Speech On Budget Essay
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This Budget will build a stronger Australia. It begins the largest defence modernisation and upgrade program in over 25 years. It strengthens our borders in the fight against plant and animal disease. It overhauls the operation of our social welfare system. It invests in our health system, in our natural environment and in our most important resource of all our people. And this Budget will strengthen our economy. This Budget will cut taxes next year by over $5 billion. And the Budget I present tonight is in surplus for the fifth consecutive year a cash surplus of $1.5 billion. Today the Government's interest bill is $4 billion per annum less than it was under Labor. Mr Speaker, last year's Budget cut income tax for every taxpayer. And tax reform means that from July 1 taxes can be cut further. On July 1 this year the company tax rate will be reduced again, this time from 34 to 30 per cent. This will cut tax for business by around $2 billion per year. On July 1 Financial Institutions Duty (FID) will be abolished. This will benefit the 12 million Australians who are currently taxed when they deposit money in their bank accounts and taxed when they make payments on their credit card and taxed when they make their mortgage payments. From July 1 State stamp duties on listed shares and o ther quoted securities will be abolished. This will save around $675 million per year for the 5.7 million Australians who hold shares and the 7 million Australians who have superannuation funds invested in shares. On July 1 low income Australians who own shares that pay franked dividends can get a lower tax rate. They can claim a refund of the tax paid on the shares which is over and above their own personal tax. This will save them over $500 million per year in tax. On July 1 the simplified tax system will commence and allow eligible small businesses to do their tax accounting on a cash basis with simpler depreciation and trading stock rules. It will reduce tax payable by small business by over $1 billion in the first three years. From midnight tonight registered business will be able to claim full input tax credits on the purchase of motor vehicles. This was to be introduced from July 1, 2002, with an entitlement to half credits from July 1, 2001. The Budget also provides other tax measures of benefit to business. New capital gains tax concessions will be introduced for listed investment companies. Tax Cuts for Older Australians We will lift the low income aged persons rebate with effect for the current financial year that is backdated to July 1, 2000. The increase I am announcing tonight will mean that in the current financial year qualifying single self-funded retirees and age pensioners will have an effective tax-free threshold of $20,000. That is, they will pay no income tax unless their income (including pension) exceeds that amount. The effective tax-free threshold for a couple on equal income will be lifted to $32,612. In addition the Medicare levy threshhold for senior Australians will be lifted from its 1999-2000 rate of $13,550 to $20,000 so a senior Australian pays no tax and no Medicare levy until he or she earns above that amount. Older Australians The Government will pay each person who receives a pension or part pension this covers qualifying people with incomes up to $29,263 for a single and $48,880 for a couple a non-taxable lump sum of $300. There are 2.2 million people eligible for this payment. Mr Speaker, on January 1, 1999 the Government dramatically widened eligibility for the Commonwealth Seniors Health Card. Tonight I announce that on July 1 it will be lifted further with an income test of $50,000 for singles and $80,000 for couples. This is expected to extend the card to an additional 50,000 older Australians. Further, older Australians who hold the Commonwealth Seniors Health Card will be extended the same concessions as pensioners on telephone costs. They will be entitled to a Telephone Allowance of $17.20 per quarter as from September. For the first time the Government will also introduce twice a year indexation for those on Commonwealth superannuation pensions in line with the CPI from January 1. No amount of compensation will ever make up for the pain and the loss these diggers suffered. But our nation should make a statement of recognition and thanks. Australians Working Together In this Budget the Government is making a substantial investment of $1.7 billion over four years to improve the way our income support system works. The new assistance includes over $700 million to help people find jobs more places for Job Search Training and more places in Work for the Dole. Training Credits of $800 will be introduced for people who do Work for the Dole and community work. They can use these credits to pay for training which will qualify them for better jobs. Importantly $147 million more assistance will be provided for people over 50 who are out of work and want to re-enter the workforce. A new Working Credit initiative will be introduced to allow those out of work the right to accumulate up to $1,000 of earnings without losing income support. This removes a disincentive to take intermittent jobs or short-term work which could open the door for them to get long-term employment. New requirements will be introduced to standardise arrangements for all job seekers aged up to 49. From July 2002, those not in work will receive Job Search Training after three months unemployment at the latest, and will be required after six months to do community work, study, or some other activity which for those aged up to 39 can be Work for the Dole. From July 2003 parents whose youngest child is in high school will be required to do the equivalent of one day a week of community work, part-time paid work, study, or training if they are receiving parenting payment. Health This Budget aims to improve the health and medical