Deficit

• A 2009–10 deficit of $57.6 billion – 4.9% of GDP;
• A 2010–11 deficit of $57.1 billion – 4.7% of GDP;
• A 2011–12 deficit of $44.5 billion – 3.4% of GDP;
• A 2012–13 deficit of $28.2 billion – 2% of GDP and;
• A return to surplus in 2015–16.^[5]

Rising unemployment

• 8.25% for 2009–10;
• 8.5% for 2010–11;
• 7.5% for 2011–12 and;
• 6.5% for 2012–13.^[6]

Moderately decreased growth

Real GDP

• -0.5% for 2009–10;
• 2.25% for 2010–11;
• 4.5% for 2011–12 and;
• 4.5% for 2012–13.^[6]

Inflation

• 1.75% for 2009–10;
• 1.5% for 2010–11;
• 2.0% for 2011–12 and;
• 2.5% for 2012–13.^[6]

Taxation

Labor budgetary policy on taxation is to keep it below the 2007–2008 level of 24.7% of GDP over the medium term. After taking into account regulatory changes to eliminate "tax minimisation" through employee share schemes, taxation receipts come in at 22% of GDP. The government has not indicated whether it will be modifying its target for 2010–2011, in light of the forecast contraction in growth.

• Income tax cuts worth $11 billion.
• A 30–50% small business tax break for eligible assets. Total cost unknown.

Non-tax revenue

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Customs and excise

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General government

• Payments to the States increased to $50.1 billion
• First home owners grant boost to be extended for another six months, but at a reduced rate after three. Expected to cost $539 million.
• Reduced spending on agriculture

Initiatives

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Social security and welfare

Labor budgetary policy separates aged care from other welfare expenditure. The budget saw synchronised changes across the public sector as the government decided to lift the pension age and also moved to lift the superannuation preservation age.^[8] Two reports which accompanied the budget, the Pension Review Report and the Henry review on tax strategy, argued the need for a single means test—more comprehensive than testing assets and income separately, standard practice since 1985—to promote other forms of saving.^{[citation needed]}

• A pension increase of $32.49 per week for singles and $10.14 per week combined for couples on the full rate.
• The qualifying age for the Old Age Pension will be progressively increased to 67 years by 2023, reflecting increases in life expectancy, and consistent with international trends.^[5]
• System will cost $36 billion by 2012–2013

Infrastructure, transport and energy

The government will invest more than $22 billion for "Nation Building Infrastructure" in transport, broadband, clean energy, universities and health care.

• $8.5 billion investment in transport
  • $4.6 billion for improvements to metropolitan trains
  • $3.4 billion for improvements to national roads
  • $389 million for ports in Western Australia and the Northern Territory
• $4.7 billion down-payment on the National Broadband Network
• $4.5 billion investment in clean energy development
  • $2 billion for a Carbon Capture and Storage program
  • $1.5 billion for a solar energy program
  • $465 million seed funding for Renewables Australia
• $3.2 billion investment in hospitals

Education

• $1.584 billion investment in universities and trade schools
  • $934 million for 31 approved projects
    • $613 million for infrastructure
    • $322 million for laboratories and research training facilities
  • $650 million set aside for projects related to clean energy
    • $400 million for laboratories and research training facilities
    • $250 million for infrastructure
• $1.1 billion investment in public research agencies
  • $901 million for research infrastructure related to the critical disciplines

Defence

• $1.7 billion for military operations in Afghanistan, East Timor and the Solomon Islands^[7]
• $654 million to combat people smuggling
• $685 million for national security
• $36 million cut in funding for quarantine and plant and animal health

Health

• $64 billion over five years for public hospitals and health;
• $1.5bn to upgrade hospitals around Australia;
• Private health insurance rebate to be means tested;
• $2 billion for cancer care infrastructure;
• Medibank Private to become a for-profit Government owned business.^[7]

Community services and culture