State of the Budget, Labor’s tax policy hoax; Coalition’s low interest rate record; First Home Owners Scheme; Labor’s childcare deceit – Interview with Matthew Abraham and David Bevan, Radio 5AN
September 9, 2004Debate; Labor’s Tax Policy; Terrorist Attack in Jakarta – Doorstop interview, Treasury Place, Melbourne
September 12, 2004
No. 082
2003-04 FINAL BUDGET OUTCOME
The Australian Government general government sector recorded an underlying
cash surplus of $8billion in 2003-04. This result is $3.5 billion higher than
estimated at the time of the 2004-05Budget.
Total cash receipts were around $1.8 billion (0.9 per cent) higher than estimated
at the 2004-05Budget. This was predominately due to higher than expected collections
from “other individuals” reflecting stronger than expected profitability
for unincorporated small businesses.
Total cash payments were around $1.7 billion (0.9 per cent) lower than estimated
at Budget. This largely reflects slippage across a range of health grant programmes,
along with a slower take-up of newly listed drugs under the Pharmaceutical Benefits
Scheme.
An accrual fiscal surplus of $5.6 billion was recorded for 2003-04. This is
$2.6 billion higher than estimated at the time of the 2004-05Budget.
The strong Budget outcome for 2003-04 reflects the Government’s ongoing commitment
to sound fiscal management.
General government net debt fell by $6.2 billion in 2003-04 to $23.4 billion
(2.9percent of GDP). In total, net debt has been reduced by $72.9 billion
over the last 7 years of the Coalition Government. This is the lowest level
of debt as a percentage of GDP for 26 years.
An electronic version of the 2003-04 Final Budget Outcome document can be found
MELBOURNE
10 September 2004