2019 Australian federal budget explained

Australian federal budget 2019
Country:Australia
Date Submitted:2 April 2019
Total Revenue:$505.521 billion (25.2 % of GDP)
Total Expenditures:$493.327 billion (24.6% of GDP)
Deficit:$85.3 billion (3.4% of GDP)
Url:budget.gov.au
Previous Budget:2018 Australian federal budget
Previous Year:2018
Next Budget:2020 Australian federal budget
Next Year:2020
Below:Notes: Surplus = receipts - payments - net Future Fund earnings.
Italics are estimates in the budget

The 2019 Australian federal budget was the federal budget to fund government services and operations for the 2019–20 financial year. The budget was presented to the House of Representatives by Treasurer Josh Frydenberg on 2 April 2019. It was the sixth budget to be handed down by the Liberal/National Coalition since their election to government at the 2013 federal election, and the first budget to be handed down by Frydenberg and the Morrison government. All of the figures below are estimates published in the 2019-20 budget documents.

Forecasts

Revenues

Income taxation

Gross income tax withholding $218.1 billion

Gross other individuals $47.6 billion

Refunds $36.9 billion

Fringe benefits tax $3.93 billion

Company tax $98.9 billion

Superannuation taxation $9.71 billion

Petroleum resource rent tax $1.4 billion

Indirect taxation

Goods and services tax $67.364 billion

Wine equalisation tax $1.08 billion

Luxury car tax $640 million

Excise & customs duty $45.69 billion

Major bank levy $1.6 billion

Agricultural levies $520 million

Other taxes $6.763 billion

Non-taxation receipts

Sales of goods & services $15.745 billion

Interest received $5.701 billion

Dividends $6.165 billion

Other non-taxation receipts $11.512 billion

Memorandum

Capital gains tax $18.1 billion

Medicare levy $18.15 billion[1]

Note: Capital gains tax is part of gross other individuals, company tax and superannuation fund taxes, while the Medicare Levy is included in income taxes.[2]

Expenses

Total $500.872 billion

General public services $23.614 billion Defence $32.243 billion Public order & safety $5.919 billion Education $36.350 billion Health $81.777 billion Social Security & Welfare $180.125 billion Housing and community services $5.907 billion Recreation & culture $3.849 billion Fuel & energy $8.171 billion Agriculture, forestry & fishing $2.871 billion Mining, manufacturing & construction $3.442 billion Transport & communication $9.038 billion Other economic affairs $9.297 billion Public debt interest $17.037 billion Nominal superannuation interest $11.127 billion General revenue assistance - States and Territories $69.053 billion General revenue assistance - Local governments $1.275 billion Natural disaster relief $11 million Contingency reserve -$216 million[3]

Debt and deficit

Deficit

The Budget deficit for 2018/19 is expected to be $4.162 billion, falling from $10.141 billion in 2017/18.[4]

The surplus for 2019-20 is expected to be around $7 billion.

Debt

The government's debt level was forecast to be $629 billion in 2019/20.[5]

See also

External links

Notes and References

  1. Budget Paper 1, Statement 4, Page 17: https://budget.gov.au/2019-20/content/bp1/index.htm
  2. Budget Paper 1, Statement 4, Page 17: https://budget.gov.au/2019-20/content/bp1/index.htm
  3. Budget Paper 1, Statement 5, Pages 49-51: https://budget.gov.au/2019-20/content/bp1/index.htm
  4. https://budget.gov.au/2019-20/content/download/overview.pdf Archive of Budgets
  5. https://www.lexology.com/library/detail.aspx?g=bf65ad87-5152-49a0-974d-dfda8df80858 Australian Federal Budget analysis 2018/19