Effective: 1 July 2015
In addition to freezing wages, the Government has put in place a wide reaching program to reduce the size of Government over the next four years.
A number of changes are also scheduled to complete by 1 July 2015. These include:
Merging by 1 July 2015
Abolished by 1 July 2015
- ComSuper with the Commonwealth Superannuation Corporation
- National Blood Authority with the Australian Organ and Tissue Donation and Transplantation Authority
- Private Health Insurance Ombudsman into the Office of the Commonwealth Ombudsman
- All of the Commonwealth merits review tribunals with the exception of the Veterans Review Board
- Private Health Insurance Administration Council
- Corporations and Markets Advisory Committee (CAMAC) and the CAMAC Legal Committee
- Albury-Wodonga Development Corporation
- Australian River Company Ltd
A raft of committees within the agricultural portfolio have also been rationalised.
In addition to this, a number of government departments and authorities have had their funding slashed or initiatives deferred including ASIC ($120.1m slashed over 4 years), the Australian Taxation Office ($142.8m over 3 years) and the CSIRO.
Plus, as previously announced, Medibank Private Limited will be sold with $90m provided to help with the sale.
For more information about the Federal Budget, please contact us on 02 9957 4033 or via our contact form
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Last updated May 2014. This article is provided for information purposes only and should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.
This article is provided for information purposes only and correct at the time of publication. It should not be used in place of advice from your accountant. Please contact us on 02 9957 4033 to discuss your specific circumstances.