2012 Mini Budget
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23rd October, 2012 ECONOMY Budget surplus down from $1.5 billion to $1.1 billion 16.4 billion in new taxes and savings Mining tax revenue down from $9.1 billion over four years from the $13.4 billion predicted in the 2012 Budget. Only $2 billion to be collected in 2012-13 (not $3 billion as predicted) Government revenue down $20 million on Budget forecast Unemployment to be 5.5% by the end of 2012-13, Terms of Trade to decline by 8% in 2012-13 (compared with 5.75 in Budget forecast) $2.1 billion transferred from Contingency Reserve to boost 2012-13 bottom line From beginning of 2014, companies will be required to pay tax every month, bringing forward $8.3 billion in revenue (increasing revenue in 2013-14 by $5.5 billion Government to gain $555 million this year by transferring balances from inactive superannuation funds of less than $2,000 to the Tax Office. Similar measures for unclaimed bank deposits and life insurance policies will collect a further $330 million ($110 million in 2012-13) 460,000 self managed superannuation funds will pay an extra $68 per year in fees (up to $259), raising $319 million over 4 years. Accounting rule changes for the Future Fund add $400 million to the Budget in 2012-13 Changes to in-house Fringe Benefits Tax to cost business $465 million over four years Payments to the States to be cut by $2.3 billion (on top of 11.8 billion cuts to GST receipts) EDUCATION $305 million of Trade Training Centre funding delayed for four years $500 million cut from University Research Grants over four years and $270 million from facilitation funding over three years IMMIGRATION $1.2 billion blow out in the cost of asylum seekers in 2012-13 $432 million will be required to fund increase in refugee intake to 20,000 places a year (up from 13,750) Visa fees increased by $520 million over four years Skilled graduate fees will increase from $315 to $1,260, 457 visas for temporary skilled workers will rise from $350 to $455 FAMILIES Baby Bonus cut from $5,000 to $3,000 after the first child (saving $461 million over three years) $1 billion of further cuts to the Private Health Insurance Rebate HEALTH $1 billion of further cuts to the Private Health Insurance Rebate SPORT & RECREATION $3.6 million cut from the Illicit Drugs in Sport Program |
