The 2010 federal Budget at a glance …

  • Deficit: $40.8 billion or 2.9% of GDP reducing to $13 billion by 2011-12
  • GDP growth forecast: 3.25% (2010-11) and 4% (2011-12)
  • Unemployment forecast: 5% by June 2011, 4.75% by June 2012
  • CPI forecast: 2.5% by June 2011
  • Return to surplus: 2012-13

BIG SPENDING

  • Health: $2.2 billion in new spending over four years
  • Border protection: $1.2 billion in new spending
  • Skills: $661 million
  • Renewable energy: $652 million over four years
  • Tax cuts: $300 million to slash the company tax rate, but not until 2012-13

BIG SAVINGS

  • PBS reform: $30.7 million
  • Green cars: $50 million in 2011-12 out to $200 million to finish them off
  • Superannuation tax changes: $65.8 million next year
  • RSPT: $12 billion by 2013-14, nothing next year
  • Tobacco excise: $4.98 billion by 2013-14
  • Total: $30.109 billion by 2013-14

Peter Fray

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