Budget at a Glance
Investing in a Growing Economy
The outlook for the economy is positive and the Crown's books are in good shape.
Real GDP growth of 2.8 per cent on average over the next five years.
Over 200,000 more jobs over the last three years and another 170,000 expected by 2020.
Rising surpluses and net debt falls to 19.3 per cent of GDP in 2020/21.
The average wage is expected to rise to $63,000 a year by 2020.
New spending in Budget 2016
- Net new operating spending in Budget 2016 averages $1.6 billion a year.
- Net new capital expenditure in Budget 2016 totals $1.4 billion. Additional investment funded by capital reprioritisation takes the total new capital spend in Budget 2016 to $2.6 billion.
The Government's Fiscal Priorities
Maintaining rising surpluses to reduce debt in dollar terms
Reducing net debt to around 20 per cent of GDP by 2020
If economic and fiscal conditions allow, beginning to reduce income taxes
Using any further fiscal headroom to reduce debt faster