| 2006 Australian federal budget | |
| Country: | Australia |
| Previous Budget: | 2005 Australian federal budget |
| Previous Year: | 2005 |
| Next Budget: | 2007 Australian federal budget |
| Next Year: | 2007 |
| Submitted To: | Parliament of Australia |
| Date Submitted: | 16 May 2006 |
| Parliament: | 41st |
| Party: | Liberal/National Coalition |
| Treasurer: | Peter Costello |
| Surplus: | A$10.08 billion |
| Below: | ‡Numbers in italics are projections. |
The 2006 Australian federal budget for the Australian financial year ended 30 June 2007 was presented on 16 May 2006 by Peter Costello,[1] the Treasurer of Australia in the Howard government.
The budget provided for an underlying cash surplus of $10.8 billion, the Government's ninth surplus.[2] 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.[3]
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.