The Budget for 2013-14 was presented to Parliament by the Treasurer on 14 May 2013. Details of the Budget, which unless otherwise indicated will apply from 1 July 2013, are summarized below.
The Budget Papers mention that significant shortfalls in tax collections will see a budget deficit of AUD 18 billion in 2013-14 and will not return to surplus until 2016-17; attempting to return to surplus too quickly by making drastic cuts in the short term would come at a significant cost to jobs a…