Federal Budget 2012-13

On 8 May 2012 the Treasurer, Mr Wayne Swan handed down his fifth Federal Budget. A fiscally tight Budget designed aiming to give rise to that oft-mentioned surplus for 2012-13 it contained anticipated tax changes, but also had a raft of other tax measures including changes to previously announced measures and significant changes to the tax loss measures. Previously announced measures the government decided not to proceed with included the standard tax deduction and the interest discount.

Treasurer Wayne Swan said the budget would deliver a small ($1.5bn) surplus in the year to 30 June 2013, thanks largely to cuts in spending on defence and foreign aid and abandoning planned tax cuts for companies and savers.

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Overview of Carbon Price Package

The Federal Government announced details of its Carbon Price package at noon on Sunday 10 July 2011. The proposals are intended to reduce carbon pollution and secure a clean energy future with a Renewable Energy Target of 20% by 2020.

In summary the Governments proposals are as follows:

• A carbon price of $23 for each tonne of pollution beginning 1 July 2012
• Prices are expected to rise by 2.5 % a year in real terms during three-year fixed period until 1 July 2015 then it is proposed Australia will transition to an emission trading scheme
• The price of each tonne will be fixed, like a carbon tax

Read more: Overview of Carbon Price Package