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Savings, spending in budget review

The mid-year economic and fiscal outlook shows savings to the bottom line and new spending since the May budget.

KEY GOVERNMENT SPENDING MEASURES SINCE THE MAY BUDGET

* $2 billion Australian Business Securitisation Fund for small banks to lend to small businesses.

* $119.2 million women's economic security package

* $1.5 billion over four years drought assistance and farm loans

* $1.3 billion Community Health and Hospitals Program

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* Extra $3.2 billion over 10 years for non-government schools

* Aged care package, taking total spending on aged care to $23.5 billion in 2021/22.

* $2 billion Australian Infrastructure Financing Facility for the Pacific and extra $1 billion in capital for Australia's export financing agency Efic.

* National office for child safety, as part of the government's response to abuse royal commission.

KEY GOVERNMENT SAVINGS MEASURES SINCE THE MAY BUDGET

* Ditching big business tax cut to save $2.1 billion to 2021/22

* $2.9 billion saving over four years from GST compliance crackdown

* $197 million over four years from adjusting research block grants

* $154 million over four years from overseas pensioner crackdown

* $130 million over four years from child care subsidy integrity measures

* Aged care pension payment targeting to save $3.5 billion over four years

* Fall in GST receipts to lead to $5.9 billion reduction in payments to the states over four years

* Stronger jobs market to cut jobseeker payments by $1.1 billion over four years


2 min read

Published

Source: AAP



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