BUDGET 2019 - WHAT WE KNOW SO FAR
BIG PICTURE
* Overall theme: "A stronger economy and a secure future"
* Federal election is due in mid-May
* Better than expected surplus for 2019/20 (MYEFO: $4.1 billion in 2019/20)
* 3 per cent growth for 2019/20 (MYEFO forecast)
* 5 per cent unemployment rate for 2019/20 (MYEFO forecast)
* Migration cap to be reduced to 160,000 from 190,000
* 1.25 million new jobs to be created over the next five years
* Expectation of a "stimulus" worth about $6 billion, adding about 0.4 percentage points to GDP
TAX
* Likely bring-forward of the July 2022 income tax cuts, on top of those already starting July 1 this year, as part of an already-legislated $144 billion plan
* Possible improvements to tax offsets for low-income earners
* Rules around $69 billion GST revenue distribution to the states have changed, with WA the main beneficiary
* Instant asset write-off extended to June 2020 and upped from $20,000 to $25,000. Allows small business with an annual turnover of less than $10 million to deduct the cost of assets such as cars and equipment
* Tax office and other agencies to crack down on welfare cheats and tax dodging
ROADS, RAIL
* $75 billion infrastructure plan over 10 years continues
* Business case for Melbourne airport rail link
* City deals for Adelaide, Hobart, Townsville, Launceston, Western Sydney, Darwin, Geelong, South East Queensland and Perth
HEALTH
* $220 million from Medical Research Future Fund for research into heart disease
* $496 million for Victorian cancer research, services and facilities
* $200 million to reduce out of pocket costs for scans such as ultrasounds and x-rays
BANKS
* $600 million boost for financial regulators ASIC and APRA to deal with banking royal commission fallout
SECURITY
* $294 million to upgrade security at airports in a bid to prevent terrorist attacks
* Australian Space Agency to be funded
ENERGY
* $2 billion for Emissions Reduction Fund, now called the Climate Solutions Fund
* $1.4 billion for Snowy Hydro 2.0
* $56 million for Battery of the Nation and Marinus Link projects in Tasmania
* Speculation of an announcement of the first power projects to be underwritten by the government, following 66 expressions of interest
EDUCATION
* $60 million for James Cook University's Cairns Tropical Enterprise Centre
* $60 million indigenous education hub in Melbourne
WELFARE
* $78 million to provide more housing for women and children fleeing family violence
- $129 million to extend cashless welfare card to all of Northern Territory, and to Cape York communities in Queensland
CULTURE
* $12 million for Cooktown 2020 Festival (250th anniversary of Cook's landing) and replica HMB Endeavour to circumnavigate the country
