Budget Health
- The government says it will increase Medicare rebates and cut the cost of medicines.
- A Medicare Guarantee Fund is to be established from the 1st of July (2017) to secure the ongoing funding of the Medicare Benefits Schedule and the Pharmaceutical Benefits Scheme.
- The fund will receive income from the Medicare levy - after the NDIS funding is deducted - and topped up by personal tax receipts.
- This Budget restores indexation of the Medicare rebate, starting with GP and diagnostic imaging bulk-billing incentives from the 1st of July.
- At the same time, the Medicare levy low-income thresholds for singles, families and seniors and pensioners will be increased so that low-income taxpayers generally continue to be exempted from paying the Medicare levy.
- The government says it has reached agreements with three organisations - Medicines Australia, the Pharmacy Guild and Generic and Biosimilar Medicines Australia - to bring down the cost of some medicines.
Source: AAP
Budget Consumers
- Companies and individuals that breach consumer protection laws are to face increased penalties.
- The government says companies could now face fines of up to $10 million, while individuals could face up to $500,000.
BUDGET REFUGEES
- The federal Government's plan to expand Australia's Humanitarian intake and start its new Community Support Program is expected to produce a gain to the budget of $26.9 million over the forward estimates period.
- The Humanitarian program is to grow to 16,250 places this financial year and to 18,750 places in 2018-19.
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BUDGET VISAS PARENTS
- The Government's new temporary sponsored parent visa measure is expected to have a gain to the budget of $99 million over the forward estimates period.
- The temporary sponsored parent visa will allow parents of Australian citizens, Australian permanent residents and eligible New Zealand citizens to stay in Australia for periods of up to three or five years.
- The new class will be available from November 2017, with 15,000 visas to be made available annually.
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Housing
- The Turnbull government will let first home buyers save up to $30,000 in a super account but crack down on foreign investors as part of a widely-anticipated housing affordability package.
- First home buyers will get a tax cut on their first home deposit by being able to salary sacrifice into their super accounts over their compulsory contributions.
- Contributions will be taxed at 15 per cent and withdrawals taxed at their marginal rate less 30 percentage points.
- Seniors will be encouraged to sell up their homes to free housing stock, by being allowed to make a non-concessional contribution of up to $300,000 into their super accounts from the proceeds of the sale.
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BUDGET CHILDCARE
- The Government has promised $37.3 billion in child care for around one million Australian families, including before and after school care.
- Starting in July next year, the single, means-tested Child Care Subsidy will introduce hourly rate caps and remove unnecessary regulation to allow providers to offer more flexible hours of care.
- The Government will also provide $428 million to extend the National Partnership Agreement on Universal Access to Early Childhood
Foreign workers
- Adding to their crackdown on foreign workers under planned changes to the 457 visa scheme, the government is also imposing a new levy on businesses that employ foreign workers. They’ll be charged between $1200 and $1800 per worker every year on temporary work visas and a $3000 or $5000 one-off levy for those on a permanent skilled visa.
- There’s also higher charges on visa application fees.
- From July 1, 2017, fees will be indexed in line with inflation, generating $410 million over the forward estimates period.
Source: www.urbancircus.com.au
Infrastructure
- The government has pledged to spend $75 billion on infrastructure over the next decade. That will include $844 million to upgrade the Bruce Highway and $1.6 billion in road upgrades and other measures in Western Australia.
- A $10 billion national rail program will be used for rail projects to link up cities with regions. The fund will also potentially pay for the Western Sydney Airport rail link.
