(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