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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.

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Real GDP growth of 2.8 per cent on average over the next five years.

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Over 200,000 more jobs over the last three years and another 170,000 expected by 2020.

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Rising surpluses and net debt falls to 19.3 per cent of GDP in 2020/21.

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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

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Maintaining rising surpluses to reduce debt in dollar terms

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Reducing net debt to around 20 per cent of GDP by 2020

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If economic and fiscal conditions allow, beginning to reduce income taxes

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Using any further fiscal headroom to reduce debt faster

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