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Wayne Swann reveals a “stronger, smarter, fairer” budget 2013

May 15, 2013 • News, Uncategorized

Treasurer Wayne Swann has unveiled budget 2013 yesterday, asking the question, what kind of Australia do we want?

Although many have criticised the 2013 budget, mainly due to the $18b deficit in 2013, we’ve taken a brief look at how it will affect the manufacturing sector.

The $1b Plan for Australian Jobs was one of the highlights of the budget, which included $69m for Alternative pathways to the Trades.

#24b  will be allocated for infrastructure over the next four years and a total of $13.8b write-down will take place in takings from the Carbon Tax and Mining Tax.

The manufacturing sector should expect to see benefit from Defence spending being up by an extra $5.4b between now and 2016.

“Funding has also been allocated for navy ships, submarine studies, Joint Strike Fighter jets, new surveillance planes, future armoured vehicles and electronic warfare,” news.com.au reported. No word yet on whether a majority of the spending will go towards Australian made vessels though.

Unemployment is expected to slightly rise under the budget, with the treasurer insisting  “this Labor Government has made the choice – to keep our economy strong and invest in our future,” said Mr Swann.

Shadow treasurer Joe Hocking doesn’t agree though saying “Govt says #Budget is about “jobs and growth”, yet it delivers higher unemployment and lower growth.”

 

The Federal Budget in 3 minutes

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