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Budget 2019/20: Key figures and measures

AAP  |  03 Apr 2019Text size  Decrease  Increase  |  
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Key financial figures and government fiscal measures in the 2019/20 federal budget:

 

  • First Australian budget surplus in 12 years forecast for 2019/20 financial year, representing a turnaround of $55bn since 2013 when the coalition was elected;
     
  • The surplus of $7.1bn is better than the government's previous forecast of $4.1bn;

  • Bringing forward of tax relief for about 10 million workers earning up to $126,000 a year, adding up to $1080 to individual pay packets;

  • A cut in the tax rate paid by 94 per cent of Australians to 30pct, from 32.5pct, in July 2024;

  • The government is also projecting more surpluses in three years from 2020/21;

  • The surplus forecasts of $11bn, $17.8bn and $9.2bn are less than previously forecast;

  • Commonwealth net debt forecast at $361bn - or 18pc of GDP - in 2019/20;

  • Government expected to eliminate net debt by 2029/30 'or sooner';

  • Gross domestic product forecast to grow by 2.75pc in 2019/20 and 2020/21;

  • Employment to grow by 1.75pc in next two years;

  • Government pledges to create extra 1.25 million jobs over next five years;

  • Jobless rate forecast at 5pc over next four financial years;

  • Wages tipped to grow by 2.75pc next year and 3.25pc in 2020/21;

  • Inflation to remain subdued around 2.25-2.50pc in next two years;

  • Expansion of instant asset write-off to businesses with turnover of up to $50m;

  • Increase in instant asset write-off amount to $30,000, from $25,000.

 

 

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