Federal Budget 2017: Winners and losers
Treasurer Scott Morrison has described the 2017-18 budget as "honest", attempting to please first home buyers, pensioners and GPs, but it's set to hit the hip pockets of big banks and high wage earners.
Here are the winners and losers of the 2017 Federal Budget.
WINNERS
Schools
The budget will invest $18.6 billion in extra funding to schools over the next 10 years.
"Our schools funding package delivers a fairer and simpler way to meet our shared commitment to educate each and every child, in accordance with the Gonski needs-based standard," the Treasurer said.
First home buyers
From July 1 first home buyers will be able to save for a deposit by salary sacrificing into their superannuation account over and above their compulsory superannuation contribution.
Older home owners
Older home owners can tip $300,000 from the sale of their homes into their super funds in a measure designed to encourage people to move into smaller properties and the boost supply of family-sized homes.
Australian Federal Police
The AFP will receive more than $300 million to ensure it can continue to lead the charge against terrorism, organised crime, child exploitation and other crimes.
Pensioners
Older Australians impacted by the pension assets change introduced earlier this year will have their pensioner concession card restored.
"As a result, they will regain access to state and territory based concessions that were withdrawn after the change," Mr Morrison said.
People with disabilities
The National Disability Insurance Scheme, which is expected to cost $21 billion a year once it is fully implemented in 2020 now has guaranteed funding following an increase to the Medicare levy.
Doctors and medical specialists
Medical practitioners will see a gradual thawing of the freeze on Medicare rebates paid by the government.
LOSERS
Bank customers
The budget has hit the big banks with a $6.2 billion tax, which UBS analyst Jonathan Mott said could be passed on to customers.
"The Australian banks have a very good track record of passing on higher funding costs, credit risks and other headwinds to customers," Mr Mott said in a note to clients before the budget announcement.
University students
Uni students will pay more for tertiary education with a 2.5 per cent efficiency dividend introduced.
Welfare cheats
There will be a crackdown on those attempting to collect multiple payments, stricter residency rules for new migrants to access Australian pensions, and denying welfare for a disability caused solely by their own substance abuse.
University graduates
Uni graduates will have to pay back government loans as soon as their income hits $42,000.
Taxpayers
The Medicare Levy will increase by 0.5 per cent in two years’ time raising $8.2billion to fund the National Disability Insurance Scheme.
Foreign workers
Application fees for the short-term, two year visas will increase by $90 to $1150, while four-year visa applications will cost $2400 apiece.
The price hikes are expected to bring in an extra $47.6 million over the budget forward estimates.
Foreign property investors
A new annual $5000 levy on owners of "ghost houses" left vacant for more than six months will be introduced.
New rules will make these homes subject to main residence capital gains tax.
Employers of foreign workers
There will be a new annual levy of $1200 or $1800 for those hiring temporary foreign workers and $1800 for permanent foreign workers (replacing payroll contributions regime).
