2013 – 14 Budget | Award Accountancy

Key Initiatives of the 2013-14 BUDGET

A strong economy and a path to surplus

Australia’s economy continues to outperform most of the developed world.
In response to difficult global conditions and the sustained high Australian dollar, this Budget charts a pathway to return to balance in 2015‑16 and to surplus by 2016‑17, improves the sustainability of Australia’s public finances and builds on Australia’s record of fiscal and economic strength.
This Budget delivers $43 billion in savings to return the budget to surplus and fund key nation-building reforms.

$9.8 billion over six years in once‑in‑a‑generation school reforms to enhance Australia’s future productivity and wellbeing.
Additional funding for students across the country to ensure every student in every school gets the help they need.

Total investment in DisabilityCare Australia of $19.3 billion over seven years—Australia’s most fundamental social policy reform since Medicare.
Raise the Medicare levy by half a percentage point to provide a strong and enduring funding stream for DisabilityCare Australia.

Committing to the next wave of vital infrastructure investment, bringing the Government’s total investment to around $60 billion from 2008‑09 to 2018‑19.
New and innovative opportunities for private sector finance in public infrastructure.

$226 million to improve cancer prevention, detection, treatment and research, and provide better patient care and support.
$33.8 million further investment into the General Practice Rural Incentive program in 2013‑14 to encourage medical practitioners to move to regional and remote communities.
$691 million over five years in new listings or amendments to the Pharmaceutical Benefits Scheme.

$1 billion investment in boosting Australian innovation, productivity and competitiveness under A Plan for Australian Jobs.
$135 million for 150 four‑year Future Fellowships to attract and retain the best Australian and international mid-career researchers in areas of crucial national importance.
$97 million from 2014 to 2017 for additional Commonwealth-supported places for sub‑bachelor and postgraduate places.
$68.8 million over four years to establish an Alternative Pathways Program to deliver more flexible pathways for 4000 Australians completing apprenticeships in a trade or technical qualification in high demand industries facing skills shortages.

$330 million to support the historic Tasmanian Forests Agreement.
$99.4 million investment in a new Farm Household Allowance to support farmers in hardship.
Farm Finance: A package of measures to provide financial relief and build the ongoing financial resilience of farmers.

Increasing the Superannuation Guarantee from 9 to 12 per cent from 1 July 2013 to 1 July 2019 to boost the retirement savings of 8.4 million Australians and increase the pool of superannuation savings by more than $500 billion by 2037.
$112 million pilot to assist age pensioners to downsize their homes by providing a means test exemption of up to $200,000 for ten years.

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