Key Initiatives of the
2012‑13 Budget

Returning the budget to surplus on time and as promised

  • Despite significant revenue losses since the GFC, we are returning the budget to surplus in 2012‑13, while ensuring families and businesses are sharing in the benefits of the resources boom
  • A surplus is appropriate given our strong economic fundamentals and an economy returning to trend growth
  • It is our best defence in uncertain times and allows monetary policy to respond to economic developments

Spreading the benefits of the boom

  • $1.8 billion to increase Family Tax Benefit Part A for all eligible families, commencing 1 July 2013
  • $1.1 billion for a new Supplementary Allowance for the unemployed, students and parents with young children, on income support, with the first payment commencing March 2013
  • In addition, an extra $2.1 billion over five years on a new Schoolkids Bonus, paid directly to eligible recipients
  • From 1 July 2012, more than tripling the tax‑free threshold from $6,000 to $18,200, freeing up to 1 million Australians from the need to lodge a tax return

First steps towards a National Disability Insurance Scheme

  • $1 billion over four years for the first stage of a National Disability Insurance Scheme
  • 10,000 participants will start being assessed from July 2013, increasing to 20,000 participants from mid‑2014

Helping business to invest

  • Allowing companies to carry‑back tax losses so they get a refund against tax paid in the previous year in 2012‑13, increasing to two years from 2013‑14, providing a tax benefit of up to $300,000 per year
  • From 1 July 2012, delivering tax breaks for small business, like the increase to the instant asset write‑off threshold to $6,500

Investing in key health services

  • $515.3 million to improve dental services and strengthen the future dental workforce
  • Delivering 76 major new regional health infrastructure projects across Australia, worth $475 million
  • Investing $61 billion in 2012‑13 in Australia's health care system, an estimated 37 per cent increase on 2007‑08 levels
  • An additional $19.8 billion in reforms to public hospital funding over the period to 2019‑20

Building an aged care system for the future

  • A $3.7 billion package to ensure a better, fairer, more sustainable and nationally consistent aged care system
  • Increasing the number of Home Care packages by nearly 40,000, to nearly 100,000, over the next five years

Building a more productive workforce

  • $1.75 billion National Partnership Agreement on Skills Reform as agreed at COAG in April this year
  • Investing an additional $225.1 million in Jobs, Education and Training Child Care Fee Assistance
  • An additional $101 million of new skills measures to improve quality and better support mature age workers

Building productivity by investing in nation building infrastructure

  • Investing over $36 billion in roads, rail and ports over six years to 2013‑14
  • $3.6 billion to duplicate the Pacific Highway by 2016, conditional on agreement with the NSW Government
  • $350 million per year for the Roads to Recovery program
  • $232 million towards the Torrens and Goodwood rail project in Adelaide