The treasurer Scott Morrison is all about fairness, security and opportunity in Budget 2017.
Some highlights:
- Increased funding for education, $18.6B over 10 years – on a needs-based analysis (see how your school is affected here)
- Housing affordability
- Working with states to increase supply
- Increasing CGT discount to 60% for investors in affordable housing
- $375M for homeless funding
- First home buyers can salary sacrifice from 1 July 2017 into super and withdraw up to $30,000 for their first home purchase
- Downsizers over age 65 can make a non-concessional contribution of up to $300,000 over existing caps
- Restoring the pensioner concession card to those impacted by pension asset change in Jan 17
- Negative gearing – disallow travel expenses for properties bought after today
- Legislation to guarantee the future of Medicare and Pharmaceutical Benefits Scheme
- Closing the funding gap on the NDIS to ensure it is fully funded – by increasing the Medicare levy by 0.5% in 2 years
- $65.9M for research into children’s cancer
- A 0.06% fee on the big banks to raise $6B over 4 years
- Increased Defence spending
- Infrastructure
- Building Western Sydney Airport
- The Snowy Hydro 2.0 with the Commonwealth open to acquiring the project from NSW and Vic gov’s – on condition it remains in public hands
- Infrastructure projects in WA, VIC, a national rail project
- $472M regional growth fund
- Melbourne to Brisbane inland rail project
A few choice quotes from ScoMo:
- I believe we are moving towards the end of a difficult period – there are better days ahead
- We must choose to ensure that the government lives within its means
- We start by backing in small business even further
- This is a responsible budget
- Above all, this is an honest budget
