A summary of the 2019 Federal Budget

(Australian Associated Press)

 

A SUMMARY OF THE 2019 FEDERAL BUDGET

 

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 1