 The budget forecast a deficit for 2014/15 of $29.8 billion.The budget introduced a "deficit levy" of 2% on personal incomes over $180,000, which was expected to raise around $2.5 billion a year over its duration.Legislation to impose the levy, called the Temporary Budget Repair Levy, was assented to on 25 June 2014, and commenced on 1 July 2014 and will apply for three years.