what’s in the budget

how The Australian has led the way on budget coverage over the past two weeks

Malcolm turnbull yesterday

income tax cuts: Low to middle-income workers on less than $87,000 to be targeted for immediate tax reliefLitO: Increase the Low Income Tax Offset, limiting tax relief to incomes of up to $87,000tax cap: Enshrine the government’s tax limit of 23.9 per cent of GDP: Medicare levy: The government dumping plan to increase the Medicare levy by 0.5

per cent to fund the NDISsurplus: A surplus will be brought forward to 2019-20gst: $3.4bn boost in GST revenue for states and territories, with NT and WA set for top-upsCorporate tax: Government will factor in a corporate tax cut for all companies to 25 per cent by 2026-27 despite the cuts not being legislated

instant asset write off: Extension of $20,000 instant asset write-off, allowing firms with turnover of up to $10m a year to claim tax deductions on all equipment worth less than $20,000Craft beer: Tax cuts for craft brewers to deliver a level playing field for smaller, medium and large-scale beer brewers

M1: $1bn to add extra lanes on the M1, which connects Brisbane and the Gold Coastbruce highway: $800m for highway upgradessunshine Coast rail network: $390m to upgrade existing infrastructure and duplicate Queensland’s North Coast Rail Line between Beerburrum and LandsboroughPacific highway: $971m Coffs

Harbour BypassMelbourne airport train link: $5bn to help build the rail link between the Melbourne Airport and CBD.shoalhaven River Crossing: $155m to build a new northbound section of the bridge across the Shoalhaven River.wa infrastructure package: $3.2bn funding package for projects including the Perth

Metronet rail network, roads, water, hospitalssa roads: $177m to connect the South Road Superway to the Torrens to Torrens project via a new 1.8km, six-lane non-stop motorway.western sydney City deal: $50m to support business case on the North South Rail Line

great barrier Reef: $500m package aimed at protecting coral, improving water quality, and tackling the crown-of-thorns starfish scourgeLocation incentive – Film industry: $140m to support Australia’s film and creative

industry over four years, expected to bring in over $260m in new foreign investmentCaptain Cook memorial: $50m provided by the commonwealth-NSW to build a new aquatic monument and upgrade the Meeting Place Precinct at Kurnell

to commemorate the meeting of two culturesPawsey supercomputing Centre: $70m to the centre for research in delivering the next generation of supercomputers

• $65m to establish a new national body to oversee access to government-held data, including creating the office of the National Data Commissioner• $300m in additional funds over the next 10 years to deliver

Disability Employment Services• $3.6bn in revenue over the forward estimates expected from government’s crackdown on the illicit tobacco trade• $70m for new Australian Centre to Counter Child Exploitation to

be based in Brisbane• A $325m biosecurity levy on all import containers into Australia to support the agricultural sector and getting visitors through airports faster

aged: Package to help assist elderly Australians receive aged-care services to stay at home longerspinal Muscular atrophy: $241m to list vital and life-saving medicine treating SMA, cutting the cost to patients by hundreds of thousands of dollars

immunisation: $40m for national whooping cough immunisation program for pregnancyMental health: $33.8m to Lifeline to boost its telephone crisis serviceschool chaplains program: $240m to extend the program – with an enhanced focus on “anti-bullying” – for another four years

Childcare: $271m Community Child Care Fund (CCCF) for more than 850 services to “break down barriers” to early-childhood education and carePreschool: $440m funding boost for preschool education

FinanCe

inFRastRuCtuRe

aged CaRe, heaLth and eduCatiOn

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