Senator the Hon Mathias Cormann

The Turnbull Government has reached agreement on the passage of more than $6 billion in savings measures through an amended Budget Savings (Omnibus) Bill. 

The Government appreciates the constructive engagement with the Opposition in relation to finalising an agreement on this legislation. The Opposition will now support and facilitate passage of an amended Bill through the Parliament this sitting week. 

Passage of these more than $6 billion in savings measures is another crucial step in the Turnbull Government’s continued path to budget balance. 

Restoring our Budget will arrest our debt, meaning we can protect our economy against significant economic shocks. Putting Australia on the path to a stronger economy will also ensure we can boost living standards and employment opportunities. 

Amendments to the Bill include: 

• Progressing the government's reforms to Dental Services through separate legislation;
• Restoring $800m of ARENA funding over five years ($550m over forward estimates). 
• Removing the Energy Supplement only for new recipients of Family Tax Benefit Part A, Family Tax Benefit Part B and the Commonwealth Seniors Health Card. 
• Adding a new schedule which limits access to the FTB Part A end of year supplement to families earning less than $80,000 per annum.

The Government will seek to progress the remaining components of both the energy supplement and family tax benefit savings measures through separate legislation.

The Government has also agreed to adopt a Labor pre-election savings measure and as such will no longer proceed with the 2015-16 MYEFO measure that provided an additional payment of Family Tax Benefit B to families of children under one year of age.

Today the Turnbull Government has made immediate and tangible headway in the 45^th Parliament towards balancing the Budget. 

Of course there is more work to be done and the Government will continue to work with all Parties and individual members and senators represented in the Parliament to secure the passage of all the savings measures reflected in the Budget.