Australian federal budget, 2010–11
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| Submitted | 11 May 2010 |
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| Submitted to | Parliament of Australia |
| Parliament | 42nd |
| Party | Australian Labor Party |
| Treasurer | Wayne Swan |
| Total revenue | A$321.8 billion |
| Total expenditures | A$354.6 billion |
| Deficit | A$40.8 billion |
| Debt | A$$93.7 billion |
| Website | http://www.budget.gov.au/2010-11/ 2010–11 Commonwealth Budget |
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‡Numbers in italics are projections. ‹ 2009–10
2011–12 ›
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‡Numbers in italics are projections.
The 2010 Australian federal budget for the Australian financial year ended 30 June 2011 was presented on 11 May 2010 by the Treasurer of Australia, Wayne Swan, the third federal budget presented by Swan, and the third budget of the first Rudd Government.
The budget forecast a return to surplus in 2012/13. Projections were based on a successful passing of the Resource Super Profits tax based on a 40% of mining company profits.
The budget featured changes to regulation regarding savings from 1 July 2011. Tax will only have to be paid on half of the total interest earned so as to encourage people to save. There were changes to the way millions of Australians do their tax returns by decreasing their reliance on tax agents.Sport in Australia is set to receive a funding boost described as the largest in Australian history. The budget was the first ever to be released under a Creative Commons license.
The deficit for the 2010-2011 financial year was expected to be A$40.8 billion or 2.9% of gross domestic product.
The total revenue is expected to be $321.8 billion.
The Resource Super Profits tax (RSPT) was expected to generate $3 billion in revenue in 2011/12. However Julia Gillard replaced the RSPT with the Minerals Resource Rent Tax (MRRT). The new tax was expected to generate $10.5 billion in revenue during its first two years of operation beginning in 2012. By increasing the taxation on mining super profits the company taxation rate can be dropped to 29% in 2013-14 and 28% in 2014-15.
Those able to save will receive a 50% tax discount on the first $1,000 of interest earned on their deposits.
The forecast total expenditure is $354.6 billion.
More than $1 billion is planned to be spent on securing Australian borders. $120 million will be spent on improving the Christmas Island Immigration Reception and Processing Centre. Airport security is receiving $759 million over four years and to combat illegal fishing $163 million will be spent over the same period.
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