News National Govt’s $5b budget block loss

Govt’s $5b budget block loss

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The Abbott government appears to have lost $5 billion in revenue this financial year because of its failure to pass key budget measures.

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Senate opposition to 16 initiatives supposed to come into effect in 2014-15 – including the fuel tax hike, welfare changes affecting under-30-year-olds, and the co-payment for the pharmaceutical benefits scheme – would have netted the government $5.07 billion in revenue this year.

Cuts linked to the mining tax would have reeled in $2.9 billion alone, the figures published by the Australian Financial Review show.

The government has been negotiating to secure the passage of some controversial measures with Palmer United Party leader Clive Palmer this week.

After talks with Treasurer Joe Hockey and Education Minister Christopher Pyne, Mr Palmer is due to meet Health Minister Peter Dutton on Thursday to discuss the proposed $7 GP co-payment.