The federal budget has been delivered by Treasurer Scott Morrison.

You can find all details here below:

Bottom Line:

• A deficit of $ 29.4 billion in 2017-18 – an increase over the $ 28.7 billion forecast in December.
• The nation’s first surplus since 2007-08 forecast to be reached in 2020-21.
• Total debt to reach $ 715 billion by 2027-28.

Tax:

• Increase in Medicare levy of 0.5 percentage points, raising $8.2 billion.
• Crackdown on the courier and cleaning services, tipped to raise an extra $362 million.
• Extra money to the tax office to ramp up work against the black economy.
• Commitment to reduce company tax rate for all firms to 25 per cent.

Health:

• Medicare Levy to be increased 0.5 percentage points on July 1. 2019 from 2 per cent to 2.5 per cent of taxable income.
• Medicare levy low income thresholds to be increased to $ 21,665 for singles, $36,356 for families plus $ 356 for each dependent child.
• $1 billion for the phased reintroduction of indexation for certain items on the Medicare Benefits Schedule.
• Reversing the removal of the bulk-billing incentive for diagnostic imaging and pathology services.
• Setting up a Medicare Guarantee Fund to ensure future of Medicare and the PBS, and to pay for all expenses on the Medicare Benefits Schedule and the Pharmaceutical Benefits Scheme.
• $1.2 billion in new subsidized medicines, including for patients with chronic heart failure.
• $115 million for mental health, including rural telehealth psychological services, mental health research and suicide prevention.
• $1.4 billion for research into children’s cancer.

Education:

• $18.6 billion for schools over 10 years, with needs-based funding model to boost per-student growth across all sectors by 4.1 per cent a year.
• Universities to pay a 2.5 per cent efficiency dividend for the next two years.
• HELP loan repayments to kick in at wage $42,000, down from $ 55,000.
• University funding linked to success in completion rates, student satisfaction and employment outcomes for first time.
• University course fees to increase gradually, 1.8 per cent next year up to a total of 7.5 per cent in 2021.
• $5.9 million for trial using digital applications to improve indigenous children’s English Literacy.

Welfare:

• 5000 new welfare recipients to be drug tested, with jobseekers who test positive to be placed on cashless welfare card.
• Strengthening of verification requirements for single parents seeking welfare.
• People with a disability cause solely by their own substance abuse to be denied welfare.
• Jobseekers who decline work or persistently miss requirement will be penalized, with the introduction of a demerit-point system that can result in reductions or cancellation of payment.
• Two new cashless welfare card trial sites from September.
• Seven working-age welfare payments to be rolled into a new jobseeker payment.

Families:

• $415 million saved from changing the taper rates for family tax benefit A on $94,.00 or more.
• Increase in maximum rate of Family Tax Benefit A will not proceed, to save $1.9 billion.
• $263 million to support vulnerable young parents through expansion of ParentsNext program, from 13,000 to 68,000 parents.
• $3.4 million to expand trial of domestic violence units in legal centers.

Disability:

• Closing of National Disability Insurance Scheme funding gap, which is currently $55.7 billion, over the next 10 years.
• NDIS to be funded through increase of the Medicare Levy by 0.5 per cent from July 1, 2019.
• $868.2million over three years to support the delivery of the WA NDIS under nationally consistent, locally administered model.

Infrastructure:

• Calls for State government to pitch rail projects for a future $10 billion national rail project.
• Established an infrastructure body to find ways to match Federal dollars with private investment.
• $472 million Regional Growth Fund to build new industries.

WA:

• GST share to increase over coming four years, but still short of promised 70cent n the dollar floor.
• $2.3 billion road and rail package promised, including $1.2 billion reallocated from Perth Freight Link to Metronet.
• Government suggests WA could win another $1 billion in rail funding under $10 billion rail fund.
• WA offered $300 million over two years if it cuts red tape for small business.

Banks:

• New $6.2billion tax on bank liabilities.
• Lifts fines for big banks behaving badly to $200 million.
• New measures to help regulators force out bank executives who oversee customer rip-offs.

457 Visas:

• Government to increase taxes on foreign workers under 457 replacement program.
• Short term visas go from current $1060 cost to $1150 for short-term stream and $2400 for medium-term stream.
• Measure is expected to net $47.6 million over four years.
• Defense/national security.
• Australia federal police to get $321 million to cover cost of more than 300 extra staff
• An ‘’efficiency’’ saving of $304.1 million over the next four years.
• Government will sign off on $1.2 billion Offshore Patrol Vessel project, most of which will be built in WA.

Seniors:

• Eligible Centrelink and Veterans’ Affairs pensioners to receive on-off payments to help cover rising energy costs. Singles qualifying on June 20, 2017, will receive a $75 payment and couples will receive $125.
• Over-65s will be able to put $300,000 from the proceeds of selling their home into superannuation. Couples will be able to put in $300,000 each.
• Residency requirements for pensioners toughened in a bid to save more than $100 million.

Small Business:

• The instant tax deduction for small business equipment purchases costing less than $20,000 has been extended.

House affordability:

• Clear up murky tax laws to allow managed investment trusts to invest in affordable housing.
• Provide a bigger capital gains tax concession to an individual investing in affordable housing though a managed investment trust or thought an approved provider.
• Remove the travel tax deduction claimed by landlords when they go to inspect, maintain or collect rent on their investment property.
• First home savers scheme that will help prospective homebuyers save for a deposit by salary sacrificing income into their superannuation fund.
• Toughened tax measures and reduced concessions for foreign property investors.

Sport:

• $34 million set aside for Defense costs to protect athletes at the Gold Coast Commonwealth Games.
• Extra $15.5 million to Australian Sports Commission to help lift performance of Commonwealth Games team.

• The instant tax deduction for small business equipment purchases costing less than $20,000 has been extended.