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MAIN POINTS
Forecast GDP growth for this year raised from 2 to 3 per cent
GDP growth for the medium term lifted from 3 to 3.5 per cent
Land departure tax is shelved. Introduction of goods and services tax to be decided later, not until deflation eases
Deadline to balance the books deferred from 2006-07 to 2008-09
Government spending to be cut by 11 per cent over five years, an average of 2.5 per cent per year
Operating expenditure to be reduced to $200 billion by 2008-09
Revenue to rise to $200 billion by 2008-09. Deficit this year is estimated to reach $78 billion
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