Budget Update Summary – May 2012
On 8th May 2012, the Federal Government handed down its Budget for 2012/13. The Budget promised to deliver a surplus of $1.5 billion in 2012/13.
Many of the measures in the Budget had been released, leaked or alluded to in past days, so there weren’t a lot of hidden surprises. The Budget aims to share the benefits of the resource boom by using the mining tax to fund cash payments and tax breaks to families and low income earners.
Please find a summary attached of some of the key initiatives from this year’s Federal Budget.