2015 Federal Budget Summary

Words By: Tom Munday
Image Credit: Finance Yahoo!

The 2015 Federal Budget, hyped up for several months before yesterday, was set to decide the Liberal Government’s present and future. Last year’s Budget – striking welfare, education, and small business with a hot iron – is reflected upon as a major Tony Abbot hiccup. 

This year’s Budget delivered several significant hits and misses, with Treasurer Joe Hockey defended by some and attacked by many others. According to ABC‘s coverage, his second Budget will see a $35 billion deficit for 2015-16 with a predicted fall to $ 7 billion by 2018-19.  

The biggest winner is small business, with Hockey pledging $5.5 billion spread across Australian over the coming 12 months. In addition, small business will receive an immediate 100 per cent tax write-off for assets costing below $20, 000. 

The big loss involves the mining sector, with its economic contribution decreasing from 45 per cent to 16 per cent over the next three years. The Budget also gave $1.2 million to national security, including the fight against Islamic State, and $300 million drought-affected farmers.The government’s crack down on welfare fraud continues, taking $1.7 billion away from forward estimates. 

However, the big losers include the state economies, middle income earners, stay-at-home parents, and anti-vaccination supporters. According to PerthNow, Hockey, at today’s post-Budget lunch address, proclaimed the National Press Club that an early election was out of the question.