2017 Budget – Are you a Winner or a Loser?

WINNERS:

• First home buyers — changes to super restrictions will free up money for a deposit totalling $30,000 per person in total and $15,000 per year;

• Apprentices and trainees — $1.5bn over four years from the newly created Skilling Australians Fund, which is designed to support up to 300,000 people.

• Rail projects — $500m for Victorian regional passenger rail, $100m for a Geelong line upgrade; $20.2m for Murray Basin Rail and $30m for a Tullamarine airport rail link;

• National infrastructure — $10bn for a national rail program to fund priority regional and urban rail investments over the next decade.

• Sick people — changes to the Pharmaceutical Benefits Scheme worth about $170 million and the reintroduction of bulk billing incentives for diagnostic imaging and pathology services;

• Full funding of the NDIS;

• Small businesses — those with a turnover up to $10m can continue to immediately write off expenditure up to $20,000 for another year;

• Melbourne housing — Land for 6000 new homes on Defence land at Maribyrnong;

• Property downsizers — Those over 65 will be able to make a non-concessional contribution up to $300,000 into their super from the proceeds of the sale of their principal home.

• Hospital funding increases of $2.8bn over four years.

• War remembrance — $19.6m over two years to commemorate the 100th anniversary of WWI and the ANZAC Centenary.

• Queensland road users — $844m upgrade for the Bruce Highway;

• Western Sydney airport — $5.3bn over 10 years on the 1800-hectare site;

• Federal police — $62.3m in additional funds for the next financial year;

• Back to work parents — $263m over four years on the ParentsNext program, to help parents of children to plan and prepare for employment;

• Pensioners — concession card restored to those impacted by the assets test change introduced this year.

LOSERS:

• Big banks — A levy on the big banks will reap $1.6bn;

• Bankers behaving badly — New misconduct rules will be introduced, and breaches of these will result in fines ranging from $50m to $200m;

• Foreign property owners — Changes to capital gains tax laws will reap $145m;

• The “Black Economy” — A crackdown on contractors in the courier and cleaning industries targeting tax evasion such as “cash only” work;

• Family day care rorters — crackdowns will target more than $130m in savings;

• The Medicare Levy will rise from 2 per cent to 2.5 per cent;

• Businesses which rely on employing foreign workers will be forced to contribute to Skilling Australians Fund, which will raise $1.5bn;

• Uni students — previously announced fee hikes will hike fees by 7.5 per cent over four years.

Source

The Australian

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s