullet"> <li> <span class="footnote_text">Real and nominal GDP are year average. CPI and employment are through the year growth to the June quarter. The unemployment rate is the rate in the June quarter.</span> </li> </ul> </div> </div> </div> <p class="page-nav bottom_page"> <a href="overview_key_initiatives.htm"><img src="../../../_image/page_previous.gif" alt="&lt; previous page" /></a> <a href="index.htm"><img src="../../../_image/page_toc.gif" alt="contents and downloads" /></a> <a href="overview_02.htm"><img src="../../../_image/page_next.gif" alt="next page &gt;" /></a> </p> </div> <div id="overview_footer"> <p id="footer_text"> <span id="footer_pageNum">1</span> <span id="footer_docTitle">2009&#8211;10 Budget <span class="orangeText">Overview</span></span> </p> </div> </div> </div> </div> </body> </html>