The 2012 federal budget at a glance …

  • Surplus: $1.5 billion or 0.1% of GDP
  • 2011-12 deficit: -$44.4 billion or 3% of GDP, up from $37.1 billion in MYEFO
  • GDP growth forecast: 3.25% (2012-13) and 3% (2013-14)
  • Unemployment forecast: 5.5% (2012-13) and 5.5% (2013-14)
  • Employment participation rate: 65.25%
  • Net debt: $143.3 billion in 2013-14; peaking in 2013-14 at $145.9 billion
  • CPI forecast: 3.25% (2012-13) and 2.5% (2013-14)
  • Dwelling construction: 0% (2012-13) and 2.5% (2013-14)
  • Terms of trade: -5.75 (2012-13) and -3.25% (2013-14)
  • Write down in revenue since MYEFO: $5.7 billion in 2011-12, $28 billion across Forward Estimates
  • MRRT write-down: $900 million 2012-13 to 2014-15; $700 million in 2012-13

Big spending:

  • Family payments ~$4.9 billion (over 4 years)
  • NDIS $1 billion
  • Dental health $500 million
  • Aged care $1.4 billion.

Big savings:

  • Corporate tax $4.8 billion (over four years)
  • Abandonment of income tax reform measures $3 billion
  • Superannuation changes for high income earners $2.4 billion
  • Living away from home changes $1 billion
  • Defence $5.4 billion
  • Foreign aid cut $2.9 billion.

Peter Fray

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