25 June 2015

Strong progress on Budget repair


Joint media release
with Senator the Hon Mathias Cormann
Minister for Finance

This media release discusses the 2015-15 Budget.

As the first half of the Parliamentary year draws to a close, the Government is getting things done.

We have made good progress to repair the Budget and are implementing our plan for stronger growth and more jobs for all Australians.

Over the past fortnight we were able to pass key measures in our Small Business and Jobs package through the Senate, as well as more than $14 billion in Budget repair measures.

We’ve have made significant improvements to the Budget bottom line:

  • $2.8 billion from Labor 2013-14 Budget Savings (Measures No. 1) Bill 2014 (Cancellation of 2015-16 tax changes linked to the carbon tax – first proposed by Labor in their 2013-14 Budget).
  • $0.5 billion from the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Bill 2015 (including the abolition of First Home Saver Accounts and the abolition of the Dependent Spouse Tax Offset)
  • $2.4 billion with the passage of the Social Services Legislation Amendment (Fair and Sustainable Pensions) Bill 2015.
  • $1.1 billion with the passage of Social Services and Other Legislation Amendment (Seniors Supplement Cessation) Bill 2014.
  • $3.6 billion over the five year period to the end of 2018-19 with the passage of the bi-annual petrol indexation measures.
  • $257 million from the Government’s changes to excise for domestically manufactured biodiesel and fuel ethanol commencing on 1 July 2015.
  • $465 million from the Government’s changes to improve integrity of social security income test arrangements.
  • $3.2 billion from the Appropriation Bills which provide for the efficient delivery of Government operations.

Since last year’s Budget more than $50 billion in budget repair measures have now been legislated.

But there is more to be done. We will continue to work methodically and in a prioritised fashion through our plan for stronger growth, more jobs and to repair the Budget.