The countdown is on to the budget’s release but the Federal Government has already revealed how key sectors such as education, infrastructure and housing are likely to fare.
Here is what we know about the federal budget so far.
WHAT WE KNOW SO FAR
• Funding for $10bn inland rail between Brisbane and Melbourne
• Funding arrangements outlined for $5bn-$6bn western Sydney airport at Badgerys Creek
• Road and rail projects funded via the government’s $50bn infrastructure program
• Higher education reforms will see universities hit with a 2.5 per cent — pr $2.9bn — efficiency dividend over two years
• University student fees to rise 7.5 per cent by 2021, with increases of up to $3600 for a four-year course
• University Graduates will repay their loans earlier and universities will face a funding cut.
• School funding will rise $18.6bn over 10 years
• Social housing and affordable housing measures
• Incentives for older Australians to downsize, and increase supply
• Proposed move for land releases to help increase supply
• Proposed changes to foreign-buyer rules
• Salary sacrifice for first home buyers
• Ban gambling advertising before 8:30pm during live sporting events, and for five minutes before and after the start of play.
• Abolishment of the $130-million annual licence fee for broadcasters in favour of a $40-million spectrum fee.
• $350m support package for former soldiers and their families
• The $130bn Future Fund will be quarantined until 2026.
• Pensioners will get a one-off payment ($75 for single pensioners, $125 for couples) to help with their electricity bills this winter.
• By 2020-21, defence spending will rise to 2 per cent of GDP
• Australian Federal Police (AFP) will receive an additional $321.4 million to fund an expansion of the force. Up to 300 personnel are expected to be hired, including negotiators, tactical response officers, bomb squad technicians and forensic specialists.
• Funding boost for training young Australians and getting Australians back into employment
• Easing of the Medicare rebate freeze being considered
• $1.8bn in savings over five years in push towards more generic drugs being sold
• New measures focused on getting unemployed Australians back to work
• Businesses with a turnover of up to $50m will receive a company tax cut
• Petroleum Resource Rent Tax – Oil and gas companies could lose some of their generous tax deductions following a review of the tax
• Multinational tax – We’re likely to see the figures on the so-called “Google tax”, which was passed in April and could recoup $2 billion in revenue.
• $100-million fund for manufacturers to diversify and expand their businesses. Of which $47.5 million will be allocated to an advanced manufacturing growth fund, about $24 million to an advanced research projects to help companies develop new products, $10 million will go to innovation labs in Victoria and South Australia, and $5 million will go towards maintaining engineering expertise by investing in student research
The Australian Federal Budget 2017 will be handed down at 7.30pm tonight.