Kevin Rudd last week announced the pre-election budget update. Here is an extract from UBS economic team that provides a summary of this announcement.
Key new measures (over 4 years) are:
Savings:
Tobacco tax $5.8bn
PBS price changes $2.0bn
FBT on cars $1.8bn
Other ETS saves $2.1bn
Public sector efficiency $1.8bn
Delayed Foreign aid $1.0bn
Higher tax compliance $0.8bn
Bank deposit levy $0.7bn
Superannuation changes $0.6bn
Spending:
New PBSA listings $1.4bn
PNG aid and resettlement $0.5bn
Non-claw back of carbon comp $3-4bn
Deffered self-education changes $0.3bn