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Mid-year budget cuts baby bonus

Posted by: 2UE | 22 October, 2012 - 3:27 PM
Families are struggling to make ends meet with the weekly budget

It's hoped a reduction to the baby bonus and changes to private health insurance will help the Gillard Government achieve its budget surplus. Paul Murray on the details with 2UE's Michael Pachi in Canberra.

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Wayne Swan's mid-year budget review will impact most on self-funded retirees and the tourism industry. Paul Murray speaks with the Contributing Editor for SMH's Business Day and John Lee of the Tourism and Transport Forum.


An increase in the market value of federal government securities has raised the federal government's net debt forecasts for 2012/13 and the next three years.

The mid-year economic and fiscal outlook (MYEFO) released on Monday shows net debt of $144 billion is expected this year, up from the $143.3 billion forecast in the May budget.

That would account for 9.4 per cent gross domestic product (GDP), rather than 9.2 per cent.

By 2015/16, net debt is expected to be 7.7 per cent of GDP, rather than the 7.3 per cent forecast in the May budget.

The average net debt position of the major advanced economies is projected to peak at 95 per cent of GDP in 2016, almost 10 times higher than the expected peak in Australia's net debt.

In the 2011/12 financial year, net debt was closer to 10 per cent of GDP. (AAP)

PM's popularity soars by 10%

Prime Minister Julia Gillard on The Project wit Will Ferrell

The PM's personal standing has soared on the back of her famous misogyny speech. Julia Gillard has a 10% lead over Opposition Leader Tony Abbott as preferred Prime Minister in the latest Nielsen poll.

Parents question literacy levels

Education Minister Adrian Piccoli on a student report card of teachers

Parents are calling for teachers to be paid more to attract the best candidates, amid concerns many lack basic spelling skills. A national survey has found 40% of parents have noticed errors on letters sent home.

Blog comments Your Say

  • If you cant afford another child - don't have one! Why expect the govt to pay??

    just me Monday 22 October, 2012 - 9:12 PM

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