UPDATED: The budget at a glance: 2 Min Cheat Sheet

There’s a massive focus on training – $3 billion over the next six years – to help soften the coming skills shortage. Mental Health was also a big winner with an extra $1.5 billion in funding to bring the total to $2.2 billion.

Wayne Swan said this was a workman-like budget. The Opposition spokesman Joe Hockey said it was a budget built on a flimsy house of cards. Opposition leader Tony Abbott said it had a black hole at the centre because the cost of the mooted carbon tax hasn’t been calculated. The Treasurer says this is because the details of that plan have yet to be agreed on; and you can’t put figures into a budget if you don’t yet know what they are.

Here’s the budget at a glance:

Deficit and Surplus

The deficit will be larger this year at $49.4 billion and $22 billion next year, although the Treasurer says the nation will still be back in surplus as predicted in 2013.

The Government has cut $22 billion from the budget. These are the savings they say had to be made, taken from other services.

Training and Skills

This is the big focus of the budget.

Apprenticeships will be overhauled with $200 million in funding, visas will be offered for more than 15,000 skilled workers and new funding of almost $600 million will help create 130,000 new training places, where industry says they are needed over the next four years.

Health and Mental Health

A total of $1.8 billion for regional health facilities.

Guaranteed $16.4 billion in growth funding for hospitals over the next six years.

A further $3.4 billion over four years for emergency departments.

A total of $2.2 billion for mental health services, programs and initiatives.

Work and Participation

$233 million to get the long term unemployed back into the workforce.

Introduction of ‘strict new work tests’ to those on the Disability Support Pension to get some back into work, while also increasing the amount of hours allowed to be worked before the pension is suspended.

Pensioners will be allowed to earn a further $125 a week before pensions are affected.

Education

$425 million for a new program that will reward the top performing teachers.

$200 million to support disabled students.

More than $200 million to expand the National Schools Chaplaincy Program.

Cost of Living

Those receiving Family Tax Benefit A can now access a $1000 advance in payments at any time to meet ‘unexpected family demands’.

That benefit will also be increased by up to $4208 a year.

Small Business

Tax offsets on the first $5000 of a new work vehicle or ute.

Small business will receive a head start on the company tax cut funded by the mining tax.

The Cuts

Cuts of $8.8 million to ‘spy funding’ over four years.

A border-watch scheme (aerial) has been canned, saving $20.8m, replaced with lower cost aircraft.

About $8m will be taken from Family Court funding programs.

The Australian Crime Commission’s ‘Operation Wickenby’ which hunts tax evaders downsized by $2.5m.

$6m hopefully to be saved by a ‘stationery and office supplies’ department, set up to cut pencil pushing costs.

Two year pause on the $150,000 cut-off for family payments, saving $1.2 billion.

$4.3 billion in cuts and delays in payments for Defence.

Discount for upfront payment of HECs fees cut in half to 10 per cent.

Crackdown on families attempting to avoid tax payments through trust funds for children.

$430m saved by abolishing the cleaner car scheme (cash for clunkers).

Fun Fact

Walkley Award winning political reporter for the Canberra Times Emma MacDonald may have become the first person in budget history to be let loose from the budget lock-up to breastfeed her daughter Imogen. She writes:

When I think back to my first days as a newbie reporter subjecting myself to the first terror of a seven-hour lock-up (think HSC economics exam only much, much worse) I remember feeling completely in the minority.

Parliament House was a sea of dark suits punctuated by only a few pairs of heels. Last night things were vastly different. Having recently returned to the Press Gallery from maternity leave, my fifteen-month-old has a place in the Parliament House Capital Hill Early Childhood Centre – which opened just two years ago.

The centre is already full and a vindication of the vision many female politicians, staffers and journalists who pushed for twenty years to get it up and running. Having Imogen cared for in my workplace is an absolute privilege and one I dearly wish could be extended to more mothers. The bonus is that the centre reflects the crazy hours of parliament and stayed open until 9pm last night with two carers lavishing attention on the three Budget orphans who were there.

So, that’s a really quick run down. What do you reckon: is this the budget ‘we had to have’, or is it a miss from the Government? What should have received more funding, what should have received less?