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Budget 2017: The winners and losers

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The Coalition’s latest financial blueprint has been released, and as expected, it’s full of cash stimulus to boost the economy (and the government’s poll numbers).

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Treasurer Scott Morrison told Parliament it was all about “fairness, security and opportunity”.

But as with every federal budget, some Australians are better off than others.

So, what’s in it for you? Here is a list of the major winners and losers from budget 2017.

Winners

Sick Australians
• 
Additional $115 million in mental health services
• Medicare levy increased to fully fund the National Disability Scheme from 2019

Low-paid Australians
• 
Medicare levy threshold lifted

Angry bank customers
• All complaints tribunals consolidated into one

Small business owners
• One-year extension of the small business instant asset write-off scheme, which allows businesses with turnover up to $10 million to continue to write off expenditure up to $20,000

graphic-budget-2017-biggest-winners

Federal police
• An extra $321.4 million over four years to fight terrorism

Government schools
• An extra $5.6 billion over four years, a much bigger increase than non-government schools

Pensioners
• Pensioners will get a one-off payment ($75 for singles and $125 for couples) by June 30 to help with winter electricity bills

Commuters
• New division of debts into ‘good’ and ‘bad’ allows the government to pump $70 billion over 10 years into roads, trains and Sydney’s second airport

Older property owners
• Incentives to downsize

Young property buyers
• Tax concessions to save

High-income earners
• Two per cent deficit levy on higher income earners, introduced in 2014, will be abolished as planned

Big media companies
• No more free-to-air broadcast licence fees

Losers

Big banks
• Roughly $1.5 billion levy per year on CBA, Westpac, ANZ, NAB and Macquarie

0509-budget-2017-biggest-losers-2

Non-government schools
• Still get an extra $2.4 billion over the next four years, but this isn’t as much as they (especially the Catholics) wanted

First home buyers
• Negative gearing and the capital gains tax discount, which are contributing to record house prices and pricing first home buyers out of the market, are here to stay (except for minor tweaks to allowable deductions for negative gearers)

Angry superannuation customers
• The ‘one-stop’ bank complaints tribunal will consume the superannuation tribunal, which many experts say is needed

University students
• Pay more for degrees, and pay them back sooner

graphic-budget-2017-at-a-glance

Foreigners
• Taxed at least $5000 a year if they leave investment properties empty

The planet
• Spending on environment protection will fall from $904 million in 2016-17 to $853 million by 2020-21

This article was first published by The New Daily.

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