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

$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

$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

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

$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

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

$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

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