Submitted | 12 May 2015 |
---|---|
Submitted by | Abbott government |
Submitted to | House of Representatives |
Parliament | 44th |
Party | Liberal/National Coalition |
Treasurer | Joe Hockey |
Deficit | $29.8 billion |
Website | budget |
‹ 2014 2016 › |
The 2015 Australian federal budget was the federal budget to fund government services and operations for the 2015/16 financial year. The 2015 budget was the second and last submitted by the Abbott government, since the Coalition's victory in the 2013 Australian federal election. Treasurer Joe Hockey presented the budget to the House of Representatives on 12 May 2015.
The budget featured a $4.4 billion Families Package to reform child care in Australia and a $5.5 billion Jobs and Small Business Package to assist small business. The budget was passed by both the House of Representatives and the Senate and took effect at the start of the 2015/16 financial year, which began on 1 July 2015.
The budget is the eighth in a row to contain a deficit. In May 2015, the deficit for FY 2015/16 was forecast to be $35.1 billion (2.1% of GDP). [1] In December 2015, this increased to $37.4 billion. [2]
The falling price of iron ore cut billions of dollars from forecast budget revenue. [3] New laws were announced which sought to stop multinational corporations from using tax minimisation schemes. [4]
The budget included funding for the 2016 Australian census as well as money for the updating of information technology at the Australian Bureau of Statistics. [5]
Funding for a 'Digital Transformation Agenda' was included in the budget. $254.7 million is to be spent on a small team who will work "across government to develop and coordinate the delivery of digital services". [6] Money was also allocated in relation to the new data retention scheme to provide technical assistance to the telecommunications industry as well as for the Ombudsman to monitor the scheme. [7]
Failed attempts to index the age pension to inflation in the previous budget have been scrapped. [8] Instead the asset threshold for eligibility will be decreased to $820,000 for couples and to around $550,000 for single people. [8] More than $327 million of new funding is being used to support child care for disadvantaged children. [9] The budget contained a large savings measure through the pursuit of outstanding debts and the investigation of cases of fraud. [4]
Foreign aid saw further cuts following reductions in last year's budget. Aid to Africa was reduced by 70% and to Indonesia by 40%. [10]
This budget marked a significant change from last year's budget emergency and fiscal crisis towards restoring faith and building confidence with the electorate. [11]
A number of economists described the economic growth forecasts as too optimistic, particularly the long-term rate of 3.5% as an over-estimate. [12] Aid groups condemned cuts to foreign aid. A spokesperson from Oxfam said the cuts would impact security and Australia's international standing. [10]
According to modelling conducted by the National Centre for Social and Economic Modelling low-income families could be face a 7% loss of their total disposable income by 2018–19 due to changes in this budget. [13] Their research found that it will most likely benefit middle- to high-income families which use childcare. [13]
The Centrelink Master Program, or more commonly known as Centrelink, is a Services Australia master program of the Australian Government. It delivers a range of government payments and services for retirees, the unemployed, families, carers, parents, people with disabilities, Indigenous Australians, students, apprentices and people from diverse cultural and linguistic backgrounds, and provides services at times of major change. The majority of Centrelink's services are the disbursement of social security payments.
Australian Aid is the brand name used to identify projects in developing countries supported by the Australian Government. As of 2014 the Department of Foreign Affairs and Trade (DFAT) has been responsible for Australia's official development assistance to developing countries.
The United States budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. It has reported that large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 98 percent of gross domestic product (GDP) in 2020 to 195 percent by 2050.
The 2008 Australian federal budget for the Australian financial year ended 30 June 2009 was presented on 13 May 2008 by the Treasurer of Australia, Wayne Swan, the first federal budget presented by Swan, and the first budget of the first Rudd government.
The 2009 Australian federal budget for the Australian financial year ended 30 June 2010 was presented on 12 May 2009 by the Treasurer of Australia, Wayne Swan, the second federal budget presented by Swan, and the second budget of the first Rudd government. Swan commented that the budget would be tougher than in previous years. "Projected government revenue has fallen by $200 billion since the last budget because of the global economic crisis."
The Australian government debt is the amount owed by the Australian federal government. The Australian Office of Financial Management, which is part of the Treasury Portfolio, is the agency which manages the government debt and does all the borrowing on behalf of the Australian government. Australian government borrowings are subject to limits and regulation by the Loan Council, unless the borrowing is for defence purposes or is a 'temporary' borrowing. Government debt and borrowings have national macroeconomic implications, and are also used as one of the tools available to the national government in the macroeconomic management of the national economy, enabling the government to create or dampen liquidity in financial markets, with flow on effects on the wider economy.
