Wednesday, 18 October, 2017

Federal Budget 2017: Winners and losers

Laurie Berry | 20 May, 2017, 03:07

The Treasurer has already warned them not to pass it on to consumers, and noted that if they do then the rest of the banking sector would get an advantage.

'I'm uneasy about it, and I understand banks do pay company tax. but the arguments against the mining tax applied by Wayne Swan can be applied here with equal force, ' the former prime minister told a post-Budget forum in Melbourne on Wednesday.

The 2017/18 budget projects a return to balance in 2020/21, improving from a deficit of $29.4 billion to a projected surplus of $7.4 billion within four years.

Morrison outlined plans to deliver A$75 billion in infrastructure funding and financing over the next years as the base of Australia's next growth wave.

Running parallel to the Government's nation-building programs is the concentration on health, with a $10 billion spending increase over four years, in part to counter the risk of Labor again use the policy area to attack the Coalition.

"We understand that many other Australians feel frustrated that they're not getting as ahead in the way they would like to".

A 0.5 percentage point rise in the Medicare levy from mid-2019 will cost a worker on $80,000 about $400 extra a year to fund the national disability insurance scheme.

"Small business owners are out there fighting for growth in their businesses every day".

Along with Prime Minister Malcolm Turnbull, Mr Morrison has crafted a Budget created to reframe political conversations in this country between now and the next federal election in 2019.

Trump claims 'witch hunt' as special counsel appointed in Russian Federation inquiry
King said, "I'm anxious with all special counsels because there's no control over them and they can abuse their power". Oversight Committee Chairman Jason Chaffetz of Utah said late Wednesday that Mueller is a "great selection".

"Levies like this are common right around the world", Mr Turnbull said.

In a surprise move, the Turnbull Government will bring back a trial on drug testing welfare recipients.

The Turnbull Government announced the end of the troublesome Medicare rebate freeze which has been forcing up the cost of GP visits and threatening the spread of bulk billing.

The extra funding will be paid for by a $2.8 billion hit to universities over the next two years. The budget pledges $8.4 billion in equity to the Australian Rail Track Corporation to pay for the project that it forecasts will generate 16,000 jobs at the peak of construction.

$216.6 million over four years cut from funding for aged care - a cut of around $1670 per resident per year. It would mean that it would be taxed at 15% rather than the marginal tax rate, and when the money is withdrawn, it is taxed at marginal tax rates less a 30% offset.

Older Australians will be encouraged to downsize by being able to make a non-concessional contribution of up to A$300,000 into their superannuation fund from the sale of their home.

They also remain in the dark over which commercial activities will be captured by the tax.

According to The Australian, one way in which the mooted scheme could be introduced is through comparing a national register of foreign owned land which is being constructed by the Australian Taxation Office with water usage levels kept by each state to determine which properties are both (a) owned by foreigners and (b) also sitting vacant.

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