Budget 2017 – Better Days Ahead

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

 

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