Budget
 
Budget at a glance
 

The Budget will get back to surplus in 2012‑13 as planned, get more people into jobs and spread opportunities to more Australians

The Government has taken the tough decisions necessary to ensure the budget returns to surplus in 2012‑13, while delivering on our major new spending priorities

  • This return to surplus is occurring before any other major advanced economy, despite the impact of natural disasters and a weaker near‑term outlook for tax receipts

The Government is achieving the return to surplus by making $22 billion in savings and restraining real growth in spending

  • Many of these savings deliver continuing benefits to the bottom‑line beyond the forward estimates, improving the budget's long‑term sustainability

This Budget continues to invest in the economy's productive capacity, preparing Australia for Mining Boom Mk II

  • It builds Australia's future workforce through better and more targeted skills and training, and new measures to boost participation
  • It improves private sector opportunities to invest in infrastructure, and
  • It progresses the Government's tax reform agenda, improving fairness and integrity in the tax system

The Budget puts the opportunities that flow from a stronger economy within the reach of more Australians

  • It delivers on key reforms to mental health
  • It provides extra support to families and low income earners
  • It ensures all children have the best possible start by raising the quality of teachers
  • It invests in critical regional health and education infrastructure, and
  • It provides additional support to small business and manfacturers

KEY INITIATIVES OF THE 2011‑12 BUDGET

Building Australia's Future Workforce

  • $558 million to deliver tailored, quality training places through the National Workforce Development Fund
  • Ambitious reform of vocational education and training, with $1.75 billion on offer to partner with the states and territories
  • Measures to boost participation, by rewarding work, providing new opportunities through training, education and services, and introducing new requirements for some groups

Infrastructure

  • $36 billion in investment in roads, rail and ports, including $1 billion in funding for the duplication of the Pacific Highway
  • Removing tax impediments to infrastructure investment

Better hospitals and health care

  • Delivers at least $16.4 billion in additional hospital growth funding guaranteed to the states from 2014‑15 to 2019‑20
  • $2.2 billion over five years for national mental health reform
  • $717 million to expand access to diagnostic imaging services and make medicines more affordable
  • $53 million to improve access to public dental services, particularly for people on low incomes

Making every school a great school

  • $425 million to reward top performing teachers
  • $200 million to support school students with disability
  • $222 million to extend the National School Chaplaincy program

Helping families and low income earners

  • Bringing forward up to $300 per year of the Low Income Tax Offset into pay packets
  • Increasing the Family Tax Benefit Part A for teenagers by up to $4,208 per year, with more flexible access arrangements

Investing $4.3 billion in our regions

  • An unprecedented $1.8 billion over six years in critical regional health infrastructure under the Health and Hospitals Fund regional priority round
  • $500 million over five years for investment in regional education under the Education Investment Fund regional priority round

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