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What we know about the 2019 Federal Budget

Posted on 28 March 2019
What we know about the 2019 Federal Budget

Paul Osborne
(Australian Associated Press)


BUDGET 2019 WHAT WE KNOW SO FAR

BIG PICTURE

* Overall theme: "A stronger economy and a secure future"

* Federal election is due in mid-May

* Better than expected surplus for 2019/20 (MYEFO: $4.1 billion in 2019/20)

* 3 per cent growth for 2019/20 (MYEFO forecast)

* 5 per cent unemployment rate for 2019/20 (MYEFO forecast)

* Migration cap to be reduced to 160,000 from 190,000

* 1.25 million new jobs to be created over the next five years

* Expectation of a "stimulus" worth about $6 billion, adding about 0.4 percentage points to GDP

TAX

* Likely bring-forward of the July 2022 income tax cuts, on top of those already starting July 1 this year, as part of an already-legislated $144 billion plan

* Possible improvements to tax offsets for low-income earners

* Rules around $69 billion GST revenue distribution to the states have changed, with WA the main beneficiary

* Instant asset write-off extended to June 2020 and upped from $20,000 to $25,000. Allows small business with an annual turnover of less than $10 million to deduct the cost of assets such as cars and equipment

* Tax office and other agencies to crack down on welfare cheats and tax dodging

ROADS, RAIL

* $75 billion infrastructure plan over 10 years continues

* Business case for Melbourne airport rail link

* City deals for Adelaide, Hobart, Townsville, Launceston, Western Sydney, Darwin, Geelong, South East Queensland and Perth

HEALTH

* $220 million from Medical Research Future Fund for research into heart disease

* $496 million for Victorian cancer research, services and facilities

* $200 million to reduce out of pocket costs for scans such as ultrasounds and x-rays

BANKS

* $600 million boost for financial regulators ASIC and APRA to deal with banking royal commission fallout

SECURITY

* $294 million to upgrade security at airports in a bid to prevent terrorist attacks

* Australian Space Agency to be funded

ENERGY

* $2 billion for Emissions Reduction Fund, now called the Climate Solutions Fund

* $1.4 billion for Snowy Hydro 2.0

* $56 million for Battery of the Nation and Marinus Link projects in Tasmania

* $10 million business case for energy projects in north and central Queensland, alongside a shortlist of 12 further power projects which could be underwritten

EDUCATION

* $60 million for James Cook University's Cairns Tropical Enterprise Centre

* $60 million indigenous education hub in Melbourne

WELFARE

* $78 million to provide more housing for women and children fleeing family violence

$129 million to extend cashless welfare card to all of Northern Territory, and to Cape York communities in Queensland

RURAL

* $28 million to improve weather monitoring, especially in flood-prone areas

* $9 million extra (total package $20m) to deal with yellow crazy ants in north Queensland

CULTURE

* $12 million for Cooktown 2020 Festival (250th anniversary of Cook's landing) and replica HMB Endeavour to circumnavigate the country

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