2012 Australian federal budget
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| Submitted | 8 May 2012 |
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| Submitted to | Parliament of Australia |
| Parliament | 43rd |
| Party | Australian Labor Party |
| Treasurer | Wayne Swan |
| Total revenue | $376.1 billion |
| Total expenditures | $376.3 billion |
| Surplus | $1.5 billion |
| Website | http://www.budget.gov.au/2012-13/ 2012–13 Commonwealth Budget |
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‡Numbers in italics are projections. ‹ 2011–12
2013–14 ›
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‡Numbers in italics are projections.
The 2012 Australian federal budget for the Australian financial year ended 30 June 2013 was presented on 8 May 2012 by the Treasurer of Australia, Wayne Swan, the fifth federal budget presented by Swan, and the second budget of the Gillard Government. The budget was described as a "battlers" budget with benefits geared towards families and low income earners. It forecast a surplus of $1.5 billion in the financial year ended 30 June 2013.
The Gillard Government has emphasised the importance of returning the budget to a surplus so that the Reserve Bank of Australia may be in a better position to cut interest rates and thereby generate positive consumer sentiment. Swan was at pains to emphasise that the Bank would set rates independently. Swan had also stated it important for the confidence of sovereign debt investors following the 2007–2012 global financial crisis.
The budget set up funding for a new National Disability Insurance Scheme (NDIS). Measures to improve public dental health care, one of the conditions of support made by the Australian Greens with the Gillard Government were addressed with more than $500 million worth of funding.Carbon pricing and the Minerals Resource Rent Tax were both introduced in July 2012.
The budget was expected to produce a surplus. The return to surplus has been criticised as a political imperative rather than an economic necessity. The Institute of Chartered Accountants believes that targeted public expenditure was still needed to sustain the Australian economy. Former Governor of the Reserve Bank of Australia, Bernie Fraser has dismissed the notion that delivering a surplus is critical, describing it as "a dud policy".
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