Related coverageWRAP UP: Morrison’s dash for cashAT A GLANCE: What the budget means for you and your familyWINNERS AND LOSERS: From the 2017-18 BudgetIN FULL: Read the entire speech as delivered by Scott MorrisonQUIZ: How much do you know about the budget?Morrison targets banks, multi-nationals in dash for cashAn increase in the Medicare levy for all Australians, a new tax on the country’s five biggest banks, and new measures to crack down on multi-national tax evasion were thecentrepiece of Tuesday night’s federal budget.
The measures will raise almost$21billion of new tax revenue over the nextfour years, and help give the Turnbull government a modest surplus by 2021.
In a budget that targets the Turnbull government’s future election prospects as well as much-needed fiscalrepair – finally putting to rest the ghosts of Joe Hockey’s politically toxic “lifters and leaners” budget of 2014 -Treasurer Scott Morrison described the 2017 budget as a “reset”, and emphasised this was a budget for “right choices” and “fairness”. Read more
Budget slugs banks with new levy, further measuresFor Australia’s five biggest banks, this year’s federal budget will go down as another Black Tuesday.
By the time the federal Treasurer’s speech was over, the banks faced asuper tax, two powerful new regulatory bodies,fines of up to $200 million for breaching tough new misconduct rules and a beefed-up competition watchdog. Read more
First-home buyers get ‘super’ saver schemeSaving a deposit is the toughest challenge for first-home buyers and the federal government has promised to provide a helping hand with a new savings initiative worth $250 million.
The First Home Super Saver Scheme will allow entry-level buyers to save funds at a discounted tax rate by making additional contributions to their superannuation.
These additional contributions, and earnings made on them, would then be able to be withdrawn to be used as a home deposit. Read more
Retirees given $300,000 incentive to downsizeRetirees holding onto their family homes have been given a $300,000 incentive to sell under a federal budget plan to encourage older property owners to downsize.
Home owners aged 65 and over selling a home they have lived in for 10 or more years will be able to make a non-concessional contribution of up to $300,000 into their superannuation from the proceeds of the sale.
Both members of a couple are allowed to take advantage of this measure for the same home. Read more
Foreign home buyers hit by vacancy tax and restrictionsForeign ownership of new developments will be restricted, there will be steeper charges applied to purchases, less favourable tax treatment and charges on those with empty properties, in a raft of measures in the federal budget aimed at taking the sting out of the housing market.
One measure to be introduced from Tuesday is for foreign buyers to be slugged a fee for having a property that sits empty for six months or more in a year.
Those who don’t have a tenant in their property, or live in it themselves for a lengthy period of time, will be expected to pay an annual charge equal to their foreign investment application fee. Read more
$75b infrastructure spending spree to include Snowy Hydro buy-backA $75 billion infrastructure spending spree, to last 10 years and including a potential buy-out of the Snowy Hydro scheme from the states as well as a $20 billion “once in a generation” rail line upgrade,is the centrepiece of theTurnbull government’s economic growth plan.
The2017-18 federal budgeton Tuesday outlinedthe government’s seven-year funding plan, which includes the expensivecommitment to uprade Australia’s passenger and freight rail lines to “provide better connections for our cities and regions and create new opportunities”. Read more
A budget of ticking boxes, says former Liberal leader John Hewson“This is strangely a pre-election budget just after an election.”
This is the opinion of former Liberal Party leader Dr John Hewson in the lead up to the reveal of the 2017 Federal Budget.
There havebeen many leaks of whatthe budget will contain in the lead up to the annoucement, including foreducation, infrastructure and housing.
Dr Hewson said he thought it would be a very political document, addressing pressure points the Turnbull government currently faced. Read more
Scott Morrison makes promise of better days for governmentThe Coalition won the 2016 election, but a year later has delivered a Labor budget.
Labor will describe it as “Labor lite”.
But the document delivered by Treasurer Scott Morrison on Tuesday night will go a long way towards addressing the key concerns that provided a near-death experience for the Liberal-Nationals Coalition. Read more
Treasurer reacts to Budget cartoonPauline Hanson streams budget reactionOne Nation leader Pauline Hansonwill take to Facebook this evening to host her own live stream of budget reactionwith her other One Nation senators.
