This is treasurer Wayne Swan's fifth consecutive budget, and as expected, has proved to be a hit among struggling workers and families. With the troubling gloom of Slipper and Thomson dominating most of the headlines the past weeks, the budget wasn't going to be immune from such controversy. Today in question time, speaker Peter Slipper formally stood down from the position of speaker, handing the speakership to his deputy Anna Burke until the surroundings of his allegations are wrapped up. The coalition failed in two attempts on standing orders for former speaker Harry Jenkins to take on the speakership, and for Thomson to withdraw his services from parliament for 14 days. All independent cross benchers sided whole heartedly with the government.
TREASURER Wayne Swan has used his 2012 budget as a platform to shut down his critics and challengers from the wealthy mining sector, by launching an all out assault on mining magnates, by taking from them and giving to the needy battlers.
Up-to-date coverage of budget 2012
Exert from Herald Sun:- Upping the ante in his so-called class war with mining billionaires like Andrew Forrest, Gina Rinehart and Clive Palmer, the federal treasurer announced a $3.6 billion "spreading the benefits of the boom" package to share the proceeds of the mining tax with low and middle-income earning families and small businesses.
The package's core measures are:
- $1.8 billion in extra family tax benefits, helping 1.5 million families, with more than half taking home an extra $600 a year;
- $1.1 billion in supplements of up to $210 a year for students, job seekers and parents with young children on income support.
Savaging the Coalition and the Greens for rejecting Labor's proposed one per cent company tax cut, he said funds for the cut had instead been redirected to families.
Mr Swan, as expected, announced a small $1.5 billion surplus, Labor's first in 23 years.
Following last year's $44 billion deficit, this represents Australia's biggest fiscal turnaround in half a century - and more is on the way.
"The surplus years are here," Mr Swan declared.
The treasurer announced a bonus of $820 for secondary students and $410 for primary, a $1 billion disability insurance scheme, $515 million for dental care and a tripling of the tax-free threshold to $18,200 to help compensate for the new carbon tax.
To pay for it all he has taken the axe to cut $17 billion off government spending, with defence hit to the tune of $5.4 billion and 3000 public service jobs cut.
With GDP expected to grow at over three per cent, and unemployment remaining low at 5.5 per cent, he pronounced Australia's economy "streets ahead" of every other major developed country.
Key independent MPs Rob Oakeshott and Tony Windsor say Labor's budget for 2012/13 should pass through parliament
The minority government led by Prime Minister Julia Gillard relies on the support of the two NSW country independents to help pass its legislation in the lower house.
Federal Treasurer Wayne Swan handed down the budget on Tuesday, forecasting at least four years of surpluses with the first of $1.5 billion due in 2012/13.
Mr Oakeshott said it was a tight budget in a "tight parliament".
"Personally, I think it will pass," he told Sky News.
"I will be really interested to see the coalition's response to some of the measures in there."
Mr Windsor also said he believed the budget bills would progress through the parliament.
"I don't think there will be much risk in doing that - maybe some minor modifications," he said.
(source- Nine News)
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