A SUMMARY OF THE 2019 FEDERAL BUDGET
--
ECONOMY
- Budget surplus forecast of $7.1 billion, the first in 12 years
- Surplus forecast rising to $11 billion In 2020-21 and then $17.8 billion in 2021-22 before dropping to $9.2 billion in 2022-23
- Goal of eliminating Commonwealth net debt by 2030 or sooner
- Economic growth as measured by GDP to rise to 2.75 per cent
- Unemployment rate steady at 5.0 per cent
- Inflation as measured by CPI to be 2.25 per cent
--
TAXATION
- $158 billion of additional tax relief for those earning up to $126,000 a year
- Up to $1,080 in savings for single income families and up to $2,160 for dual income families.
- Tax rate lowered from 32.5 per cent to 30 per cent from July 2024 for all taxpayers earning between $45,000 and $200,000
--
SMALL BUSINESS
- Tax rates cut to 25 per cent by 2021-22
- Increasing access to finance with a new $2 billion fund
- Instant asset write-off increased to $30,000 and expanded to businesses with turnover of up to $50 million
- Additional $60 million for Export Market Development Grants
--
REGULATION
- Additional support to the Tax Office to reduce tax cheats
- Additional support to financial regulators in the wake of the Banking Royal Commission
--
INFRASTRUCTURE
- Boosting infrastructure spending to $100 billion over the decade
- Increasing the Urban Congestion Fund four-fold from $1 billion to $4 billion including a $500 million Commuter Car Park Fund
- Providing $2 billion for fast-rail between Melbourne and Geelong as well as fast-rail corridors in other areas
- $2.2 billion for safer roads
- $1 billion to improve freight routes and access to ports
- $100 million for regional airports
--
THE BUSH
- $6.3 billion in drought support
- $3.3 billion for those affected by flood
- New North Queensland Livestock Industry Recovery Agency
- New $3.9 billion Emergency Response Fund for natural disaster recovery efforts
--
YOUNG WORKERS
- $525 million skills package
- 80,000 new apprenticeships
- Incentive payments to employers up to $8000 per placement
- New apprentices to receive a $2000 incentive payment
- $62 million to boost literacy, numeracy and digital skills
- Funding to increase participation for women and girls in STEM (science, technology, engineering and maths) industries
--
RESEARCH
- $9 billion for science, research and technology, including commercialisation
- $400 million for genomics research to unlock the secrets of DNA
- $160 million for research to improve the health of indigenous Australians
--
HEALTH
- $80 billion for more MRI machines, more life-changing medicines on the PBS, more funding for mental health, better access to GPs, hospitals and dental services
- Funding upgrades to regional hospitals, the first being in Townsville
- Establishing Australia’s first comprehensive children’s cancer centre in Sydney
- Helping to build a new Brain and Spinal Ward in South Australia
- $461 million for youth mental health and suicide prevention strategy
- $500 million for a Royal Commission into the mistreatment of people with disability
--
AGED
- $725 million for 10,000 new home care packages
- One-off Energy Assistance Payment for pensioners of $75 for singles and $125 for couples
- $84 million to enable carers to leave a loved one in safe hands and take a break
--
ENVIRONMENT
- $3.5 billion Climate Solutions Package, $2 billion of which will go to practical emission reduction activities, working with farmers and Indigenous communities
- $100 million Environment Restoration Fund to deliver large-scale environmental projects
--
SCHOOLS
- committing around $30 million to all schools for upgrades to libraries, classrooms and play equipment
- new scholarship program for over 1,000 students a year to study in regional Australia
- $453 million to extend pre-school education, enabling 350,000 children to receive 15 hours of quality early learning per week in the year before school
--
SECURITY
- $328 million to fund prevention, response and recovery initiatives
- $570 million for the Federal Police and ASIO
- Additional $680 million to support service men and women deployed abroad.
