2013 Australian federal budget
 |
|
| Submitted | 14 May 2013 |
|---|---|
| Submitted by | Gillard Government |
| Submitted to | Parliament of Australia |
| Parliament | 43rd |
| Party | Australian Labor Party |
| Treasurer | Wayne Swan |
| Total revenue | $387.7 billion |
| Total expenditures | $398.3 billion |
| Deficit | $18 billion |
| Website | 2013–14 Commonwealth Budget |
|
‡Numbers in italics are projections. ‹ 2012–13
2014–15 ›
|
|
‡Numbers in italics are projections.
The 2013 Australian federal budget for the Australian financial year ended 30 June 2014 was presented on 14 May 2013 by the Treasurer of Australia, Wayne Swan, the sixth federal budget presented by Swan. The 2013 budget estimated total revenue of A$387.7 billion and spending of A$398.3 billion, a deficit of A$18 billion, with a return to surplus expected in the 2015 Australian federal budget (FY 2015/16). Some of the measures in the budget had been announced by various Ministers before the budget.
According to Swan the budget was being impacted by both global economic uncertainty and the high Australian dollar. It features significant spending on disability services and a school improvement program based on the Gonski Report. In an unusual step the election year budget contains 10-year forward estimates for the school and disability programs in an attempt to ensure funding is available. To pay for DisabilityCare Australia the Medicare levy was increased from 1.5 to 2% of taxable income from 1 July 2014.
The budget was described as big spending but low taxing. It lacked any big surprises or so-called election sweeteners.
The budget was not expected to decrease government spending dramatically in an effort to quickly return to surplus. Swan has claimed that such a move would result in rising unemployment and slowing economic growth. A collapse in the price of carbon under the European Union Emission Trading Scheme means a return to surplus is unlikely in the following two federal budgets.
The forecasted current account deficit is lower than the average for the past couple of decades allowing Standard and Poor's assessment of Australia's bond credit rating to remain at the AAA rating.
Tax revenue declines made it clear in late 2012 that the Gillard Government's promised 2013 budget surplus would not eventuate. In the lead up to the budget announcement an estimate of a $17.5 billion decline in forecast revenue was calculated after Finance Minister Penny Wong released government figures. Most of this shortfall was attributed to company tax and the mining tax.
...
Wikipedia