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Susan Wareham
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Budget '09

Wed, 13 May, 2009

News Photo - Budget '09

Wayne Swan, the federal treasurer, has handed down his second budget. It includes a record breaking deficit, massive infrastructure spending & huge revenue losses.

The main points of the budget are:

  • $57.6 billion deficit
  • $22 billion to be spent on roads, rail, ports and clean energy
  • Aged pension increase of $32.49 a week for singles and $10.14 for couples
  • Paid parental leave scheme of 18 weeks at $544 a week
  • First home owners grant to be extended for another six months, but at a reduced rate after three
  • Private health insurance rebate to be means tested for singles earning over $75,000 and couples earning over $150,000
  • Family tax benefits to be frozen at current rates for three years
  • $2.7 billion to be spent on higher education, research and innovation
  • Savings of $22.6 billion over four years
  • Caps on superannuation concessions to be lowered from $50,000 to $25,000, and from $100,000 to $50 000 for over 50s

Revenue losses will exceed $50 billion for the 2009-210 financial year, with $210 billion in revenue losses over four years.

The government, optimistically' hopes to return the budget to surplus in 2015-2016.

More coverage on the 2009 budget:

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