2015 Australian federal budget

none April 2024 October 2017 Australian federal budget 2015–16 Australia Australian federal budget, 2014 2014 Australian federal budget, 2016 2016 Coat of Arms of Australia.svg 250px Abbott government House of Representatives 12 May 2015 44th Liberal/National Coalition Joe Hockey $428.6 billion $29.8 billionhttps://archive.budget.gov.au/2015-16/fbo/FBO-2015-16-Consolidated.pdf.pdf 1 October 2024 September 2016 1 October 2024 https://web.archive.org/web/20241001064509/https://archive.budget.gov.au/2015-16/fbo/FBO-2015-16-Consolidated.pdf.pdf live Final Budget Outcome 2015–16 2205-6769 Scott Morrison Mathias Cormann Mathias Cormann Scott Morrison The Commonwealth of Australia $296.4 billion (net debt) (18.0% of GDP) https://archive.budget.gov.au/2015-16/index.htm The 2015 Australian federal budget was the federal budget to fund government services and operations for the 2015/16 financial year. The 2015 budget was the second and last submitted by the Abbott government, since the Coalition's victory in the 2013 Australian federal election. Treasurer Joe Hockey presented the budget to the House of Representatives on 12 May 2015, it was his final budget before being replaced by Scott Morrison as Treasurer following the 2015 Liberal Party leadership spill. The budget featured a $4.4 billion Families Package to reform child care in Australia and a $5.5 billion Jobs and Small Business Package to assist small business. The budget was passed by both the House of Representatives and the Senate and took effect at the start of the 2015–16 financial year, which began on 1 July 2015. Forecasts Deficit The budget is the eighth in a row to contain a deficit. In May 2015, the deficit for financial year 2015–16 was forecast to be $35.1 billion (2.1% of GDP).http://budget.gov.au/2015-16/content/overview/html/overview-01.htm Budget at a glance 28 January 2016 11 February 2016 https://web.archive.org/web/20160211185726/http://www.budget.gov.au/2015-16/content/overview/html/overview-01.htm live In December 2015, this increased to $37.4 billion.http://budget.gov.au/2015-16/content/myefo/html/03_part_3.htm MYEFO: Part 3: Fiscal Strategy and Outlook 29 January 2016 15 December 2015 ABC News 5 February 2016 https://web.archive.org/web/20160205065357/http://budget.gov.au/2015-16/content/myefo/html/03_part_3.htm live Revenues The falling price of iron ore cut billions of dollars from forecast budget revenue.http://www.smh.com.au/business/federal-budget/australias-aaa-rating-not-in-danger-joe-hockey-says-20150501-1mxsvn.html Australia's AAA rating not in danger, Joe Hockey says Matt Siegel and Paul Ingrassia 5 May 2015 1 May 2015 The Sydney Morning Herald 3 May 2015 https://web.archive.org/web/20150503015610/http://www.smh.com.au/business/federal-budget/australias-aaa-rating-not-in-danger-joe-hockey-says-20150501-1mxsvn.html live New laws were announced which sought to stop multinational corporations from using tax minimisation schemes.http://www.abc.net.au/news/2015-05-12/federal-government-to-cut-16-billion-from-welfare/6464320 Budget 2015: Welfare cut by $1.6 billion over four years Annabel Crabb 13 May 2015 13 May 2015 ABC News 9 February 2021 https://web.archive.org/web/20210209080020/https://www.abc.net.au/news/2015-05-12/federal-government-to-cut-$1.6-billion-from-welfare/6464320?nw=0 live Expenditure General government The budget included funding for the 2016 Australian census as well as money for the updating of information technology at the Australian Bureau of Statistics.http://www.brisbanetimes.com.au/business/federal-budget/federal-budget-2015-census-saved-250m-investment-in-bureau-of-statistics-20150506-ggvdrp.html Federal budget 2015: Census saved, $250m investment in Bureau of Statistics Peter Martin 7 May 2015 7 May 2015 Brisbane Times Funding for a "Digital Transformation Agenda" was included in the budget. $254.7 million is to be spent on a small team who will work "across government to develop and coordinate the delivery of digital services".http://www.computerworld.com.au/article/574794/budget-2015-government-pursues-digital-transformation/?google_editors_picks=true Budget 2015: Government pursues digital transformation Rohan Pearce 14 May 2015 12 May 2015 Computerworld IDG Communications 27 October 2017 https://web.archive.org/web/20171027074734/https://www.computerworld.com.au/article/574794/budget-2015-government-pursues-digital-transformation/?google_editors_picks=true live Money was also allocated in relation