On 11 May 2010 the Federal Government released the 2010 Budget with the major announcement that budget estimates expect a return to surplus in 2012/13, three years earlier than previously forecast.
The faster-than-expected return to surplus is premised on strong terms of trade, new tax measures for resources and tobacco, and maintaining a 2% cap on real spending growth.
There were few surprises in this budget with many of the measures in the Budget papers previously announced in the Henry Tax Review, or were corrections to inconsistency in existing legislation.
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