The Federal Treasurer, Peter Costello, has delivered his 2002-03 Budget Speech to the House of Representatives.
This year’s Budget will finish in deficit, but projects a small surplus for the coming year. The Budget provides for large increases in defence spending, border protection and anti-terrorism measures. Pharmaceutical costs will rise and eligibility for the disability pension will be tightened.
Costello said of his seventh, and possibly penultimate budgets: “The last year has been difficult in an uncertain world, with a global economic downturn. But Australia has emerged much stronger than comparable countries. This Budget is designed to meet the continuing challenges of today, and to project forward so we can set ourselves a path that will address the challenges of the future. This is a Budget to keep Australia safe, our borders secure, and to keep our economy strong.”