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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 relief LITO: Increase the Low Income Tax Offset, limiting tax relief to incomes of up to $87,000 Tax 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 NDIS Surplus: A surplus will be brought forward to 2019-20 GST: $3.4bn boost in GST revenue for states and territories, with NT and WA set for top-ups Corporate 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 $20,000 Craft 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 Coast Bruce Highway: $800m for highway upgrades Sunshine Coast rail network: $390m to upgrade existing infrastructure and duplicate Queensland’s North Coast Rail Line between Beerburrum and Landsborough Pacific Highway: $971m Coffs Harbour Bypass Melbourne 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, hospitals SA 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 scourge Location Incentive – Film Industry: $140m to support Australia’s film and creative industry over four years, expected to bring in over $260m in new foreign investment Captain 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 cultures Pawsey 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 longer Spinal 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 pregnancy Mental health: $33.8m to Lifeline to boost its telephone crisis service School 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 care Preschool: $440m funding boost for preschool education FINANCE INFRASTRUCTURE AGED CARE, HEALTH AND EDUCATION ENVIRONMENT/TECHNOLOGY/CULTURE HUMAN SERVICES/SECURITY
