find the latest legal job
Senior Associate - Litigation & Dispute Resolution
Category: Litigation and Dispute Resolution | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Come work for a firm ranked in Lawyers Weekly Top 25 Attraction Firms
View details
Associate - Workplace Relations & Safety
Category: Industrial Relations and Employment Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Employer of choice · Strong team culture
View details
Freelance Lawyers
Category: Banking and Finance Law | Location: All Perth WA
· Freelance opportunities through Vario from Pinsent Masons
View details
Freelance Lawyers
Category: Other | Location: All Adelaide SA
· • Qualified lawyer with a strong academic background
View details
Freelance Lawyers
Category: Other | Location: All Melbourne VIC
· • Qualified lawyer with a strong academic background
View details
Federal Budget 2011: Surplus still on track in tough budget

Federal Budget 2011: Surplus still on track in tough budget

Treasurer Wayne Swan has uncovered $22 billion worth of savings in a "tough" budget that aims to extend the opportunity of the mining boom to all Australians.

Treasurer Wayne Swan has uncovered $22 billion worth of savings in a "tough" budget that aims to extend the opportunity of the mining boom to all Australians.

The savings mean the 2011-12 Budget is still on track to reach surplus by 2012-13, with the Treasurer noting the $22 billion cuts were "structural" in nature and would assist in reining in spending over the long-term.

Swan said Australians are currently facing an economy that's in transition. "How we manage the transition will determine whether we succeed or fail," he said.

Much of that transition will centre around workforce policy, with Swan labelling this the "centrepiece" of his budget that will enable the spread of opportunities from the mining boom.

These measures include a $3 billion investment in skills initiatives.

Swan said inevitable price pressure will result from the mining boom, but that he had made produced some "tough" measures in this year's budget that will see the Gillard Government ultimately "pay a political price".

Swan also highlight the impact of the floods and Cyclone Yasi on the Budget's bottom line, noting that recent natural disasters have cost the economy $9 billion in lost output and reduced GDP by half a percentage point over the last fiscal year.

When questioned how his Fourth Budget compares to that of his predecessor, former Treasurer Peter Costello, Swan said noted, "I've done a lot of things that Peter Costello has never done".

For our video wrap up, watch our video summary of the 2011 Federal Budget key announcements:

May 10: For full coverage of the budget implications and industry reaction for sectors including education, employment, the environment, family and community services, infrastructure, housing, health & ageing, taxation and superannuation, visit our special Federal Budget microsite: www.lexisnexis.com.au/federal-budget

Related articles:

May 10: Federal Budget 2011: NBN key to regional justice

Legal aid and community legal centres will be asked to develop online initiatives to improve access to justice for regional areas under measures announced in the 2011-12 Federal Budget. [read full article]

May 10: Federal Budget 2011: High Court funded as ICC takes hit

Australia's contribution to the International Criminal Court has been dealt a blow via Treasurer Wayne Swan's Fourth Federal Budget, while the High Court will see an additional $6.1 million worth of funding over the next four years. [read full article]

May 10: Federal Budget 2011: Funding boost for human rights

Human rights are on the Gillard Government's agenda in the 2011-12 Federal Budget, with additional funding provided to the Australian Human Rights Commission (AHRC). [read full article]

May 10: Federal Budget 2011: Surplus still on track in tough budget

Treasurer Wayne Swan has uncovered $22 billion worth of savings in a "tough" budget that aims to extend the opportunity of the mining boom to all Australians. [read full article]

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Federal Budget 2011: Surplus still on track in tough budget
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
microphone
Oct 20 2017
Podcast: One of law’s most infamous alumni – in conversation with Julian Morrow
In this episode of The Lawyers Weekly Show, Melissa Coade is joined by The Chaser’s Julian Morrow....
protest
Oct 20 2017
High Court overturns ‘excessive’ anti-protest legislation
Bob Brown’s recent victory in the High Court over the Tasmanian government was a win for fundament...
Blocked
Oct 20 2017
Changes to Australian citizenship laws blocked
Attempts to beef up the requirements to obtain Australian citizenship were thwarted this week, after...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...