The 2010 Australian federal budget for the Australian financial year ended 30 June 2011 was presented on 11 May 2010 by the Treasurer of Australia, Wayne Swan, the third federal budget presented by Swan, and the third budget of the first Rudd government.
The 2012 Australian federal budget for the Australian financial year ended 30 June 2013 was presented on 8 May 2012 by the Treasurer of Australia, Wayne Swan, the fifth federal budget presented by Swan, and the second budget of the Gillard government. The budget was described as a "battlers" budget with benefits geared towards families and low income earners. It forecast a surplus of $1.5 billion in the financial year ended 30 June 2013.
The National Disability Insurance Scheme (NDIS) is a scheme of the Australian Government that funds costs associated with disability. The scheme was legislated in 2013 and went into full operation in 2020. The scheme is administered by the National Disability Insurance Agency (NDIA) and overseen by the NDIS Quality and Safeguards Commission. Bill Shorten provides ministerial oversight as Minister for the National Disability Insurance Scheme.
The 2013 Australian federal budget for the Australian financial year ended 30 June 2014 was presented on 14 May 2013 by the Treasurer of Australia, Wayne Swan, the sixth federal budget presented by Swan. The 2013 budget estimated total revenue of A$387.7 billion and spending of A$398.3 billion, a deficit of A$18 billion, with a return to surplus expected in the 2015 Australian federal budget. Some of the measures in the budget had been announced by various Ministers before the budget.
The Abbott government was the federal executive government of Australia led by the 28th Prime Minister Tony Abbott. The government was made up of members of the Liberal–National Coalition. The Leader of The Nationals, Warren Truss, served as Deputy Prime Minister. Following the 2013 Australian federal election held on 7 September, the Coalition defeated the second Rudd government, ending six years of Labor Government. The Abbott government was sworn into office on 18 September 2013. Less than two years later on 14 September 2015, Malcolm Turnbull defeated Abbott in a leadership ballot, 54 votes to 44 and the Turnbull government became the executive government of Australia.
The 2014 Australian federal budget was the federal budget to fund government services and operations for the 2014/15 financial year. The 2014 budget was the first delivered by the Abbott government, since the Coalition's victory in the 2013 Australian federal election. Treasurer Joe Hockey presented the budget to the House of Representatives on 13 May 2014.
The National Commission of Audit was a commission formed by the Abbott Government on 22 October 2013 as an independent body to review and report on the performance, functions and roles of the Commonwealth government. The chair of the Commission was Tony Shepherd AO who is a former head of the Business Council of Australia. The other Commissioners were Peter Boxall AO, Tony Cole AO, Robert Fisher AM and Amanda Vanstone.
The 2016 Australian federal budget was the federal budget to fund government services and operations for the 2016–17 financial year. It was presented to the House of Representatives by Treasurer Scott Morrison on 3 May 2016. It was the third budget to be handed down by the Liberal/National Coalition since their election to government at the 2013 federal election, and the first to be handed down by Morrison and the Turnbull government.
The Medical Research Future Fund (MRFF) is a research fund established in Australia by the Abbott Government. It is managed by the Future Fund, with interest generated going to medical research. In 2020-2021, the MRFF reached its capitalisation target of $AU 20 billion, with annual investment returns of around $650 million used to fund medical research.
The 2018 Australian federal budget was the federal budget to fund government services and operations for the 2018–19 financial year. The budget was presented to the House of Representatives by Treasurer Scott Morrison on 8 May 2018. It was the fifth budget to be handed down by the Liberal/National Coalition since their election to government at the 2013 federal election, and the third and final budget to be handed down by Morrison and the Turnbull government.
The Morrison government was the federal executive government of Australia, led by Prime Minister Scott Morrison of the Liberal Party of Australia, between 2018 and 2022. The Morrison government commenced on 24 August 2018, when it was sworn in by the Governor-General of Australia. It was composed of members of the Liberal–National Coalition and succeeded the Abbott (2013–2015) and Turnbull (2015–2018) coalition governments in office, competing against the Australian Labor Party as the major Opposition party. Nationals Leader Michael McCormack was Deputy Prime Minister of Australia from the formation of the Morrison government until June 2021. He was replaced as Leader of the Nationals and Deputy Prime Minister by Barnaby Joyce.
The Robodebt scheme was an unlawful method of automated debt assessment and recovery employed by Services Australia as part of its Centrelink payment compliance program. Put in place in July 2016 and announced to the public in December of the same year, the scheme aimed to replace the formerly manual system of calculating overpayments and issuing debt notices to welfare recipients with an automated data-matching system that compared Centrelink records with averaged income data from the Australian Taxation Office.
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