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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