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(Australian Associated Press)
The 2018 Federal Budget at a glance.
Tax relief; support for business, guaranteeing essential services, keeping Australia safe.
Budget deficit – $14.5 billion
Economic growth (GDP) – 3.0 per cent
Inflation – 2.25 per cent
Unemployment rate – 5.25 per cent
Multi-year plan to make personal income tax lower, fairer and simpler.
Top tax threshold will increase from $87,000 to $90,000.
Those earning more than $37,000 up to $90,000 will save up to $530 on tax.
Tax changes to cost $13.4 billion.
SUPER AND PENSIONS
Pensions Loan Scheme opened to all older Australians without impact on pension or benefits.
Expanded Pension Work Bonus will allow pensioners to earn an extra $1300 a year.
Wage subsidies of up to $10,000 for employers who take on older workers.
Increase in the number of home care places by 14,000 over four years at a cost of $1.6 billion.
$146 million to improve access to aged care services in rural, regional and remote areas.
Local sporting programs to encourage older Australians to remain physically active.
Instant asset write off for business with a turnover up to $10 million extended to purchases up to $20,000.
Extra $250 million for the Skilling Australians Fund.
Black Economy Taskforce recommendations will bring in $5.3 billion over the next four years.
MEDICAL AND HEALTH
New five year hospitals agreement with States and Territories will deliver $30 billion in additional funding.
$500 million over 10 years for the Medical Research Fund.
Extra $1.4 billion for listings on the PBS.
$154 million to promote healthy living.
$2.4 billion to be invested in technology infrastructure including super computers and satellites.
Additional funding to protect farmers from pests, disease and weeds.
National energy guarantee to see annual power bills fall by an average of $400 a year.
Emission reduction target to remain at 26-28 per cent.
10-year $75 billion infrastructure projects already announced.
$1 billion Urban Congestion Fund to improve traffic flow and safety at state level.
$3.5 billion for a Roads of Strategic Importance initiative upgrading key freight routes.
Needs based funding for schools to deliver $24.5 billion more over the next 10 years.
Schools to receive $18.7 billion, with a legislated rise to around $30 billion in 2027.
Universal access to early childhood education extended for a year costing $440 million.
$122 million to enhance screening of inbound air cargo and international mail.
$122 million to increase border force capability at nine airports.
$160 million to help agencies fight crime and prevent terrorism