Treasurer Scott Morrison delivers Budget 2017/18 this evening in the House of Representatives.

All the budget documents are available here.

Treasurer’s speech is available here.

Key points of the Treasure’s speech:

  • Deficit of $29.4 billion in 2017/18 but government’s fiscal position projected to return to $7.4 billion surplus in 2020-21.
  • A new 0.06% tax levied on the liabilities of five major banks from July 1, raising $1.5 billion per annum.
  • Medicare levy increased from 2% to 2.5% from 2019, raising $8.2 billion in three years to fund National Disability Insurance Scheme (NDIS).
  • Continue crackdown on multinational companies, raising more than $4 billion.
  • New tax integrity measures as recommended by Black Economy Taskforce will be introduced.
  • First Home Super Save Scheme to allow first home buyers to put some income into super accounts at a lower tax rate.
  • A levy of $5000 to foreign investors if their property unoccupied for at least six months each year.
  • Capital gains tax discount for investments in affordable housing increased to 60%.
  • $13 billion “zombie” measures from 2014 budget scrapped.
  • Drug testing trial for 5,000 new welfare recipients and those who test positive would be placed on Cashless Debit Cards.
  • Medicare rebate freeze will be lifted.
  • $75 billion set aside for infrastructure over the next 10 years.

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