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Treasury

Australian Taxation Office — Reduction in campaign advertising funding

Expense ($m)
	2008‑09	2009‑10	2010‑11	2011‑12	2012‑13
Australian Taxation Office	-	..	..	..	-

The Government has identified savings of $0.1 million over three years from 2009‑10 by reducing campaign advertising funding to the Australian Taxation Office for the Nation Building and Jobs Plan — Tax bonus for working Australians measure announced in the February 2009 Updated Economic and Fiscal Outlook, and the Private health insurance — fair and sustainable support for the future measure announced in the 2009‑10 Budget.

Economic Stimulus Plan Recalibration — Nation Building and Jobs Plan — investment in social housing — reduced funding

Expense ($m)
	2008‑09	2009‑10	2010‑11	2011‑12	2012‑13
Department of the Treasury	-	-150.0	-450.0	-150.0	-

The Government will reduce funding provided for additional public and community housing dwellings under the Nation Building and Jobs Plan by $750 million. This will reduce total funding provided for this element of the Nation Building and Jobs Plan from $6.0 billion to $5.2 billion. Generous land contributions by State and Territory governments and leveraging by community housing organisations have meant that the average cost of the new homes is lower than was originally expected. These funds have been redirected to the Primary Schools for the 21st Century Program.

This measure is part of the Government's recalibration of the stimulus program to ensure it continues to provide an appropriate level of support to the economy, taking into account the demand for individual programs, evolving labour market conditions and the need to provide continued value for money. The recalibration complements the withdrawal of stimulus that is already built into the design of the fiscal strategy. The Government will continue to monitor the stimulus program, as well as its overall fiscal settings, to ensure they remain suited to economic conditions.

Further information can be found in the Commonwealth Coordinator‑General's Progress Report 3 February 2009 — 30 June 2009, released in August 2009.

Greenhouse Gas Reduction Scheme — transitional assistance

Expense ($m)
	2008‑09	2009‑10	2010‑11	2011‑12	2012‑13
Department of the Treasury	-	-	130.0	-	-

The Government will provide $130.0 million in 2010‑11 to the New South Wales Government to assist entities adversely affected by the transition from the New South Wales Greenhouse Gas Reduction Scheme to the Carbon Pollution Reduction Scheme.

Funding of $80.0 million will be provided to assist holders of unused New South Wales Greenhouse Gas Abatement Certificates. The remaining $50.0 million will be available to adversely affected landfill gas and avoided methane generators.

Further information can be found in the press release of 2 September 2009 issued by the Minister for Climate Change and Water.

International Monetary Fund — additional contribution

Expense ($m)
	2008‑09	2009‑10	2010‑11	2011‑12	2012‑13
Department of the Treasury	-	30.0	-	-	-

The Government will provide $30.0 million to the International Monetary Fund (IMF) Poverty Reduction and Growth Trust interest subsidy account to support increased IMF concessional lending to low‑income countries in the context of the global recession. Australia's contribution is part of the G‑20 Leaders' commitment at the London Summit in April 2009 to double the IMF's assistance to low‑income countries by providing an additional US$6.0 billion of concessional and flexible finance to the poorest countries over the next two to three years.

Funding will be assigned from the unallocated provision for expanded aid funding held in the Contingency Reserve.

This measure is part of the Government's commitment to increase Australia's overseas development assistance over the long term.

Supervision of Australia's financial markets — reform

Expense ($m)
	2008‑09	2009‑10	2010‑11	2011‑12	2012‑13
Australian Securities and Investments Commission	-	1.6	10.4	11.0	11.0
Related revenue ($m)
Australian Securities and Investments Commission	-	-	15.1	12.8	12.8
Related capital ($m)
Australian Securities and Investments Commission	-	1.1	5.0	-	-

The Government will provide $40.0 million over four years (including capital funding of $6.0 million) to the Australian Securities and Investments Commission for its new role as whole‑of‑market supervisor of domestic financial markets.

The proposal will streamline supervision arrangements and provide complete supervision for all on‑market trading, overcome perceived conflicts of interest associated with the current self‑regulatory arrangements and create an environment where competition amongst market operators is enhanced.

The cost of this proposal will be fully offset by industry levies over the forward estimates.

Further information can be found in the joint press release of 24 August 2009 issued by the Treasurer and the Minister for Financial Services, Superannuation and Corporate Law.

Victorian bushfire reconstruction and recovery

Expense ($m)
	2008‑09	2009‑10	2010‑11	2011‑12	2012‑13
Department of the Treasury	-	41.2	6.9	-	-
Department of Families, Housing, Community Services and Indigenous Affairs	-	-0.1	-	-	-
Department of Infrastructure, Transport, Regional Development and Local Government	-	-1.5	-	-	-
Department of Education, Employment and Workplace Relations	-	-10.0	-5.4	-	-
Total	-	29.7	1.5	-	-

The Government will provide $48.2 million over two years from 2009‑10 to fund a range of projects by the Victorian Bushfire Reconstruction and Recovery Authority to assist the long‑term recovery of bushfire‑affected communities in Victoria. The additional funding to Victoria includes $17.1 million under the exceptional circumstances provisions of the Natural Disaster Relief and Recovery Arrangements.

Costs of $17.0 million for this measure will be met from existing resources of the Department of Education, Employment and Workplace Relations, the Department of Families, Housing, Community Services and Indigenous Affairs and the Department of Infrastructure, Transport, Regional Development and Local Government.

More information can be found in the press release of 16 October 2009 issued by the Prime Minister.

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