And here we go for budget night 2016 - its a pretty lack luster affair as the public have already been lubricated by leak after controlled leak - this is what's happening:
Defence a major winner in the budget
The 2016 Defence White Paper builds a more capable force to protect our interests and a stronger partnership with Australian industry. It provides an additional $29.9 billion for Defence and brings investment in capability to an unprecedented $195 billion over the decade to 2025-26. This includes new naval capabilities such as:
12 new regionally-superior submarines;
9 future frigates; and
12 offshore patrol vessels.
The future submarine project is the largest and most complex defence acquisition Australia has ever undertaken. Building submarines, frigates, offshore patrol vessels and Pacific patrol boats in Australia will directly secure over 3,600 jobs as well as thousands more jobs through the supply chain. It will also ensure Australia retains a sovereign capability to build and sustain its naval vessels.
The Government is committed to maximising opportunities for Australian businesses to deliver these essential military capabilities. The White Paper provides $1.6 billion to build industry competitiveness and skills while harnessing Australian innovation and expertise. This Budget also provides $686 million for continued military operations to help protect Australia.
Cyber Security to also build on the innovation agenda
This Budget provides $195 million to deliver a comprehensive cyber security strategy for Australia, which builds on the $38 million announced in the National Innovation and Science Agenda.
Agriculture gets beefed up
The Budget builds on the Government’s $4 billion Agricultural Competitiveness White Paper, reinforcing the Government’s commitment to ensure the sector remains as competitive as possible. The Government has appointed five additional agricultural counsellors in key markets. These counsellors will help negotiate access arrangements which will build on opportunities created by export trade agreements with China, Japan and Korea. The $1.2 billion White Paper on Developing Northern Australia includes a $100 million Beef Roads Programme to ensure that farmers can get their cattle to markets. This also includes a $75 million Cooperative Research Centre for Northern Australia that will identify opportunities for research that can benefit industries in northern Australia, including agriculture. The 2016-17 Budget improves the $13.8 million Farm Cooperatives and Collaboration Pilot Programme to help farmers develop their trade capabilities. The new ACCC Agriculture Commissioner has begun work to encourage fair trading and stronger competition in agricultural supply chains. A new country of origin labelling scheme from 1 July 2016 will ensure consumers are not misled about the origin of the food they buy. Enhancements to the Farm Management Deposit Scheme will allow primary producers to set aside greater cash reserves in good years and make it easier to access in low income years. The Government is also providing $7.1 million to fund additional Rural Financial Counsellors who will provide free financial advice to farmers in drought-affected areas.
Investing in roads, rail and dams
The Government is responsibly investing in infrastructure in cities and regions. The Government is investing a record $50 billion in infrastructure between 2013-14 and 2019-20. We are responsibly investing in roads, rail and dams. The Government has reallocated $1.5 billion in funding for Victorian transport infrastructure, including upgrades for:
the Monash Freeway
the Murray Basin Freight Rail
the M80 Ring Road
urban and regional roads
In Western Australia, the Government is investing $490 million in the Forrestfield-Airport Rail Link and an additional $261 million for the Perth Freight Link for Section 2. In Queensland, $200 million is being invested in the first stage of the Ipswich Motorway. For the Melbourne to Brisbane Inland Rail $594 million in additional equity funding is being provided to the Australian Rail Track Corporation to acquire land. A $2 billion National Water Infrastructure Loan Facility will support major water infrastructure projects, such as dams, building on the $510 million National Water Infrastructure Development Fund. The Government is also committing a further $115 million to continue preparatory activities at a Western Sydney airport. The Government has finalised, or is close to finalising, agreements under the Asset Recycling Initiative with four states and territories worth $3.3 billion. These agreements will unlock over $23 billion in State and Territory infrastructure spending, including for the Sydney and Melbourne Metro projects.
The rich don’t win on super changes
There will be a $500,000 lifetime cap on non concessional superannuation changes that will raise $2.9 billion over four years. 96% of people will be better off or not affected by the changes although a low income tax offset will be introduced as well as some great measures for women when it comes to building their super income taking into account the amount of time taken off to have a family.
Young people a focus from the Turnbull Government
Young people and business win in a new scheme that will see these young people get an additional $200 per week on top of their existing welfare payments. The new scheme will be called PATH. It’s a reversal on the deep cuts to youth support in last years budget.
Budget should be balanced by 2020-21
The projected deficit has blown out by another $3.4 billion and is now $37.1 billion. This is now predicted to shrink to $6 billion with the four years set out in the budget. The budget will not be balanced until 202-21
New Tax Avoidance scheme announced
Multinational tax avoidance is now on the way – 1000 specialist staff to be added to the ATO to investigate tax avoidance. Large companies will be taxed for funds they move offshore and whistle blowers will have added protection. An additional $3.9 billion will be raised as a result
Small business gets jobs boost and more tax breaks
#breakingnews The Australian Government will take last years small business budget boost to a whole new level as it seeks to support the sector in its jobs growth push. The treasurer has announced that the tax rate for small business with an annual turnover of less than $10 million will drop from 28.5% to 27.5%. This will see the number of small business eligible for lower taxes increase. At the moment only businesses with less than $2 million in turn over are eligible.
Smokers get the whip, Government takes the cash
#breakingnews: If you are a smoker then expect to be whacked in the pocket after the Treasurer announced a hike in the excise tax on purchases. There will be a 12.5% increase in the excise tax over four years up until 2020. It is expected that an additional $20 billion could be raised over the forward estimates.
Schools get $1.2 billion but it comes with conditions
#breakingnews: The Australian Government has confirmed that an additional $1.2 billion will be headed the way of schools in tonights budget – but there is a catch; performance testing. It looks like there could be a battle brewing between education unions and the government as well as Labour who have called the attachments to the additional funding a significant “short fall”.
Immigration centres to close; billions to be saved
#breakingnews: Immigration Minister has said 17 detention centres will close "We have worked tirelessly since the day we were first elected to make sure that we could keep the people smugglers out of business, to make sure we could close the detention centres," "And I'm pleased to announce ahead of the budget tonight that we will close 17 detention centres, resulting in 17 detention centres having been open by Labor and 17 closed by this government," he said.
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