$43 billion of cuts in Australian Budget

As I’ve previously blogged, the Australian Government have been unable to get a path back to surplus, despite the mining boon and previously strong economic growth.

So yesterday’s Budget saw $43 billion of spending cuts and tax increases on the back of a $13 billion deficit for the upcoming year. This is what happens when you let spending get out of control.

Some of the major announcements:

  • Scrapping family tax benefits and bonuses $4.9b
  • A 15% surtax on super fund earnings over $100,000 a year

It will be interesting to compare and contrast the NZ and Australian budgets on Thursday.

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