The four years of surpluses I announce tonight are a powerful endorsement of the strength of our economy, resilience of our people, and success of our policies.
In an uncertain and fast-changing world, we walk tall as a nation confidently living within its means
This Budget delivers a surplus this coming year, on time, as promised, and surpluses each year after that, strengthening over time.
It funds new cost of living relieffor Australian families.
It helps businesses invest, compete and adapt to an economy in transition.
And it finances bold new policies to help Australians with a disability, the aged, and those who can't afford dental care.
It does these things for a core Labor purpose:
To share the tremendous benefits of the mining boom with more Australians
The deficit years of the global recession are behind us. The surplus years are here
Across the budget, by saving and redirecting $33.6 billion, we're balancing the books.
Making room for $5 billion in new payments to households
With solid growth in real GDP of 3 per cent in 2012-13 and 3 per cent in 2013-14
Unemployment is forecast to remain low at 5 per cent in the next two years; official interest rates are lower now than at any time under our predecessors; and we have an investment pipeline of over $450 billion in the resources sector alone
This has contributed to a deficit in 2011?12 of $44 billion, and means net debt will now peak at 9.6 per cent of GDP, just a tenth of the level of the major advanced economies.
Delivering surpluses when we have less tax revenue means we need to make substantial savings to pay for new initiatives.
It is these responsible decisions which return the Budget to a $1.5 billion surplus in 2012-13, and growing every year after that
So tonight, from the firm foundations of a surplus budget, we announce new policies to spread the benefits of this boom
I am proud to announce a new Spreading the Benefits of the Boom package; $3.6 billion to share the proceeds of the mining taxwith families and small businesses
At the core of this package is $1.8 billion in extra support for families through more generous payments from July next year.
More than 1.5 million families will benefit from increases to Family Tax Benefit Part A, with nearly half taking home an extra $600 a year.
Madam Deputy Speaker, the super reforms funded by the mining tax will help more Australians secure a better retirement, and give those on low incomes a better deal
The National Broadband Network is transforming our economy, and our $36 billion Nation Building programs are improving our road, rail and port networks.
