2010 Federal Budget

Fiscally important budget with few surprises

To date, the Federal Government has steered the nation safely through the Global Financial Crisis (GFC), prevented a blow-out in unemployment and convinced most State Premiers to sign up to a new national health funding model. Personal tax cuts have been delivered as promised, and the company tax rate will drop to 28 per cent for the 2015 income year (sooner for small business). The deficit forecast last year will not be as bad as predicted and a return to surplus is now expected sooner.

The Rudd Government's third Budget highlights its credentials as a responsible economic manager, even finding savings of $160 million.

Tonight's Federal Budget is important in setting the stage for what is shaping up as a closer than expected finish to Labor's first term in office.

As part of our Budget analysis, we have provided updates on the following areas:

• Personal Taxation & Superannuation
• GST Reform Measures
• Corporate Tax
• Financial Services
• Tax Legislative Pipeline