Appendix F Major savings in the 2013‑14 Budget
The table below provides a summary of major savings in the 2013‑14 Budget and their impact on the fiscal balance. More comprehensive information is provided in Budget Paper No. 2, Budget Measures 2013‑14.
| 2012‑13 $m |
2013‑14 $m |
2014‑15 $m |
2015‑16 $m |
2016‑17 $m |
Total $m |
|
|---|---|---|---|---|---|---|
| Strong and stable funding for DisabilityCare Australia Medicare Levy increase dedicated to disability spending | 0.0 | 0.0 | 3342.6 | 3936.5 | 4273.7 | 11,552.7 |
| Protecting the corporate tax base | 0.0 | 108.4 | 895.3 | 1,499.3 | 1,693.5 | 4,196.5 |
| Tightening the rules to prevent profit shifting | ||||||
| Removal of immediate deductibility for expenditure on exploration rights and information | ||||||
| Amendments to improve the integrity of the consolidation regime | ||||||
| Targeting offshore marketing hubs and business restructures | ||||||
| Improving the operation of the Offshore Banking Unit regime | ||||||
| Improving the integrity of the foreign resident CGT regime | ||||||
| Preventing dividend washing | ||||||
| Funding our National Plan for School Improvement | -1.0 | 117.9 | 459.8 | 966.6 | 1,060.1 | 2,603.3 |
| Student Start‑up Scholarships as income contingent loans | ||||||
| 2% and 1.25% efficiency dividend for two years only for Higher Education additional funding | ||||||
| Cap deductions for work-related education expenses at $2,000 | ||||||
| Not proceeding with the additional increase to FTB Part A | 0.0 | 615.8 | 623.3 | 632.0 | 646.4 | 2,517.5 |
| Family payment reform | -0.5 | 154.6 | 488.7 | 742.8 | 976.0 | 2,361.7 |
| Increase FTB‑A to replace the baby bonus from 1 March 2014 | ||||||
| Indexation pause extension for upper income test limits for family payments and supplements until the end of the forward estimates | ||||||
| Changes to Clean Energy Future package | 109.8 | 191.8 | 256.6 | 1542.3 | 1326.7 | 3,427.3 |
| ODA - Deferring Australia's Growth Target | 0.0 | 0.0 | 326.5 | 688.2 | 906.5 | 1,921.2 |
| Sustainable health spending | -0.1 | 154.8 | 335.3 | 506.6 | 736.8 | 1,733.4 |
| Increase general threshold of Extended Medicare Safety Net | ||||||
| Realign indexation of MBS to financial year | ||||||
| Phase out net medical expense tax offset (NMETO) | ||||||
| Other revenue | 0.0 | 91.6 | 538.7 | 1,494.2 | 999.8 | 3,124.3 |
| Monthly instalment payments (PAYG) for large taxpayers | ||||||
| Research and development (R&D) tax incentive savings | ||||||
| Import Processing Charge — ensuring full cost recovery | ||||||
| Other | 275.0 | 713.5 | 2,130.6 | 3,573.3 | 4,029.4 | 10,721.8 |
| Total saves(a) | 383.3 | 2,148.4 | 9,397.4 | 15,581.6 | 16,649.0 | 44,159.8 |
(a) In underlying cash terms, the Budget delivers savings of $43 billion over five years.