The much-anticipated 2008-9 Budget, the first for the Rudd Government was delivered last night by Treasurer Wayne Swan.
Summary
With their first few months in Government being marked by the first major rise in inflation for 16 years, Swan was challenged to deliver a budget which would deliver its election promises for working families in the face of global economic changes impacting Australia - in particular, the slow US economy and sub-prime mortgage problems.
The result is a budget which delivers $21.7 billion in new spending during 2008-9 along with $33 billion over four years in savings from other areas.
The key spending outcomes were:
- $55 billion Working Families package over 4 years
- $5.9 billion Education Revolution package over 5 years
- $3.2 billion National Health and Hospital Reform
- $2.3 billion Climate Change package and $12.9 billion Water for the Future plans
- 3% p.a average growth on Defence funding
- 3 new national building funds
Skills development, training and education
Skills development, training and education is a key element of the Education Revolution package and includes the $11 billion Education Investment fund for vocational and higher education improvements, a $1.8 billion Higher Education package as well as $500 million for campus infrastructure, $4.4 billion towards the cost of family schooling expenses, and $12 million over 3 years to help small businesses implement family friendly policies.
Trade Training Centres will be funded under the Government's commitment to 'Skilling Australia's young people'.
Other key goals met by the Education Revolution package are closing the Indigenous education gap, and a number of early childhood and home programs aimed to give young children a positive start in pre-school years.
