Federal Budget 
The Federal Government has released their second Federal Budget for 2009/10, which is aimed at cushioning Australia's Economy against the Global Economic Crisis, with the hope for eventual recovery.
The cornerstone of the Federal Budget is a $22 Billion investment in Australian infrastructure to build and support a sustainable economy for the future.
A brief overview of the Budget is provided below. For full details please see the Commonwealth Government's official Budget Website: www.budget.gov.au/2009-10
Key initiatives of the 2009-10 Budget
The $22 billion Nation Building Infrastructure centrepiece
- $3.4 billion for roads
- $4.6 billion for metro rail
- $389 million for ports and freight infrastructure
- $4.5 billion for the Clean Energy Initiative, which includes $1.0 billion of existing funding
- $2.6 billion in projects focused on universities and research from the Education Investment Fund
- $3.2 billion in projects focused on hospitals and health infrastructure from the Health and Hospitals Fund
- Partnering with the private sector to build the $43 billion National Broadband Network
Supporting Jobs, Delivering for Pensioners, and Positioning for the Recovery
- A pension increase of $32.49 per week for singles and $10.14 per week combined for couples on the full rate
- A crucial boost of $2.7 billion in funding for tertiary education, research and innovation
- $1.5 billion for the Jobs and Training Compact, providing education and services to support young people, retrenched workers and local communities
- Enhancing participation with 18 weeks of Paid Parental Leave
- A 50% Small Business Tax Break for eligible assets
- Extending the First Home Owners Boost for an extra 6 months
- Honouring tax cut promises
Hard choices and a clear strategy to return the Budget to surplus
The global recession has stripped around $210 billion from expected tax receipt, therefore:
- Running a temporary deficit and continuing important programs is vital to support jobs
- Necessary and responsible borrowing that is markedly less than other major advanced economies
- Budget savings of $22.6 billion over four years, including through vital structural reform
- Fully offsetting the cost of the pension package over time, notwithstanding the ageing of the population
- In the final year, the budget impact of new spending is fully offset
For further detail and assistance from Inventure's experience team Contact Us or complete an Enquiry Form