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The 2012 budget at a glance

14:27 Thu May 24 2012
AAP

Fiscal figures year to June 30, 2013:

* Revenue: $58.2 billion

* Expenditure: $73.7 billion

* Forecast deficit: $7.9b in 2013, down from peak of $18.4b in 2011, and forecast $8.4b in 2012

* Return to surplus: 2014/15, $197 million

* Budget reprioritises $4.4b of existing spending over four years.

Tax:

* Rule changes for holiday homes bring in $109m over four years

* Rule changes for livestock valuation bring in $184m over four years

* Increase in tobacco excise by 10 per cent on January 1 in next four years brings in $528m.

* Price of a packet of cigarettes to rise to more than $20 by 2016.

Economic forecasts year to March:

* Inflation of 2.6 per cent in 2012/13, little changed for rest of forecast period

* Unemployment rate of 5.7 per cent in 2012/13, falls to 4.7 per cent in 2016

* GDP to increase 2.6 per cent in 2012/13, peaks at 3.4 per cent in 2014.

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