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Outcome 2 - Effective government spending and taxation arrangements
Phase-down of the additional First Home Owners Grant for new homes
On 17 December 2001, the Government announced that the additional $7,000 First Home Owners Grant for new homes (applying to contracts made between 9 March 2001 and 31 December 2001) would be phased-down at a rate of $3,000 for contracts made between 1 January 2002 and 30 June 2002. The Government also announced more liberal commencement and completion requirements for the additional grant.
This measure is expected to cost $50 million over three years.
Outcome 3 - Well functioning markets
Review of competition provisions under the Trades Practice Act
The Government announced on 15 October 2001 an independent review of the competition provisions of the Trade Practices Act 1974 and their administration. The $0.6 million will assist Treasury in establishing the review.
Other variations to appropriations
Departmental
Treasury is seeking an additional $5 million for HIH related expenses following the collapse of HIH. The government has agreed to provide additional funds for HIH related expenses including for press advertisements, and the establishment of a call centre and Internet site to advise and assist policyholders on their eligibility for assistance. This results in additional funding for departmental outputs in Appropriation Bill (No. 3) 2001-02 of $5 million.
Administered
Treasury is seeking an additional $179.998 million for the Additional First Home Owners Scheme (FHOS) as a result of greater than anticipated demand for the program. The Government agreed to fund all expenditure on the additional FHOS incurred by the States and Territories as a result of the Government's decision to increase the FHOS grant from $7,000 to $14,000 for eligible first home owners contracting between 9 March 2001 and 31 December 2001 to buy or build new homes. This was originally estimated to cost $90 million in 2001-02.
As a result of this and the phase-down measure, additional funds of $194.998 million are required under Appropriation Bill (No.4) 2001-02.
As a result of exchange rate movements additional funds of $0.179 million are required to cover payments to the European Bank for Reconstruction and Development (EBRD) and the Multilateral Investment Guarantee Agency (MIGA). This results in additional funding of $0.179 million for Administered Capital in Appropriation Bill (No. 4) 2001-02.
Map 2: Outcomes and output groups for the agency
Table 1.1: Summary of measures since the 2001-02 Budget
Breakdown of additional estimates by appropriations bill
Table 1.2: Appropriation Bill (No. 3) 2001-02
Note: Variations of Additional Estimates between outcomes are a result of internal reallocations.
Table 1.3: Appropriation Bill (No. 4) 2001-02
Variations to revenue from other sources through net annotated (Section 31) receipts
Table 1.5: Changes to net annotated appropriations (Section 31) receipts
Note: Variations of non-government revenue between outcomes are a result of
revised estimates and internal reallocations.