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A summary of the 2019 Federal Budget

Posted on 4 April 2019
A summary of the 2019 Federal Budget

(Australian Associated Press)

ECONOMY

  • Budget surplus forecast of $7.1 billion, the first in 12 years
  • Surplus forecast rising to $11 billion In 2020-21 and then $17.8 billion in 2021-22 before dropping to $9.2 billion in 2022-23
  • Goal of eliminating Commonwealth net debt by 2030 or sooner
  • Economic growth as measured by GDP to rise to 2.75 per cent
  • Unemployment rate steady at 5.0 per cent
  • Inflation as measured by CPI to be 2.25 per cent

TAXATION

  • $158 billion of additional tax relief for those earning up to $126,000 a year
  • Up to $1,080 in savings for single income families and up to $2,160 for dual income families.
  • Tax rate lowered from 32.5 per cent to 30 per cent from July 2024 for all taxpayers earning between $45,000 and $200,000

SMALL BUSINESS

  • Tax rates cut to 25 per cent by 2021-22
  • Increasing access to finance with a new $2 billion fund
  • Instant asset write-off increased to $30,000 and expanded to businesses with turnover of up to $50 million
  • Additional $60 million for Export Market Development Grants

REGULATION

  • Additional support to the Tax Office to reduce tax cheats
  • Additional support to financial regulators in the wake of the Banking Royal Commission

INFRASTRUCTURE

  • Boosting infrastructure spending to $100 billion over the decade
  • Increasing the Urban Congestion Fund four-fold from $1 billion to $4 billion including a $500 million Commuter Car Park Fund
  • Providing $2 billion for fast-rail between Melbourne and Geelong as well as fast-rail corridors in other areas
  • $2.2 billion for safer roads
  • $1 billion to improve freight routes and access to ports
  • $100 million for regional airports

THE BUSH

  • $6.3 billion in drought support
  • $3.3 billion for those affected by flood
  • New North Queensland Livestock Industry Recovery Agency
  • New $3.9 billion Emergency Response Fund for natural disaster recovery efforts

YOUNG WORKERS

  • $525 million skills package
  • 80,000 new apprenticeships
  • Incentive payments to employers up to $8000 per placement
  • New apprentices to receive a $2000 incentive payment
  • $62 million to boost literacy, numeracy and digital skills
  • Funding to increase participation for women and girls in STEM (science, technology, engineering and maths) industries

RESEARCH

  • $9 billion for science, research and technology, including commercialisation
  • $400 million for genomics research to unlock the secrets of DNA
  • $160 million for research to improve the health of indigenous Australians

HEALTH

  • $80 billion for more MRI machines, more life-changing medicines on the PBS, more funding for mental health, better access to GPs, hospitals and dental services
  • Funding upgrades to regional hospitals, the first being in Townsville
  • Establishing Australia's first comprehensive children's cancer centre in Sydney
  • Helping to build a new Brain and Spinal Ward in South Australia
  • $461 million for youth mental health and suicide prevention strategy
  • $500 million for a Royal Commission into the mistreatment of people with disability

AGED

  • $725 million for 10,000 new home care packages
  • One-off Energy Assistance Payment for pensioners of $75 for singles and $125 for couples
  • $84 million to enable carers to leave a loved one in safe hands and take a break

ENVIRONMENT

  • $3.5 billion Climate Solutions Package, $2 billion of which will go to practical emission reduction activities, working with farmers and Indigenous communities
  • $100 million Environment Restoration Fund to deliver large-scale environmental projects

SCHOOLS

  • committing around $30 million to all schools for upgrades to libraries, classrooms and play equipment
  • new scholarship program for over 1,000 students a year to study in regional Australia
  • $453 million to extend pre-school education, enabling 350,000 children to receive 15 hours of quality early learning per week in the year before school

SECURITY

  • $328 million to fund prevention, response and recovery initiatives
  • $570 million for the Federal Police and ASIO
  • Additional $680 million to support service men and women deployed abroad
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