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.
• Additional $115 million in mental health services
• Medicare levy increased to fully fund the National Disability Scheme from 2019
• 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
• An extra $321.4 million over four years to fight terrorism
• An extra $5.6 billion over four years, a much bigger increase than non-government schools
• Pensioners will get a one-off payment ($75 for singles and $125 for couples) by June 30 to help with winter electricity bills
• 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
• 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
• Roughly $1.5 billion levy per year on CBA, Westpac, ANZ, NAB and Macquarie
• 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
• Pay more for degrees, and pay them back sooner
• Taxed at least $5000 a year if they leave investment properties empty
• 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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