articles: Federal Budget

2018-19 Federal Budget Report: Executive Summary

Treasurer Scott Morrison handed down the 2018-19 Federal Budget on Tuesday 8 May 2018 announcing it is a whole package for all Australians.

The Treasurer emphasised the need to set a “tax speed limit” and respect taxpayers (due to too much tax revenue being pulled out of people’s pockets) noting that half of the tax base is coming from people getting in jobs.

2018-19 Federal Budget Report: Health

Investing in Australia’s Health

Record investment in health-related measures were announced to guarantee essential services for a “longer, healthier and safer life”.

The measures also extend to finances and job skills so that “Australians can “live life to the full” and plan ahead.

2018-19 Federal Budget Report: Infrastructure (including Resources and Energy)

Building a better Australia

The 2018 Budget commits the Coalition to a $75 billion infrastructure investment over 10-years. Projects include: reducing congestion, creating more jobs and improving safety.
Digital infrastructure will also be given a boost with improvements to the accuracy of GPS and satellite imagery, with flow-on effects to the competitiveness of sectors such as agriculture, mining and marine industries.
 
The 2018-19 Budget includes a continuation of the $37.6 million (allocated in 2017-18) over five years to support the improvement of energy affordability, reliability and sustainability.

2017-2018 Federal Budget Expert Analysis - Health

Key points

  • Medicare Levy to increase by 0.5% from 1 July 2019

  • Medicare Levy low-income thresholds increased

  • Medicare Guarantee Fund to be established to ensure Medicare is fully funded

  • The freeze on the indexation of the Medicare Benefits Schedule (MBS) has been lifted

  • Retention of bulk billing incentives for diagnostic imaging and pathology services

  • Affordable access to medicines continued

2017-2018 Federal Budget Expert Analysis - Property

Key points

  •  Measures aimed at foreign resident property owners
  • Restricting ownership by foreign ownership in new developments

  • GST integrity measure on property transactions

  • Limiting plant and equipment depreciation claim for property investors

  • Integrity measures regarding the Small business Capital Gains Tax (CGT) concessions will be introduced

2017-2018 Federal Budget Expert Analysis - Superannuation

Key points

  • Limited Recourse Borrowing Arrangements to be included in a member’s superannuation balance and transfer balance caps

  • First home owners will be allowed to salary sacrifice to superannuation for home deposits

  • Home sellers 65 years or over can make non-concessional contributions to superannuation

2017-2018 Federal Budget Expert Analysis - Infrastructure

Key points

  • $75 billion in infrastructure funding and financing over the next 10 years

  • Western Sydney Airport to be built

  • Funding of Melbourne to Brisbane Inland Rail project

  • $10 billion National Rail Programme

  • Establishment of a $472 million Regional Growth Fund to deliver job-creating infrastructure

2017-2018 Federal Budget Expert Analysis - Housing Affordability

Key points

  • First home buyers can salary sacrifice into their superannuation account

  • Up to $300,000 from the proceeds of the sale of the family home can be contributed to superannuation for persons aged 65 and over

  • Increasing the CGT discount to 60% for investments in affordable housing

  • Allowing managed investment trusts (MITs) to be used to develop and own affordable housing

  • Further initiatives to increase housing supply

2017-2018 Federal Budget Expert Analysis - Superannuation

Key points

  • Limited Recourse Borrowing Arrangements to be included in a member’s superannuation balance and transfer balance caps

  • First home owners will be allowed to salary sacrifice to superannuation for home deposits

  • Home sellers 65 years or over can make non-concessional contributions to superannuation