The Government is focussed on boosting the economy and helping households, to ensure all Australians can benefit from the nation’s growth story. This Budget is based on the principles of fairness, security and opportunity. It builds on the strength of the 2016-17 Budget and seeks to create more opportunities for Australians and businesses, to guarantee essential services and create more and better paying jobs.
The Government is backing in small business and investing in future growth with funding for major infrastructure projects. The Government is guaranteeing Medicare to ensure Australians can access timely and affordable health care, by establishing the Medicare Guarantee Fund.
The Government will ensure the National Disability Insurance Scheme is fully funded by increasing the Medicare levy
by half a percentage point. Building on the $1.2 billion provided in the 2016-17 Budget, the Government will provide an
additional $18.6 billion in funding over a decade for schools. The Government is reducing the cost of living by improving
Australians’ access to secure and affordable housing across the housing spectrum.
Delivery of further investment in infrastructure across our cities and in our regions will ensure the benefits of Australia’s economic growth are shared broadly across the country. Australian jobs are at the centre of the Government’s decision to abolish the subclass 457 visa. This visa will be replaced by a new temporary skilled visa restricted to critical skill shortages. Together these measures will increase the economy’s performance that is vital to ensuring that we live within our means and are able to return the Budget to balance in 2020-21.
Overall there is a push for
1, A plan for more and better paying jobs by:
• Lower and more competitive taxes for Australian businesses
• Extending the $20,000 instant asset write-off for businesses with annual turnover less than $10 million
• Cutting red tape for small businesses
• Investing in skilling Australians for Australian jobs
• Investing in nation building infrastructure
• Investing in growing our regions
2. Guaranteeing essential services by:
• Establishing the Medicare Guarantee Fund
• Providing affordable access to medicines
• Ensuring the National Disability Insurance Scheme is fully funded
• Ensuring fairer funding for students
• Valuing higher education
• Defending Australia
• Keeping Australians safe
• Protecting our tax base to help sustainably fund essential services
3. Downward pressure on cost of living:
• Improving Australians’ access to secure and affordable housing across the housing spectrum
• Helping first home buyers save for a deposit
• Reducing barriers to downsizing
• Delivering more affordable, accessible and flexible child care
• Ensuring the reliability, affordability and sustainability of our energy supply
• A fairer and more accountable banking system
4. Living within our means
• Keeping Australia on track for a return to budget balance by 2020-21
• Cracking down on multinationals
• Exposing the black economy
• Improving tax integrity
• Improving welfare integrity
• Reducing welfare dependency
• Extending income management