care of Australian families. With an additional $900 million we are enhancing Medicare, increasing health services in rural and regional Australia and introducing five initiatives to treat common health problems that affect Australian families. In this Budget the Government is increasing rebates for GP services, in particular for longer consultations which will assist the treatment of complex and chronic conditions. Second, the Government is taking direct practical measures to boost health services in rural and regional Australia by:Providing $104 million over four years to assist GPs in rural Australia to employ practice nurses. Funding 100 rural nursing scholarships of $10,000 per annum to educate rural students at a rural campus. An additional 10 scholarships will be provided for indigenous students or Aboriginal health workers [for] nursing education. Third, this Budget introduces five initiatives to address health problems which affect Australian families. It targets treatments for asthma, mental health, diabetes, cervical cancer and alcohol education and rehabilitation. The Government will establish a three-stage program for GPs to intervene early to diagnose asthma, develop a care plan and review that plan with the patient. The Government will allocate $120 million over four years to improve the quality of care given by general practitioners to those suffering a mental illness which will help them and the families who suffer with them. This Budget introduces an integrated national diabetes program which will provide incentive payments to GPs to improve the diagnosis and management of people with diabetes. A new program will be introduced to increase screening for cervical cancer among high risk women. General practices which reach overall screening targets will receive additional funding. The Government will also provide $115 million over four years for a new Alcohol Education and Rehabilitation Foundation. Building Australia's Resources In January this year the Government released an innovation action plan for the future called Backing Australia's Ability. [It] added 5,500 targeted university places over four years and tonight I announce that the Government will in addition, fund up to 1,800 undergraduate student places in regional higher education institutions from 2002. As a preventative measure, the Government is providing an additional $31 million over four years to implement flood mitigation works to reduce the risk and damage caused by floods. Safeguarding the environment This Government established Australia's first Natural Heritage Trust of $1 billion. Tonight I announce that the Government will invest a new $1 billion to extend the Natural Heritage Trust by five years to 2006-07. This new investment builds on the $700 million provided over seven years for the National Action Plan for Salinity and Water Quality announced in October 2000. Protecting Agriculture We have seen the damage caused in other countries by the outbreak of foot and mouth disease. Tonight I announce a dramatic upgrade in the Quarantine and Inspection Service, the Customs Service, Australia Post and airports to strengthen Australia's quarantine protection against foot and mouth disease and other risks to our environment and agriculture. An additional $593 million over five years will be used to increase the inspection of mail and cargo entering Australia. We will increase the inspection of passengers and their baggage so that all passengers from all countries that could bring this disease have their baggage inspected. We will work to minimise undue delays for passengers arriving in Australia but we think these steps are necessary. To meet these necessary costs, the Government has decided to increase the Passenger Movement Charge by $8 to $38 and continue the policy of full cost recovery for Australian Quarantine and Inspection Service and Australian Customs Service programs involving cargo and seaports. Building Australia's Defence In my last Budget I reported on the outcome of Australia's contribution to peace and security for the people of East Timor. With that experience behind us, and an appreciation of how quickly events can unfold and the uncertainty in our immediate region, the Government commissioned the most specific and detailed defence plan put together in the last three decades. After reviewing that plan, we have budgeted for the largest and most comprehensive investment in our defence capabilities for any Australian government in peacetime. Additional funds totalling $27.6 billion are planned over the next 10 years in addition to previous budgeted funding. Economic Outlook The Australian economy is forecast to strengthen in the year ahead, with a rebound in growth to around 3 per cent in 2001-02 reflecting sound fundamentals and ongoing benefits of reform. Following a very sharp downturn in the second half of 2000 residential construction, aided by the First Home Owners Scheme and low interest rates, is expected to contribute strongly to growth in 2001-02. Growth will be supported by household consumption, business investment and net exports. The average unemployment rate is forecast at 7 per cent in 2001-02 which is around current levels. In addition, inflation is expected to decline as the one-off increase in the price level caused by tax changes washes out of the index. The current account deficit as a percentage of GDP will remain well below its average level of the last decade. Concluding comments The first Commonwealth Budget was delivered by Sir George Turner 100 years ago. He said on that occasion: ``While we should spend all that is reasonably necessary for the purpose of defending and developing our country we must see, at all events in the early stages of our career, that there is no extravagance ..." It was good advice then. It is good advice today. THE BUDGET IN SUMMARY Where the money comes from 2000-01 2001-02 ...
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