Treasurer Scott Morrison has handed down his third Federal Budget tonight with the likelihood of a Federal election within the next 12 months, the Budget features many more "winners" of government funding than "losers".
WINNER: Low- and middle-income earners
Under the 7-year tax reform plan which Labor have said they will support "in its first year the tax reform"). So Australians earning up to $37,000 will get tax cuts of $200, while those earning between $37,000 and $90,000 will receive an extra rebate of up to $530 a year. It is estimated about 4.4 million Australian taxpayers with incomes between $48,000 and $90,000 will receive the maximum rebate of $530 a year.
The relief comes through higher offsets, meaning they’ll be returned after-tax returns. Remind you of Kevin Rudd? new plasma?
WINNER: Older Australians
The other big winner of the Budget is Australia’s ageing population. More rooms, more care, more money for mental health and for pensioners, the Pension Work Bonus included in the Budget will be increased to allow working older Australians to earn an extra $50 per fortnight.
WINNER: Anyone Who Wants To Get Anywhere In 5 years
Commuters in every state and territory in Australia will be affected by the funding boost, with the $5 billion Melbourne Airport Rail Link long overdue for development. The Coalition is also providing $1.75 billion for Melbourne’s North East Link and $971 million for the Pacific Highway Coffs Harbour Bypass on the NSW Central Coast.
Queensland’s Bruce Highway upgrade project will receive an extra $3.3 billion while $1 billion is going towards the M1 Pacific Motorway upgrades in Brisbane and the Gold Coast. The travel of commuters in both Western Australia and South Australia will also be made smoother with the $1.05 billion Perth METRONET rail project and the $1.2 billion Adelaide North-South road corridor.
While Australia’s national broadcaster is not technically losing funding in this year’s Budget, the Coalition is initiating a funding freeze that will see the ABC not earn extra dollars before 2021-22.
LOSER: Criminals and the ‘Black Economy’
A large aspect of this year’s Budget is a boost to national intelligence and domestic security agencies in order to combat serious and organised crime.
The largest of the measures includes the outlawing of large cash payments greater than $10,000 in order to limit the criminal activity of “gangs, terrorists and those who are just trying to cheat on their tax”.
Under the government’s Education and Training plan, universities will pay more from January 1 next year as the Coalition seeks to recover costs for its Higher Education Loan Program (HELP).
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