Given the commitment of the government to return the Budget to surplus by 2012-13 and to generally restrict the growth of government spending, together with the higher than expected fall in tax receipts in 2010-11 and 2011-12, many of the Budget announcements involved significant savings initiatives.
The Budget also seeks to reap the benefits of the mining boom with measures introduced to promote investment in infrastructure and to develop the skills of the workforce.
KPMG's 2011 Federal Budget Brief provides a review of the Budget's major tax implications.
For more information, please contact your KPMG adviser or one of the contacts listed in the Brief.