Business

Budget delivers motorway boost

Ipswich Motorway
Ipswich Motorway File

A BILLION-dollar boost to fast track the completion of the Ipswich Motorway was contained in last night's Federal Budget.

The announcement officially makes the motorway upgrade Queensland's largest ever federally funded road project.

Treasurer Wayne Swan, in handing down his fifth budget since Labor came to power in 2007, achieved - on paper at least - his promised surplus.

The modest $1.5 billion surplus for the 2012-13 financial year was achieved through "saving and redirecting $33.6 billion" over the next four years.

Mr Swan had promised a "fair-go" budget in recent days, and last night he revealed how he would pay for it. The mining boom.

He unveiled a $3.6 billion Spreading the Benefits of the Boom package, which he said had been designed to "share the proceeds of the mining tax with families and small business".

Forward estimates indicate the mining tax will generate $13.4 billion in revenue over four years.

Mr Swan said the government was scrapping company tax cuts, which had been rejected by the Opposition and Greens, in favour of an increase to Family Tax Benefit Part A payments.

In the seats of Blair and Oxley, up to 14,000 families are expected to benefit in each electorate.

This move, which Mr Swan said was at the "core" of the package, will cost the budget $1.8 million over four years.

Topics:  federal budget, ipswich motorway, wayne swan



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