The key measures in the 2017 federal budget.
FIGURES
- Budget deficit of $29.4 billion in 2017/18, improving to a surplus of $7.4 billion by 2020/21
- Economic growth of 2.75 per cent, rising to 3.0 per cent across 2018-2021
- Unemployment of 5.75 per cent, falling to 5.25 per cent by 2020/21
- Inflation of 2.0 per cent, rising to 2.5 per cent by 2020/21
- Wages growth of 2.5 per cent, rising to 3.75 per cent in 2020/21
VIBE
- Fairness, security and opportunity
- Everyday spending funded by taxes, not debt - no borrowing for everyday expenses from 2018-19
- New six basis point (0.06 per cent) levy on big banks' liabilities to raise $6.2 billion
- Raising $4 billion from crackdown on multinationals not paying their fair share of tax
- Negative gearing integrity and equipment depreciation limitations to raise $2.1 billion
- Massive infrastructure spending program
INFRASTRUCTURE
- Establish a $10 billion National Rail Program to deliver rail projects and better city-country connections
- The Melbourne to Brisbane Inland Rail Project will be funded with $8.4 billion provided by the Australian Rail Track Corporation
- Spend $5.3 billion over 10 years to create Western Sydney Airport Corporation to build the new airport
- Federal government to take a larger share or complete control of Snowy Hydro
- $1.6 billion on infrastructure in WA including better road access to Fiona Stanley Hospital
- $1 billion for infrastructure in Victoria including a business case for a rail link to Tullamarine and duplication of the Geelong-Waurn Ponds line
- $844 million to upgrade Queensland's Bruce Highway, with $530 million for works from Pine Rivers to Caloundra
- Establish a $472 million Regional Growth Fund to help communities take control of their economic future
WORKPLACE
- Foreign worker levy of up to $1800 per worker on a temporary visa and up to $5000 for permanent skilled visa workers raising $1.2 billion over four years.
- Tougher rules for job seekers with penalties and reduced welfare payments for those not meeting obligations, or testing positive to drugs
SECURITY
- $300 million to ensure the AFP can fight terrorism
- Extra funding to protect Australians at home and abroad
- Defence spending to reach 2.0 per cent of GDP in 2020/21, three years earlier than promised
HEALTH
- National Disability Insurance Scheme to be fully-funded by 0.5 per cent Medicare Levy increase in two years' time
- Lifting the freeze on the indexation of the Medical Benefits Schedule
- Legislation to guarantee Medicare and the PBS
- $1.2 billion in new medicines to be made available
- Hospital funding increased by $2.8 billion over four years
- $1.4 billion to be invested in health research over four years
EDUCATION
- $18.6 billion for education over 10 years to help schools, in accordance with the Gonski needs-based standard
- Higher education students to pay additional 7.5 per cent for their own education costs
ENERGY
- $90 million to help secure gas resources for domestic use
- ACCC to investigate and police competition in retail gas and electricity markets
- $37 million for energy infrastructure in SA and prove up gas pipeline proposals from SA to WA and the NT
HOUSING
- Establish a $1 billion National Housing Infrastructure Facility to remove impediments to developing new homes
- New National Housing Finance and Investment Corporation to provide long-term, low-cost finance to support more affordable rental housing
- $375 million for homelessness funding to the states
- Tax cut on first home deposit savings, with first home buyers able to salary sacrifice into Super for a deposit
- Homeowners over 65 looking to down size able to make a contribution of $300,000 into superannuation from the sale of their home
BANKS
- Bigger fines for banks breaching misconduct rules
- Australian Financial Complaints Authority to resolve disputes with banks and other financial institutions
- Bank executives to be registered with APRA under a new Banking Executive Accountability regime
- Six basis point levy on big banks' liabilities to raise $6.2 billion
AAP