Australians are set to pay more tax with the federal government increasing the Medicare levy from 2019.
The levy will be raised by 0.5 per cent with a large proportion of that revenue to fully fund the 22 billion dollar National Disability Insurance Scheme.
Australia's five major banks will pay 6.2 billion dollars in fees over four years.
People wanting to buy their first home will be allowed to salary sacrifice up to 30 thousand dollars into their superannuation accounts which the government says will allow them to save for a deposit quicker.
University fees are on the rise
Students will have to pay an extra $2,000 to $3,600 for a four-year course. That's a fee increase of 1.8 per cent next year, and 7.5 per cent by 2022.
The income level at which you will have to start repaying your HECS debt will also be reduced. Currently, you only have to repay your debt when you earn over $55,000. From July next year, you'll have to repay it once you hit $42,000.
Universities are also facing a 2.5 per cent efficiency dividend.
The only win for university students is the introduction of Commonwealth Supported Places in sub-bachelor programs like diplomas.
Read more about this year's budget here.
