A summary of the 2019 Federal Budget

Posted on 4 April 2019

(Australian Associated Press)

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

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

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 10,000 new home care packages
One-off Energy Assistance Payment for pensioners of $75 for singles and $125 for couples
$84 million to enable carers to leave a loved one in safe hands and take a break

ENVIRONMENT

$3.5 billion Climate Solutions Package, $2 billion of which will go to practical emission reduction activities, working with farmers and Indigenous communities
$100 million Environment Restoration Fund to deliver large-scale environmental projects

SCHOOLS

committing around $30 million to all schools for upgrades to libraries, classrooms and play equipment
new scholarship program for over 1,000 students a year to study in regional Australia
$453 million to extend pre-school education, enabling 350,000 children to receive 15 hours of quality early learning per week in the year before school

SECURITY

Tags:News