Things you shouldn’t miss about Budget 2017-18
Treasurer Scott Morrison handed down Budget 2017-18 on Tuesday, which laid out the economic and fiscal outlook for Australia for the current financial year, the budget year and three forward financial years. Here are some of the most important points you shouldn’t miss.
$30,000 into super
The Turnbull government hopes to solve huge house prices by giving young Australians the go-ahead to put away $30,000 into their super to save for a deposit. By July 1, first home savers can give their employers a heads up to deposit money from their pre-tax income into their super account.
It will be taxed at just 15 percent, which is comparatively lower than the current marginal tax rates ( 19, 32, 37 and 45 percent) plus the Medicare levy. First home savers can expect a total tax break of $50 million in the next financial year with the First Home Super Saver Scheme.
$75 billion in “good debt” infrastructure
Since Sydney Airport declined an offer to build a second airport at Badgerys Creek, the federal government had to be in control. The $75 billion in “good debt” infrastructure include building the second Sydney airport and upgrading roads and rail, as well as the Snowy Mountains Scheme 2.0.
$115 million for mental health
The Turnbull government expresses concerns on mental health issues by investing $115 million, including funding for psychological services, rural telehealth, mental health research and suicide prevention. The $80 million is intended for Australians with a mental illness like eating disorders, schizophrenia, post-natal depression and severe depression.
$55.7 billion for the NDIS
Medicare levy will go up by a 0.5 percent to fully fund the National Disability Insurance Scheme ($55.7 billion over the next 10 years). The government aims to end Mediscare campaigns with the new Medicare Guarantee Fund.
$600,000 for the Bureau of Meteorology
According to the budget papers, the funding will assist the Bureau in providing reliable, ongoing access to weather, climate, water and oceans information. The amount will specifically be used to advance the security of its IT systems.
$170 million for a same-sex marriage plebiscite
As a “financial risk,” there is $170 million plebiscite money in the budget in case more than half the Senate alters its mind and allows the same-sex marriage plebiscite policy. “The Australian government remains committed to a plebiscite in relation to same-sex marriage, despite the Senate not supporting the Plebiscite (Same-Sex Marriage) Bill 2016,” the budget paper published at budget.gov.au reads.
Read more: Economy loses $550 million due to Australia's gay marriage fail
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