2006 Australian federal budget
 | |
| Submitted | 16 May 2006 |
|---|---|
| Submitted to | Parliament of Australia |
| Parliament | 41st |
| Party | Liberal/National Coalition |
| Treasurer | Peter Costello |
| Surplus | A$10.08 billion |
| Website |
www |
|
‡Numbers in italics are projections. ‹ 2005 2007 › | |
The 2006 Australian federal budget for the Australian financial year ended 30 June 2007 was presented on 16 May 2006 by Peter Costello,[1] the Treasurer of Australia in the Howard Government.
The budget provided for an underlying cash surplus of $10.8 billion, the Government's ninth surplus.[2] The net government debt was zero in the 2006/07 year, the first time in three decades, from a peak of 18.5% of GDP ($96 billion) in 1995/96.[3]
The budget included further personal tax reform including tax cuts worth $36.7 billion over four years. Major improvements to business taxation to encourage take‑up of new technology and to simplify taxes for small business. There was also a plan to dramatically simplify and streamline superannuation. Other key initiatives include $2.3 billion for road and rail infrastructure, including to upgrade key sections of the Hume, Bruce and Pacific highways more quickly, a $1.9 billion boost to funding for mental health services, and families, older Australians and carers were to receive more support.[2]