Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

I thank Senator Hume for her persistent interest in good economic and fiscal policy for Australia. I am pleased to inform the Senate that the government has reached agreement with the opposition in relation to just over $6 billion worth of savings measures captured in the Budget Savings (Omnibus) Bill. This outcome has been achieved as a result of a very positive and constructive process with the opposition, and I would like to thank in particular the shadow Treasurer, Chris Bowen, and indeed the whole Labor leadership for their engagement with the government in relation to this piece of legislation. We hope that this is only the beginning and that there will be opportunity for the government and the opposition to work together in the national interest to bring the budget back into balance as soon as possible on further measures.

In any such discussion, in any such negotiation to reach an outcome, obviously there is necessarily a level of give and take on both sides of the discussion, and that has been the case on this occasion. The government, as part of our compromise, has agreed to progress the government's reforms to dental services through separate legislation. We have agreed to restore $800 million worth of ARENA funding over five years as grants funding instead of making it available by way of concessional loans or equity funding. The energy supplement through this omnibus savings bill will be removed only for new recipients of family tax benefit payments and the Commonwealth Seniors Health Card. We are also—and this was a concession made by the opposition—adding a new schedule to this bill which limits access to the family tax benefit part A end-of-year supplements only to families earning less than $80,000 per annum. The government has also decided not to proceed with the so-called baby bonus. (Time expired)