What’s in store? Well, let’s find out…
Check out the budget for yourselfDid you know you can read all the Budget papers online, right now? Check outhttp://梧桐夜网budget.gov419论坛/
#Budget2017 has been unveiled — watch our live coverage https://t.co/W8g3Yz7mfK
— ABC News (@abcnews) May 9, 2017Budget in five minutesECONOMY
Deficit of $29.4 billion in 2017/18 but projected surplus of $7.4 billion in 2020-21Increased Medicare levy adding $8.2 billion to the bottom line for three yearsWage growth expected to increase from 2per cent to more than 3per cent over the next four yearsUp to $13 billionof “zombie” 2014-era cuts to education and welfare will be dumped to shore up AAA credit ratingThe ecomonic outlook does looks brighter and projections for the deficit are encouraging but significant risks remain
Extra funding for the Tax Office’staskforce charged with clawing back $15b from the black economy”Google tax” expected toraise more than $4b from big business and multinationalsBanks subject to bigger fines of $50m-$200m for serious misconductSix-basis-point levy on the five largest banks, raising $6.2b over the budget and forward estimatesThe Treasurer was quick to point out that the banks and multinationals are the only ones who will be paying more tax on July 1
Small business $20,000 instant asset write-off extended for second yearBusinesses with a turnover of up to $50m will receive a company tax cutAnnual temporary work visa levy of $1200 or $1800 per worker a year, and one-off permanent skilled visa levy of $3000 or $5000The lifeblood of the economy receives a welcome boost which should spur job creation
First-home buyers can salary sacrifice for deposit from pre-tax payRetirees who sell family home can add non-concessional $300k into super”Ghost tax” of up to $5000 for foreign buyers who leave homes emptyCommunity housing associations can borrow money at lower rates of interestIncrease captial gains discount by 60 per cent for investments in affordable housing$1b to fund deals within cities to develop urban areasTo fix housing you need a lot more houses, but in the long term these measures are likely to see prices continue to rise
Gambling ads banned during live sports broadcasts before 8.30pm, and for five minutes before and after start of play$130 million annual licence fee for broadcasters will be scrapped in favour of a $40 million spectrum feeRepealing the 75 per cent reach and cross-media ownership lawsChanges will allow traditional media companies to compete with new companies. Previous laws were outdated
Australian Federal Police get $321m to recruit anti-terrorism/trafficking specialists$350m for mental health services for veteransDefence spending is expected to rise from $32.4bin 2016-17 to $58.7bin 2025-26Extra funding will help security agencies protect Australians at home and abroad
Melbourne-Brisbane inland rail link gets $8.4b with construction to begin this financial yearSecond airport for Sydney at Badgerys Creek to get $5.3b over 10 years$844m to upgrade Bruce Highway$1b for Victorian projects including $550m regional rail fund, $30m for airport link business caseBig-ticket items to boost economic growth,jobs and the national psyche
Medicare rebate to be lifted, costing $2.2b over four yearsMedicare levy to be raised by 0.5 percentage points in two years’ timeExtra $2.8bfor hospitals$1.4b over four years for medical researchPrice cuts for taxpayer-subsidised medicines, which will save $1.8b over fiveyears$115m for mental healthBetter funding of Medicare and the NDIS provides security and insurance for all of us. A fair outcome
One-off energy payments for pensioners ($75 for singles, $125 couples)Almost $430mto support universal access to pre-school for all four-year-olds$5.5m vaccination campaign. Family Tax Benefit A payments reduced by $28 a fortnight if children aren’t fully immunisedExpanding ParentsNext program to help young parents get jobs$3.4mover two years to expand Specialist Domestic Violence UnitsLittle extra funding for families hurt by Medicare levy increase
Demerit point system means payments deducted if job interviews skipped$375m to extend homelessness service funding to the statesDrug-testing trial will have 5000 welfare recipients put on voucher system if they test positiveSomeof the more controversial measures announced but little actual change
Government in talks to buy back share of Snowy Hydro from Victorian and NSW governments$90m to secure access to Australian gas for domestic use$37m for new energy infrastructure andgas pipeline in South AustraliaThe Snowy Hydro initiative had already been announced and there is little more here to get excited about
Extra $2.2b over four years for schoolsReintroduction of Gonski-style needs-based funding formulaHECS debt threshold lowered to $42,000University students face 7.5 per cent tuition hikeUniversities hit with2.5 per cent -or $2.9bn -efficiency dividend over two yearsA welcome injection of cash for schools, but university students are worse off with higher fees and faster payments
This story Administrator ready to work first appeared on Nanjing Night Net.