Australian budget 2005-06 indicates that the commitment of the Australian government continues to be sustainable. The budget of 2005-2006 aims at inviting active participation of the Australians so that they can contribute to the growth in the economy in a more active manner.
The essence of the Australian budget of 2005-06 also aims at stronger management of the economy, enhance skills of the work force, opt for cut in taxes and promote scope of Australian business. Information pertaining to the different areas have been scripted below:
Reduction in taxes:
Tax reduction amounting to $21.7 billion in the forthcoming years.
The government feels that this may act as an incentive for the labor force thereby encouraging active participation from the workers.
By doing so, the not so affluent families will also be given support. This would in turn keep the country competitive globally. The Australian government also decided to lift the tax imposed on superannuation savings. This was effective from 1st July, 2005.
Enhancement of skills:
As part of the Australian budget 2005-06, the government has introduced additional reforms to improve the training programs as well as improving education as well as vocational skills.
By investing more in this sector, the country would become well equipped as far as developing skilled labor is concerned.
Encouraging business in Australia:
The business owners have been bestowed with a reduction of taxes amounting to $1.8 billion for sustaining businesses in Australia and for the increase in productiveness. The Australian government also removed 3% tariff pertaining to various inputs of businesses.
Attending to the elderly population:
During the Australian budget of 2005-2006, the government attended to the elderly population. Reports state that during the same period(2005-2006), growth in the economy as well as employment was seemingly low.
Australian Budget 2005-06 Statistical data:
The cash surplus in budget 2005-06 was $8.9 billion.
For adequate support system extended to the workers, an investment of $2 billion was slated.
Expenses related to heath care and treating the aged population was $45 billion.
Removal of 3% tariff on Australian businesses incurred an expenditure of $1.3 billion,
As much as $196 million was extended for Strengthening Cancer Care.
Dementia was treated as “national health priority”. To support this as much as $321 million was provided.
For funding overseas missions as well as for making “protective security” stronger, a sum of $522 million was alloted.
For the purpose of “quarantine screening”, an allocation of $580 million was done.