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Budget 2017 guide: What we know, how to follow it live, calculator, what it means for you

 

Scott Morrison will hand down his second budget on Tuesday, vowing to seek a new deal on budget repair with parliament.

WHAT WE KNOW SO FAR

Infrastructure
• Funding for $10bn inland rail between Brisbane and Melbourne
• Funding arrangements outlined for $5bn-$6bn western Sydney airport at Badgerys Creek
• Road and rail projects funded via the government’s $50bn infrastructure program

Education
• Higher education reforms will see universities hit with a 2.5 per cent — pr $2.9bn — efficiency dividend over two years
• University student fees to rise 7.5 per cent by 2021, with increases of up to $3600for a four-year course
• School funding will rise $18.6bn over 10 years

Housing
• Social housing and affordable housing measures
• Incentives for older Australians to downsize, and increase supply
• Proposed move for land releases to help increase supply
• Proposed changes to foreign-buyer rules
• Salary sacrifice for first home buyers

Communications
• Abolishment of free-to-air broadcasting annual licence fees
• Veterans affairs — $350m support package for former soldiers and their families

Future fund
• The $130bn Future Fund will be quarantined until 2026.

Energy
• Pensioners will get a one-off payment ($75 for single pensioners, $125 for couples) to help with their electricity bills this winter.

Defence
• By 2020-21, defence spending will rise to 2 per cent of GDP

Training
• Funding boost for training young Australians and getting Australians back into employment

Health
• Easing of the Medicare rebate freeze being considered
$1.8bn in savings over five years in push towards more generic drugs being sold

Welfare
• New measures focused on getting unemployed Australians back to work

Tax
• Businesses with a turnover of up to $50m will receive a company tax cut
• Ongoing funding of measures to recoup multinational tax

Source: Budget 2017 guide: What we know, how to follow it live, calculator, what it means for you

Rob Bronson

Uncensored and Unvarnished

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