KEY INITIATIVES OF THE
2010‑11 BUDGET

Easing costs of living and making tax time simpler

  • Delivering tax relief, including raising the low income tax offset to $1,500
  • Lower tax on savings ‑ 50 per cent discount on up to $1,000 on interest income
  • Standard deduction to simplify the tax system for 6.4 million Australians

Skills for sustainable growth and building infrastructure

  • $661 million for the Skills for Sustainable Growth strategy
  • $5.6 billion for a new infrastructure fund and $1 billion to renew rail networks

Renewables and energy efficiency

  • $652 million Renewable Energy Future Fund

Growing the whole economy

  • Resource Super Profits Tax from 1 July 2012
  • Company tax rate cut to 29 per cent in 2013‑14 and 28 per cent from 2014‑15
  • Company tax rate cut to 28 per cent from 2012‑13 for small businesses
  • From 1 July 2012, instant asset write off for small business assets under $5,000

Stronger, Fairer Super

  • Increasing the super guarantee to 12 per cent, assisting 8.4 million Australians
  • From 1 July 2012, contributing up to $500 for those on incomes up to $37,000
  • From 1 July 2012, allow catch‑up contributions by older workers up to $50,000

National Health and Hospitals Network

  • Additional $2.2 billion to meet the needs of our modern health system:
    • $355 million for GP Super Clinics
    • $417 million to enhance after hours services
    • $523 million to train our nurses
    • $467 million to introduce individual electronic health records