Earlier tonight, I handed down the Coalition’s first Budget in seven years.
The Budget is part of the Abbott Government’s Economic Action Strategy to build a strong, prosperous economy and a safe, secure Australia.
The Government is making the difficult but necessary decisions now - so that we can ensure prosperity for all in the future.
It is a Budget that calls on everyone and every business to contribute. We are strengthening the workforce, boosting productivity and building a stronger economy with more investment.
The Budget will redirect taxpayers’ dollars from unaffordable consumption today to productive investment for tomorrow. It will do this while supporting the most vulnerable, and taking significant steps towards ensuring that the Government can live within its means.
It creates a path back to surplus and slashes debt, which means the money that has been wasted on interest payments can now help build the future.
The Budget includes:
- Australia’s biggest infrastructure programme – with $50 billion in transport investment by 2019-20.
- Creating the world’s biggest medical research endowment fund – the $20 billion Medical Research Future Fund. It will find the cures of the future and be funded by the health reforms.
- Requiring young people who can work to be earning, learning or participating in Work for the Dole.
- Providing stronger incentives to businesses to hire older workers - businesses will receive up to $10,000 for employing workers older than 50.
- Funding for additional road infrastructure by reintroducing twice-yearly indexation of fuel to CPI from 1 August 2014.
- Providing Australian universities with the freedom to innovate through full deregulation.
- Reforming the Age Pension to make it more sustainable – that includes gradually increasing the Age Pension age to 70 by 1 July 2035.
- Changing family payments to target those who need it most.
- Introducing a three-year Temporary Budget Repair Levy – payable, from July, by individuals with taxable income above $180,000 at a rate of two per cent. The Levy will ensure those on a higher income contribute to the Budget repair.
The Abbott Government has reduced the Labor deficits by $43.8 billion through to 2017-18.
Gross government debt is also forecast to be $389 billion in 2023-24, compared with the $667 billion that Labor left.
The days of borrow and spend must come to an end. The time to contribute and build has begun.
The Abbott Government is delivering on its commitment to repair the Budget so that we can strengthen the economy and all share in prosperity in the years ahead.
May 13, 2014 / 13 Iyyar 5774 / Erev Pesach Sheni
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- 1264 – Battle of Lewes: Henry III of England is captured and forced to sign the Mise of Lewes, making Simon de Montfort the de facto ruler of England.
- 1607 – Jamestown, Virginia is settled as an English colony.
- 1610 – Henry IV of France is assassinated bringing Louis XIII to the throne.
- 1643 – Four-year-old Louis XIV becomes King of France upon the death of his father, Louis XIII.
- 1787 – In Philadelphia, Pennsylvania, delegates convene a Constitutional Convention to write a new Constitution for the United States;George Washington presides.
- 1796 – Edward Jenner administers the first smallpox vaccination.
- 1804 – The Lewis and Clark Expedition departs from Camp Dubois and begins its historic journey by traveling up the Missouri River.
- 1868 – Boshin War: The Battle of Utsunomiya Castle ends as former Tokugawa shogunate forces withdraw northward to Aizu by way of Nikkō.
- 1870 – The first game of rugby in New Zealand is played in Nelson between Nelson College and the Nelson Rugby Football Club.
- 1879 – The first group of 463 Indian indentured laborers arrives in Fiji aboard the Leonidas.
- 1889 – The children's charity National Society for the Prevention of Cruelty to Children is launched in London.
- 1897 – The Stars and Stripes Forever is first performed in public near Willow Grove Park, Philadelphia, Pennsylvania.
- 1913 – New York Governor William Sulzer approves the charter for the Rockefeller Foundation, which begins operations with a $100 million donation from John D. Rockefeller.
- 1925 – Virginia Woolf's novel Mrs Dalloway is published.
- 1929 – Wilfred Rhodes takes his 4000th first-class wicket during a performance of 9 for 39 at Leyton; he is the only player in history to have reached that plateau.
- 1939 – Lina Medina becomes the youngest confirmed mother in medical history at the age of five.
- 1943 – World War II: A Japanese submarine sinks AHS Centaur off the coast of Queensland.
- 1948 – Israel is declared to be an independent state and a provisional government is established. Immediately after the declaration, Israel is attacked by the neighboring Arab states, triggering the 1948 Arab-Israeli War.
- 1961 – American civil rights movement: The Freedom Riders bus is fire-bombed near Anniston, Alabama, and the civil rights protesters are beaten by an angry mob.
- 1973 – Skylab, the United States' first space station, is launched.
- 2012 – Agni Air Flight CHT crashed near Jomsom Airport in Jomsom, Nepal, after a failed go-around, killing 15 people.
- 2013 – Nigerian President Goodluck Jonathan declares a state of emergency in the northeast states of Borno, Yobe and Adamawa due to the terrorist activities ofBoko Haram.
- 1316 – Charles IV, Holy Roman Emperor (d. 1378)
- 1574 – Francesco Rasi, Italian singer-songwriter, theorbo player, and poet (d. 1621)
- 1630 – Katakura Kagenaga, Japanese samurai (d. 1681)
- 1652 – Johann Philipp Förtsch, German composer (d. 1732)
- 1657 – Sambhaji, Indian emperor (d. 1689)
- 1701 – William Emerson, English mathematician (d. 1782)
- 1814 – Charles Beyer, German-English engineer, co-founded the Beyer, Peacock and Company (d. 1876)
- 1817 – Alexander Kaufmann, German poet (d. 1893)
- 1832 – Rudolf Lipschitz, German mathematician and educator (d. 1903)
- 1925 – Oona O'Neill, Bermudian-Swiss wife of Charlie Chaplin (d. 1991)
- 1926 – Eric Morecambe, English comedian and actor (d. 1984)
- 1936 – Bobby Darin, American singer-songwriter and actor (d. 1973)
- 1943 – Jack Bruce, Scottish singer-songwriter and bass player (Cream, Blues Incorporated, The Graham Bond Organisation, and West, Bruce and Laing)
- 1944 – George Lucas, American director, producer, and screenwriter, founded Lucasfilm
- 1952 – David Byrne, Scottish-American singer-songwriter, producer, and actor (Talking Heads)
- 1960 – Anne Clark, English singer-songwriter and poet
- 1984 – Mark Zuckerberg, American computer programmer and businessman, co-founder of Facebook
- 1998 – Taruni Sachdev, Indian actress (d. 2012)