2009 Australian federal budget
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| Submitted | 12 May 2009 |
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| Submitted to | Parliament of Australia |
| Parliament | 42nd |
| Party | Australian Labor Party |
| Treasurer | Wayne Swan |
| Total revenue | A$290.6 billion‡ |
| Total expenditures | A$338.2 billion |
| Deficit | A$57.6 billion |
| Website | http://www.budget.gov.au/2009-10/content/overview/html/index.htm Australian Budget 2009-2010 |
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‡Numbers in italics are projections. ‹ 2008–09
2010–11 ›
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‡Numbers in italics are projections.
The 2009 Australian federal budget for the Australian financial year ended 30 June 2010 was presented on 12 May 2009 by the Treasurer of Australia, Wayne Swan, the second federal budget presented by Swan, and the second budget of the first Rudd Government. Swan commented that the budget would be tougher than in previous years. "Projected government revenue has fallen by $200 billion since the last budget because of the global economic crisis."
There were many allegedly planned leaks which released a number of headline details and bad news in the weeks beforehand.
A $210 billion decrease in revenue was forecast over the next four years, with the 2009-10 deficit expected to be in excess of $50 billion. Labor suggested that the decrease in revenue, brought about by the global financial crisis, was the primary reason for the deficit.
Labor budgetary policy on taxation is to keep it below the 2007-2008 level of 24.7% of GDP over the medium term. After taking into account regulatory changes to eliminate "tax minimisation" through employee share schemes, taxation receipts come in at 22% of GDP. The government has not indicated whether it will be modifying its target for 2010–2011, in light of the forecast contraction in growth.
Overall expenditure is expected to increase in 2009/2010 by 1.6% of GDP. The key feature of the budget was a third round of spending to provide long-term stimulus. Overall, spending has increased by 4.6% of GDP since the last Howard/Costello budget (2007/2008).
Labor budgetary policy separates aged care from other welfare expenditure. The budget saw synchronised changes across the public sector as the government decided to lift the pension age and also moved to lift the superannuation preservation age. Two reports which accompanied the budget, the Pension Review Report and the Henry review on tax strategy, argued the need for a single means test—more comprehensive than testing assets and income separately, standard practice since 1985—to promote other forms of saving.
The government will invest more than $22 billion for "Nation Building Infrastructure" in transport, broadband, clean energy, universities and health care.
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