Skip to content Skip to menu
Australian Government Coat of Arms

Budget | 2015-16

Budget 2015-16
Australian Government Coat of Arms, Budget 2015-16

Budget at a glance

We are building on our strong foundations with a responsible Budget focused on small business, better child care and integrity

Jobs, growth and opportunity

The 2015 Budget is about helping Australians have a go.

The Government’s $5.5 billion Jobs and Small Business Package will help businesses invest, hire and grow.

A $4.4 billion Families Package will reform the child care system to make it simpler and improve the affordability, accessibility and flexibility of child care, to support parents who choose to participate in the workforce.

The Budget contains measures to build greater confidence and fairness in our tax and benefits systems. The vast majority of Australians do the right thing and play by the rules, and expect others to do the same. Changes in the Budget to some benefits will ensure they remain sustainable.

The Government is investing an additional $1.2 billion in this Budget to support our military operations and strengthen our counter-terrorism capability, both here and abroad.

This brings our additional investment in measures to protect Australia to over $2 billion since the 2014 Budget.

Ensuring fiscal sustainability

The Government has a credible path to surplus, despite a $52 billion write‑down in tax receipts and the iron ore price almost halving since the 2014 Budget.

Consistent with the fiscal strategy, new spending has been directed to investments that boost productivity and participation.

We can have a more prosperous future if we plan for tomorrow, today.

Budget aggregates and major economic parameters
Actual Estimates Projections
2013‑14 2014‑15 2015‑16 2016‑17 2017‑18 2018‑19
Underlying cash balance ($b)(a) -48.5 -41.1 -35.1 -25.8 -14.4 -6.9
Per cent of GDP -3.1 -2.6 -2.1 -1.5 -0.8 -0.4
Fiscal balance ($b) -43.7 -39.4 -33.0 -23.4 -9.2 -3.2
Per cent of GDP -2.8 -2.5 -2.0 -1.3 -0.5 -0.2

(a) Excludes net Future Fund earnings

Forecasts Projections
2013‑14 2014‑15 2015‑16 2016‑17 2017‑18 2018‑19
Real GDP 2.5 2 1/2 2 3/4 3 1/4 3 1/2 3 1/2
Employment 0.7 1 1/2 1 1/2 2 2 2
Unemployment rate 5.9 6 1/4 6 1/2 6 1/4 6 5 3/4
Consumer Price Index 3.0 1 3/4 2 1/2 2 1/2 2 1/2 2 1/2
Wage price index 2.5 2 1/2 2 1/2 2 3/4 2 3/4 3 1/4
Nominal GDP 4.0 1 1/2 3 1/4 5 1/2 5 1/4 5 1/2

(a) Year average unless otherwise stated. From 2013-14 to 2016-17, employment, the wage price index and the consumer price inde x are through the year growth to the June quarter. The unemployment rate is the rate for the June quarter. The unemployment rate is the rate for the June quarter.