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2019 Australian federal budget

From Wikipedia, the free encyclopedia

 () Australian federal budget 2019
Submitted2 April 2019
Submitted byMorrison government
Submitted toHouse of Representatives
Parliament45th
PartyLiberal/National Coalition
TreasurerJosh Frydenberg
Total revenue$505.521 billion (25.2 % of GDP)
Total expenditures$493.327 billion (24.6% of GDP)
Deficit$85.3 billion (3.4% of GDP)
Websitebudget.gov.au
Notes: Surplus = receipts - payments - net Future Fund earnings.
Italics are estimates in the budget
‹ 2018
2020

The 2019 Australian federal budget was the federal budget to fund government services and operations for the 2019–20 financial year. The budget was presented to the House of Representatives by Treasurer Josh Frydenberg on 2 April 2019. It was the sixth budget to be handed down by the Liberal/National Coalition since their election to government at the 2013 federal election, and the first budget to be handed down by Frydenberg and the Morrison government. All of the figures below are estimates published in the 2019-20 budget documents.

Background

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Forecasts

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Revenues

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Income taxation

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Gross income tax withholding $218.1 billion

Gross other individuals $47.6 billion

Refunds $36.9 billion

Fringe benefits tax $3.93 billion

Company tax $98.9 billion

Superannuation taxation $9.71 billion

Petroleum resource rent tax $1.4 billion

Indirect taxation

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Goods and services tax $67.364 billion

Wine equalisation tax $1.08 billion

Luxury car tax $640 million

Excise & customs duty $45.69 billion

Major bank levy $1.6 billion

Agricultural levies $520 million

Other taxes $6.763 billion

Non-taxation receipts

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Sales of goods & services $15.745 billion

Interest received $5.701 billion

Dividends $6.165 billion

Other non-taxation receipts $11.512 billion

Memorandum

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Capital gains tax $18.1 billion

Medicare levy $18.15 billion[1]

Note: Capital gains tax is part of gross other individuals, company tax and superannuation fund taxes, while the Medicare Levy is included in income taxes.[2]

Expenses

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Total $500.872 billion

General public services $23.614 billion

Defence $32.243 billion

Public order & safety $5.919 billion

Education $36.350 billion

Health $81.777 billion

Social Security & Welfare $180.125 billion

Housing and community services $5.907 billion

Recreation & culture $3.849 billion

Fuel & energy $8.171 billion

Agriculture, forestry & fishing $2.871 billion

Mining, manufacturing & construction $3.442 billion

Transport & communication $9.038 billion

Other economic affairs $9.297 billion

Public debt interest $17.037 billion

Nominal superannuation interest $11.127 billion

General revenue assistance - States and Territories $69.053 billion

General revenue assistance - Local governments $1.275 billion

Natural disaster relief $11 million

Contingency reserve -$216 million[3]

Expenditure

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Debt and deficit

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Deficit

The Budget deficit for 2018/19 is expected to be $4.162 billion, falling from $10.141 billion in 2017/18.[4]

The surplus for 2019-20 is expected to be around $7 billion.

Debt

The government's debt level was forecast to be $629 billion in 2019/20.[5]

Opposition and crossbench response

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Reception

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See also

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References

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