The 2006

Australian federal budget An Australian federal budget is a document that sets out the estimated revenues and expenditures of the Australian Treasury in the following financial year, proposed conduct of Australian government operations in that period, and its fiscal poli ...

for the

Australian financial year A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many ju ...

ended 30 June 2007 was presented on 16 May 2006 by

Peter Costello Peter Howard Costello (born 14 August 1957) is an Australian businessman, lawyer and former politician who served as the treasurer of Australia in government of John Howard from 1996 to 2007. He is the longest-serving treasurer in Australia' ...

, the

Treasurer of Australia The Treasurer of Australia (or Federal Treasurer) is a high ranking official and senior minister of the Crown in the Government of Australia who is the head of the Ministry of the Treasury which is responsible for government expenditure and ...

in the Howard Government. The budget provided for an underlying cash surplus of $10.8 billion, the Government's ninth surplus. The net government debt was zero in the 2006/07-year, the first time in three decades, from a peak of 18.5% of GDP ($96 billion) in 1995/96.Budget 2006–07
Australian Government is now debt free
The budget included further personal tax reform including tax cuts worth $36.7 billion over four years. Major improvements to business taxation to encourage take‑up of new technology and to simplify taxes for small business. There was also a plan to dramatically simplify and streamline superannuation. Other key initiatives include $2.3 billion for road and rail infrastructure, including to upgrade key sections of the Hume, Bruce and Pacific highways more quickly, a $1.9 billion boost to funding for mental health services, and families, older Australians and carers were to receive more support.

References

{{DEFAULTSORT:2006 Australian Federal Budget Federal budget Australian budgets Howard Government

May 2006 events in Australia

See also

References