2013-14 Budget Comes In With $48.5 Billion Deficit

The 2013-14 Federal Budget finished with a deficit of $48.5 billion.

Hockey-Cormann

The Final Budget Outcome was announced today by the Treasurer, Joe Hockey, and the Minister for Finance, Senator Mathias Cormann.

The two ministers took aim at the ALP during a press conference, pointing out that Wayne Swan’s Budget forecast was for a surplus of $5.4 billion.

  • Listen to Hockey & Cormann (20m – transcript below)

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Text of a media release from Treasurer Joe Hockey and Finance Minister Senator Mathias Cormann.

2013-14 Final Budget Outcome

The Final Budget Outcome (FBO) for the 2013-14 financial year is a budget report card on the previous Government’s irresponsible fiscal and economic management.

Despite Labor initially forecasting a surplus of $5.4 billion for the 2013-14 financial year, and keeping this forecast surplus for eight successive budget updates, today’s FBO confirms a $48.5 billion deficit. [Read more...]


G20 Finance Ministers And Central Bank Governors Meeting Concludes In Cairns

The meeting of G20 Finance Ministers and Central Bank Governors has broken up in Cairns and Treasurer Joe Hockey says progress has been made on the group’s aim to lift global economic growth by 2% of the next five years.

Hockey

Hockey said: “The IMF and OECD have looked at over 900 measures put forward by countries – of which 700 are new – and estimate our efforts could lift global GDP by 1.8 per cent through to 2018. Their analysis has been released. We are 90 per cent of the way there to meet our 2 per cent goal.”

  • Download the G20 Finance Ministers Communique (PDF)
  • Listen to Hockey’s statement and Q&A (24m)

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  • Watch Hockey (13m)

Closing Statement from Treasurer Joe Hockey to the G20 Finance Ministers and Central Bank Governors Meeting.

Treasurer’s closing statement, G20 Finance Ministers and Central Bank Governors Meeting

Today concludes the Cairns meeting of G20 Finance Ministers and Central Bank Governors.

This is our third meeting this year, and let me say it was marked by a strong spirit of cooperation, helped no doubt by the wonderful Cairns community and environment. [Read more...]


Hockey And Cormann Hail Mining Tax Repeal As Best Possible Deal In The National Interest

Following today’s vote in the Senate to repeal the mining tax, the Treasurer, Joe Hockey, says the government has delivered on another of its election commitments.

Hockey

Hockey, speaking at a joint press conference with the Finance Minister, Senator Mathias Cormann, said the government had secured the best possible deal it could in the national interest. He attacked the Labor Party for dealing itself out of negotiations. The Palmer United Party was only relevant, Hockey said, because the ALP would not negotiate.

Cormann also blamed Bill Shorten for the delay in increasing the compulsory superannuation contribution. Hockey said the outcome wasn’t the government’s preferred position but that it was the ALP preventing it delivering on its election commitments.

  • Listen to Hockey and Cormann (15m – transcript below)

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  • Watch Hockey and Cormann (15m)

Media release from Treasurer Joe Hockey and Finance Minister Senator Mathias Cormann.

Failed mining tax finally gone

The Government has delivered on our commitment at both the 2010 and 2013 elections to scrap the failed Minerals Resource Rent Tax (mining tax).

Along with scrapping this failed tax we are abolishing or re-phasing all of the unfunded promises that Labor irresponsibly and recklessly attached to it. The tax package was so poorly designed, it was in fact costing the Government billions of dollars each year. [Read more...]


Mining Tax Abolished As Government Deals With Palmer

2.20pm – The federal government has struck a deal with Clive Palmer and the Senate has voted 36-33 to abolish the mining tax.

The agreement will see the Income Support Bonus continue until the end of 2016. The Schoolkids Bonus will also continue until the end of 2016 but will be means-tested and eligibility will cut out for family incomes above $100,000. The Low Income Super Contribution will continue in its existing form until June 30, 2017. The agreement will also see a slower increase in compulsory superannuation, with an increase to 10% from July 2021 and then by increments until it reaches 12% in 2025.

It is believed the agreement was struck late this morning and signed off by Prime Minister Tony Abbott around midday. When the Senate met at 12.30, the government moved to bring on an immediate vote on the legislation.

The Opposition attempted to have the legislation referred to a Senate Committee but this was defeated. The ALP concentrated on the superannuation changes in their arguments against the final passage of the repeal legislation.

The amended bills were passed 36-33 by the Senate at 2.20pm, with the support of the PUP senators Lazarus, Lambie and Wang, and Senators Muir, Leyonhjelm and Day. Independent Senator Nick Xenophon voted against, whilst DLP Senator John Madigan did not vote.

The bills were returned to the House of Representatives which also passed the amendments at 6.27pm.

Watch the full Senate debate. It began just after 12.30pm and ended at 2.20pm.

Announcing to the House of Representatives that the Senate had voted to repeal the mining tax, Treasurer Joe Hockey said it was “testament to a failed government”. He said it showed how “irrelevant” the modern Labor Party is. “They were dealt out – the modern Labor Party is irrelevant,” Hockey said.

The agreement says the 3 PUP senators will support the legislation, as will the Motoring Enthusiast Senator Ricky Muir. Two other senators will be required to secure passage and this is likely to come from Senators Bob Day, David Leyonhjelm and John Madigan. [Read more...]