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Federal Budget Review

How will it affect the Coast?

Federal Budget Review

Scott Morrison MP handed down the Federal Budget last night, the second he has overseen as Treasurer in the Turnbull administration.

Here's who stands to win and lose:

TAXPAYERS

ABC this morning reported that most people's tax is set to increase by 0.5 per cent. It's partially owing to the increased Medicare Levy which will go in part towards funding the National Disability Insurance Scheme (NDIS). 

Provided the renewed budget passes both houses of Parliament, the changes will be brought into force from July 1st next year.

SCHOOLS

Students around the nation will receive more funding, with our school system expected to see an extra $18.6 billion over the next decade.

School funding is also set to be standardised, which will mean some schools will not receive as much as projected, but an overall increase will be seen.

UNIVERSITY

For most uni students, fees will increase by $1,600 over four years. That's a projected 7.5 per cent increase by 2022.

The HECs repayment threshold will also be dropped from $55,000 to $42,000. Meaning, students will have to pay back their uni debts earlier, once their income reaches above $42,000 a year.

Again, the changes will be brought into force from July next year.

WELFARE

Benefit recipients will now be subject to random drug testing, with payments frozen if a positive sample is returned. 

ABC estimates 450 people will also have their Disability Support Pension removed based on analysis of drug and alcohol abuse.

There will also be longer waiting periods to access benefits for people with liquid assets.

TOBACCO

Products sold for roll-your-own cigarettes and cigars will now be taxed at a higher rate.

Over the next four years, it's estimated a $360 million will be added to the economy from this alone.

HOME-BUYERS

First-home-buyers will now be able to use voluntary superannuation contributions to save for a deposit. However, the limit will be capped at $15,000 per year, and $30,000 overall.

ANTI-VAXXERS

Families that refuse to keep their children's vaccinations up-to-date will feel the pinch with Family Benefit Part A set to be removed.

FOREIGN AID

Foreign aid has taken another blow, with the chance all payments will be frozen as of 2018. An estimated $303 million less will be spent on foreign aid.

DEFENSE

Defense tends to always win up big with the Federal Budget, and this year is no exception.

The Australian Federal Police will be given 300 extra staff as well as a $321 million funding boost.

It's also been announced that the Australian Security Intelligence Organisation will get a funding boost, but the exact amount is unknown. Appropriately, secret you may say because they are spies and everything they do is secret...

HOW WILL IT AFFECT THE COAST

Scott Morrison also announced last night that $8 billion will be set aside for the train network that will connect Brisbane to Melbourne. The super-network will include a stop in Wyong, making commuter's lives a lot simpler.

But Member for Dobell, Emma McBride says she's disappointed with the little that's been done to secure local jobs and industries here on the Coast.

Additionally, National Greens leader Richard Di Natale told Sky News this morning he'll be giving the budget a rating of 3 out of 10, due to the lack of action on climate change.

What do you think? Are you and your family set to benefit from this year's budget?

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