Here are this year's key budget initiatives, as announced by Treasurer Wayne Swan:
Health: An additional $3.2 billion for health reforms. From this money, $355 million will go towards the creation of GP Super Clinics, $417 million to enhance after hours medical services, an additional $523 million for training nurses, particularly for elderly or rural patients, and $427 million for the establishment of individual electronic health records.
Tax: The adoption of a number of Henry Tax Review initiatives, including a Resource Super Profits Tax, the reduction of company tax from 29 per cent to 28 per cent, and a tax write-off for assets under $5,000 for small businesses.
A simplification of the tax system will allow standard deductions for 6.4 million Australians, rather than the current claims-based system. The Low Income Tax Offset to increased to $1,500.
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There's also a 50% per cent tax discount for first $1,000 of interest earned in savings accounts at banks, building societies and credit unions.
Infrastructure: A new $5.6 billion infrastructure fund has been announced. There's $1 billion to renew rail networks.
Employment: A new Skills for Sustainable Growth strategy that will invest $661 million on training and education, particularly in skills hot spots like infrastructure and the resources and renewable energy sectors.
Environment: A $652 million Renewable Energy Future Fund, which will be part of the expanded Clean Energy Initiative, which is just a fraction of the billions saved by the delayed ETS.
Superannuation: An overhaul of the superannuation system, as recommended by the Henry Tax Review, including increasing the super guarantee to 12 per cent. Contributions up to $500 of super for people on incomes up to $37,000. Allowing catch-up super contributions by older workers up to $50,000.
