The Australia budget 2011-12 will look to increase the number of people with jobs across the country and provide residents with more opportunities.
Australia Budget 2011-12 Highlights:
The 2011-12 Australia budget will allot 558 million dollars for the National Workforce Development Fund that will provide high quality and suitable training centers.
The states and territories will be offered $1.75 billion for reforming the vocational training and educational sector.
The 2011-12 budget will take several measures to increase participation by offering adequate rewards and new opportunities via training, services and education.
Some work groups will also be provided with fresh requirements.
36 billion dollars will be provided for roads, ports and railways.
$1 billion from this amount will be used for financing the Pacific Highway.
Taxes that are presently hampering investments in the infrastructural sector will be done away with.
It is expected that this decision will encourage the private sector to make bigger investments in this sector.
A minimum amount of 16.4 billion dollars will be provided to the states for financing the growth of new hospitals across the country. This financial assistance will be available from 2014-15 to 2019-20 fiscal.
$2.2 billion will be provided for five years for making changes to the national mental health system.
717 million dollars will be provided for widening the access to medicines and diagnostic imaging services.
$53 million will be earmarked for providing better access to the public dental services. This is especially expected to benefit people with low income levels.
425 million dollars will be provided for properly rewarding the best teachers in an academic year.
An amount of $200 million will be used for financially assisting specially-abled schools students.
222 million dollars will be spent for increasing the scope of the National School Chaplaincy program.
The Family Tax Benefit Part A provided to teenagers will be increased by 4,208 dollars per year. The systems for accessing these arrangements will become more flexible from 2012 onwards.
In the 2012 budget $4.3 billion will be invested for regional development.
1.8 billion dollars will be provided over 6 years for the regional health infrastructure, which is in a critical condition. The assistance will be provided under the regional priority round of the Health and Hospitals Fund.
$500 million will be provided over the next 5 years for investing in education across the regions. The money will be made available as part of the regional priority round of the Education Investment Fund.
Australia Budget 2011-12: Expectations
With the 2011-12 budget the Australian government has taken the hard decisions that are required to make sure that the budget achieves a surplus in 2012-13 fiscal and also executes the major planned expenses.
If Australia is able to achieve this goal it will be the first major developed country to have done so. The tax receipts are expected to be weak in 2011-12 and Australia has also been affected by the recent natural disasters. But these factors are not supposed to have much impact on the national economic growth.
The government is expected to achieve the surplus budget through savings worth 22 billion dollars and limiting any real increase in public expenditure. Majority of these savings will assist the economically backward sections and thus make the budget a sustainable one. The benefits from these savings will be more than the previous estimates.
The budget will also prepare Australia for its second ever mining boom besides making other investments to increase the productive capacity of the country. The tax system is also expected to become fairer and more reliable in the upcoming fiscal.