2013-14 Federal Government Budget
because of our deep commitment to jobs and growth we have taken the responsible course to delay the return to surplus, and due to a savage hit to tax receipts there will be a deficit of $18 billion in 2013-14. Instead, we're making targeted, sustainable savings of $43 billion over the forward estimates. To deliver a measured and balanced consolidation of around 0.5 per cent of GDP a year on average from 2013-14.
Since mid-2009 we have fully offset all new spending with savings measures and that continues tonight.
This discipline gives Australia a responsible pathway back to balance in 2015-16 and surplus by 2016-17.
KEY INITIATIVES OF THE 2013–14 BUDGET
Historic investment in Australian schooling
* $9.8 billion over six years in once-in-a-generation school reforms to enhance Australia's future productivity and wellbeing, ensuring that every student in every school gets the help they need. * Undertaking a record $1.1 billion investment in early childhood education. DisabilityCare Australia
* Investment in DisabilityCare Australia of $14.9 billion over seven years - Australia's most fundamental social policy reform since Medicare. * Raising the Medicare levy by half a percentage point to provide a strong and enduring funding stream for DisabilityCare Australia. The next wave of Nation Building
* Committing to new infrastructure investment, bringing the Government's total investment to around $60 billion from 2008‑09 to 2018‑19. * Transformative road and rail infrast...