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09 May 06 Budget Introduction

At 7.30pm on 9 May 2006, the Treasurer, Peter Costello, delivered the 2006-07 Commonwealth Budget. The Treasurer is forecasting a cash surplus for the 2006-07 year of $10.8 billion (the Government's 9th surplus), with the fiscal or accrual surplus estimated at $10.3 billion. The Budget contains significant personal income tax cuts (worth $6.385 billion in 2006-07) and a bold plan (in the form of a proposal) to abolish all tax on all superannuation benefits.

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