2019 Australian federal budget

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 () Australian federal budget 2019
File:Coat of Arms of Australia.svg
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

Forecasts

Revenues

Income taxation

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

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

Sales of goods & services $15.745 billion Interest received $5.701 billion Dividends $6.165 billion Other non-taxation receipts $11.512 billion

Memorandum

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

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

Debt and deficit

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

Reception

See also

References

  1. ↑ [Budget Paper 1, Statement 4, Page 17: https://budget.gov.au/2019-20/content/bp1/index.htm]
  2. ↑ [Budget Paper 1, Statement 4, Page 17: https://budget.gov.au/2019-20/content/bp1/index.htm]
  3. ↑ [Budget Paper 1, Statement 5, Pages 49-51: https://budget.gov.au/2019-20/content/bp1/index.htm]
  4. ↑ Archive of Budgets
  5. ↑ Australian Federal Budget analysis 2018/19

External links

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