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Federal Budget 2017: What It Means For You

Surplus of $7.4 billion for 2021

Federal Budget 2017: What It Means For You

Treasurer Scott Morrison has handed down the 2017 Federal Budget on Tuesday night.

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Source: Twitter @scottmorrisonMP

Let's take a look at what this means for you

First off, bad news for basically everyone in Australia - you'll be paying more tax. 

The government is introducing a tax hike for every working Australian, by increasing the Medicare levy from 2 per cent to 2.5 per cent of taxable income to fund the National Disability Insurance Scheme. 

It won't affect you if you earn less than $21,655.

So basically If you earn over $85,000 a year

You'll pay an extra $425 each year.

If you're a small business owner 

The government loves ya.

There's a one-year extension of the instant asset write-off scheme for capital equipment expenses up to $20,000.

If you've got kids at school 

Top news for lovers of the Gonski funding model.

The government will pump an extra $19 billion into schools over the next decade under 'Gonski 2.0'.

More than 99% of schools will see a year-on-year increase in funding under the needs-based model, and on average per-student funding will grow 4.1 per cent a year over a decade.

However about two dozen schools will lose some of their federal funding.

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If you have kids in childcare 

Good news! 

There'll be $2.5 billion more in early learning and child care, including the new system of fee subsidies.

And $428 million for a one-year extension to a program guaranteeing 15 hours a week of preschool for four-year-olds.

If you love your live sport 

You may be astute enough to notice a few less gambling ads.

The government has cracked down on betting advertising during live sporting events except racing, banning them from 8.30pm, and five minutes before and after play in a bid to reduce problem gambling and make watching sport more family friendly.

The government is also funding 30 million dollars over four years to boost the coverage of women's sport on subscription TV.

If you are trying to buy a house

Lets face it, it's still going to be hard to buy a house.

But first home buyers will be able to contribute to their super to save for a deposit on a house! 

To help save for a deposit faster, people will be able to salary sacrifice $15,000 a year (or $30,000 in total) into their superannuation funds.

The government says it will also establish a $1 billion National Housing Infrastructure Facility to remove impediments to developing new homes.

If you're renting 

Some help is on the way.

There will be long term, low cost finance to support more affordable rental housing under what's called the National Housing Finance and Investment Corporation. 

If you're worried about national security 

Good news. 

Australia's federal police will get $321 million to hire an additional 100 intelligence experts, more than 100 tactical response and covert surveillance
operators, and almost 100 forensic specialists to help advance Australia's fight against crime and terrorism.

It is the biggest AFP funding injection in a decade.

If you need health care

Medi-scare is over! 

The federal government will lift its four-year freeze on Medicare rebates for some GP visits starting from July. 

Also a good cost cutting measure here, the government plans to encourage doctors to prescribe generic medicines, rather than big-name brands, which could save the budget $1.8 billion.

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Bill Blasts Budget: Our opposition leader isn't too thrilled about this budget being compared to a Labor style budget. Source: @billshortenmp Twitter

If you're a dole bludger 

It'll be harder to get away with it!  

There will be new measures to ensure people on welfare “fulfil their obligations”, by meeting with employment groups, for example, or taking part in “work for the dole” schemes.

The government will also be subjecting some welfare recipients to random drug tests.

Those who fail will have their payments stripped from them.

Job seekers who regularly miss Centrelink appointments or turn down suitable work will have payments reduced or cancelled. 

If you rely on Foreign Workers 

Tough times ahead.

There will be Foreign worker levy of up to $1800 per worker on a temporary visa and up to $5000 for permanent skilled visa workers raising $1.2 billion over four years.

If you're a smoker

Well.. I guess it's good news if you're trying to quit? 

Roll-your-own tobacco and cigars will cost more under a plan to bring their tax treatment in line with pre-made cigarettes. 

If you're suffering from a mental illness 

There will be $170 million more for mental health support, treatment and research.

So there ya have it.

In case you wanted to check out what the government wants you to make of the budget, here's a video. 

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Source:  Twitter

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