to the new data retention scheme to provide technical assistance to the telecommunications industry as well as for the Ombudsman to monitor the scheme.http://www.computerworld.com.au/article/574854/budget-2015-government-data-retention-bill-tops-150-million/?google_editors_picks=true Budget 2015: Government's data retention bill tops $150 million Rohan Pearce 14 May 2015 13 May 2015 Computerworld IDG Communications Social security and welfare Failed attempts to index the age pension to inflation in the previous budget have been scrapped.http://www.afr.com/news/politics/federal-budget-2015-praise-for-tighter-pension-test-20150505-ggugek Federal budget 2015: praise for tighter pension test 5 May 2015 5 May 2015 Financial Review 18 May 2015 https://web.archive.org/web/20150518103719/http://www.afr.com/news/politics/federal-budget-2015-praise-for-tighter-pension-test-20150505-ggugek live Instead the asset threshold for eligibility will be decreased to $820,000 for couples and to around $550,000 for single people. More than $327 million of new funding is being used to support child care for disadvantaged children.http://www.theaustralian.com.au/national-affairs/budget-2015-increased-childcare-for-needy-kids/story-fn59niix-1227344725762 https://web.archive.org/web/20160304081441/http://www.theaustralian.com.au/national-affairs/budget-2015-increased-childcare-for-needy-kids/story-fn59niix-1227344725762 dead 4 March 2016 Budget 2015: Increased childcare for needy kids 8 May 2015 8 May 2015 The Australian News Ltd The budget contained a large savings measure through the pursuit of outstanding debts and the investigation of cases of fraud. Community services and culture Foreign aid saw further cuts following reductions in last year's budget. Aid to Africa was reduced by 70% and to Indonesia by 40%.http://www.abc.net.au/news/2015-05-13/foreign-aid-cuts-under-new-budget-africa-indonesia/6465264 Budget 2015: Foreign aid to Africa cut by 70pc; contributions to Indonesia nearly halved Johanna Nicholson 13 May 2015 13 May 2015 ABC News 13 May 2015 https://web.archive.org/web/20150513211717/http://www.abc.net.au/news/2015-05-13/foreign-aid-cuts-under-new-budget-africa-indonesia/6465264 live Reception This budget marked a significant change from last year's budget emergency and fiscal crisis towards restoring faith and building confidence with the electorate.http://www.abc.net.au/news/2015-05-12/budget-hockey-swaps-savings-for-salvation/6464312 Budget 2015: Treasurer Joe Hockey swaps savings for salvation Chris Uhlmann 14 May 2015 12 May 2015 ABC News 13 May 2015 https://web.archive.org/web/20150513211449/http://www.abc.net.au/news/2015-05-12/budget-hockey-swaps-savings-for-salvation/6464312 live A number of economists described the economic growth forecasts as too optimistic, particularly the long-term rate of 3.5% as an over-estimate.http://www.smh.com.au/business/federal-budget/federal-budget-2015-warning-unrealised-rosy-assumptions-could-lead-to-blowout-20150513-gh0qdo.html Federal budget 2015: Warning unrealised rosy assumptions could lead to blowout Matthew Knott & Gareth Hutchens 13 May 2015 13 May 2015 The Sydney Morning Herald 17 May 2015 https://web.archive.org/web/20150517233103/http://www.smh.com.au/business/federal-budget/federal-budget-2015-warning-unrealised-rosy-assumptions-could-lead-to-blowout-20150513-gh0qdo.html live Aid groups condemned cuts to foreign aid. A spokesperson from Oxfam said the cuts would impact security and Australia's international standing. According to modelling conducted by the National Centre for Social and Economic Modelling low-income families could be face a 7% loss of their total disposable income by 2018–19 due to changes in this budget.https://www.theguardian.com/australia-news/2015/may/24/low-income-families-the-biggest-losers-from-coalitions-budget-research-finds Low-income families the biggest losers from Coalition's budget, research finds Gabrielle Chan 8 February 2016 24 May 2016 The Guardian 1 October 2024 https://web.archive.org/web/20241001070011/https://www.theguardian.com/australia-news/2015/may/24/low-income-families-the-biggest-losers-from-coalitions-budget-research-finds live Their research found that it will most likely benefit middle to high-income families which use childcare. See also Australia Australian government debt Economy of Australia References 2 Category:Australian budgets Federal budget Australian federal budget Category:Abbott government Federal budget Category:May 2015 in Australia