(Australian Associated Press)
Key financial figures and government fiscal measures in the 2019/20 federal budget:
* First Australian budget surplus in 12 years forecast for 2019/20 financial year, representing a turnaround of $55 billion since 2013 when the coalition was elected.
* The surplus of $7.1 billion is better than the government’s previous forecast of $4.1 billion.
* Bringing forward of tax relief for about 10 million workers earning up to $126,000 a year, adding up to $1,080 to individual pay packets.
* A cut in the tax rate paid by 94 per cent of Australians to 30pct, from 32.5pct, in July 2024.
* The government is also projecting more surpluses in three years from 2020/21.
* The surplus forecasts of $11 billion, $17.8 billion and $9.2 billion are less than previously forecast.
* Commonwealth net debt forecast at $361 billion – or 18 pct of GDP – in 2019/20.
* Government expected to eliminate net debt by 2029/30 “or sooner”.
* Gross domestic product forecast to grow by 2.75pct in 2019/20 and 2020/21
* Employment to grow by 1.75pct in next two years.
* Government pledges to create extra 1.25 million jobs over next five years.
* Jobless rate forecast at 5pct over next four financial years.
* Wages tipped to grow by 2.75pct next year and 3.25pct in 2020/21.
* Inflation to remain subdued around 2.25-2.50pct in next two years.
* Expansion of instant asset write-off to businesses with turnover of up to $50 million.
* Increase in instant asset write-off amount to $30,000, from $25,000.