2006 Australian federal budget

() 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.budget.gov.au/2006-07/
^‡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]

References

^ Treasurer Peter Costello Delivers 2006 Federal Budget
^ ^a ^b "Budget Archive".
^ Budget 2006–07, Australian Government is now debt free Archived 4 October 2017 at the Wayback Machine