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This Budget will build a stronger Australia It begins the largest defence modernisation and upgrade program in over 25 years It strengthens our borders in the fight against plant and animal disease It overhauls the operation of our social welfare system It invests in our health system in our natural environment and in our most important resource of all our people And this Budget will strengthen our economy This Budget will cut taxes next year by over 5 billion And the Budget I present tonight is in surplus for the fifth consecutive year a cash surplus of 15 billion Today the Governments interest bill is 4 billion per annum less than it was under Labor Mr Speaker last years Budget cut income tax for every taxpayer And tax reform means that from July 1 taxes can be cut further On July 1 this year the company tax rate will be reduced again this time from 34 to 30 per cent This will cut tax for business by around 2 billion per year On July 1 Financial Institutions Duty FID will be abolished This will benefit the 12 million Australians who are currently taxed when they deposit money in their bank accounts and taxed when they make payments on their credit card and taxed when they make their mortgage payments From July 1 State stamp duties on listed shares and o ther quoted securities will be abolished This will save around 675 million per year for the 57 million Australians who hold shares and the 7 million Australians who have superannuation funds invested in shares On July 1 low income Australians who own shares that pay franked dividends can get a lower tax rate They can claim a refund of the tax paid on the shares which is over and above their own personal tax This will save them over 500 million per year in tax On July 1 the simplified tax system will commence and
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