The 2013 Budget details were revealed today with Australian treasurer Wayne Swan, announcing that he won’t be able to deliver on this year’s promised surplus.
Despite the cuts announced in this year’s Budget, the federal budget revealed that it will include over $3 billion in additional funding for three key road projects in Brisbane, Melbourne and Sydney.
Transport Minister, Anthony Albanese said that a record number will be spent on infrastructure on Tuesday’s budget and in turn will create “jobs and future growth.”
“We have more than doubled the roads budget, increased the rail budget by more than 10 times and we’ve already committed more to urban public transport than all governments combined previously,’ he told reporters on Monday. “Infrastructure investment leads to higher economic growth when targeted towards the most productive areas.”
It was also revealed in the 2013 Budget that there will be a 14.5km Pacific Highway project in the Nationals seat of Cowper which will cost $613 million and include Australia’s longest bridge.
The other Budget details revealed that there will be massive revenue write down this year, with a shortfall of around $17 million. Income taxes cuts will be deferred and the medicare levy will be increased 0.5%. $9.4 billion of Gonski funding (a school funding scheme originally set up by Australian philanthropist David Gonski)from the federal budget will be indexed at a higher rate of 4.7% over the next six years.
There will also be a $300 million funding boost which will allow welfare receipts earn from paid work, study and access concessions. There will be cuts made to foreign aid which will save up to $3 billion in the next four years.
Many political critics believe that the upcoming election is having a big impact on this year’s Budget especially surrounding the announced infrastructure investment. Despite efforts
However transport minister, Mr. Albanese denies this saying that they weren’t prioritised on “basis of marginal electorates”, but in terms of “outcomes and doing what is right for the nation.”