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Australian budget 2017 what has changed

Australian budget 2017 what you need to know and what it means for you!

How does the proposed Australian budget affect you?

There has been plenty of talk on how the proposed budget is going to shake things up but what does all of this mean for you?

Here is a quick and easy overview of what changes the government is proposing in the 2017 Australian budget.

Taxes

In the proposed Australian budget the government is proposing to gauge banks with a new tax levy that the banks have openly stated they will be passing straight to customers.

This will leave bank customers everywhere cringing! The new tax will earn the government $6.2 billion.

Medicare

The proposed Australian budget has the Medicare Levy increasing from 2% to 2.5%, with most of the increase funds being allocated to the National Disability Scheme.

The remaining cash from the levy increase will go into a fund to ensure that Medicare is funded into the future.

Government Spending

The government has announced that it will be funding a $10 billion national rail project.

They are projecting a return to $7.4 billion surplus in 2020-21 which will be a big feat as right now we are in debt $29.4 billion.

Apprenticeships and trainees

The government is setting up a fund of $1.5billion to create new apprenticeships and traineeships to increase the amount of apprentice’s coming through the ranks, it will also include helping those who are up skilling.

There will be a new mentorship program to help struggling apprentices to complete their training.

There will be a $33 million injection towards young indigenous Australians (under 21) for mentoring programs and pre-employment programs to help give them the skills they need for paid work.

Housing and Super for new homeowners!

There has been a lot of talk about the Aussie dream being unaffordable for young people and new home owners not being able to break into the property market.

So the government is proposing that New Homeowners be allowed to salary sacrifice up to $30,000 in extra repayments into their super funds (tax free) and then use this as a deposit on their new home.

If you have a partner then the two of you can combine your super and access up to $60,000 together.

Welfare

It appears those in the know have had enough of welfare rorting and are cracking down on how and who receive payments.

The first on the chopping board is the “looking for work” scheme, they will be cracking down on people who are receiving welfare and do not meet the requirements of actively looking for work or studying.

They will be implementing a three strikes your out policy,

Strike 1Fortnightly payment is halved.
Strike 2Payments will be cut off for a fortnight.
Strike 3Payments will be cut for 4 weeks.

From September 2018 hours that will be required for looking for work or studying will increase from 30 hrs to 50 hrs a fortnight.

They have also outlined a new policy on drug testing for those who are collecting welfare that will begin on 1st January 2018. There will be a trial of 5,000 people to assist the roll out.

The government is also proposing to be able to test for marijuana, ecstasy and ice through a swab test, if these drugs are found in their system they would have their welfare pay check suspended.

The proposed Australian budget has also left the proposal open to include urine and follicle testing down the track.

The new proposed Australian budget also outlines that having a substance abuse issue will no longer exempt you from undergoing the activity test.

From July 1 2017, having a drug and alcohol problem alone will no longer be enough to qualify you for the disability pension.

Basically the government is taking a hard stance on those who are using their welfare payments to fund their substance abuse.

In conclusion there are some big changes coming up in the proposed Australian budget that has everybody talking about effectiveness and hard lines.

In essence however most of the proposed changes seem common sense and will funnel funds into departments that desperately need it.

Need a financial boost?

Nifty Loans is a private lender that endeavours to give all Australians a fair assessment on personal loans. Got a bad credit history? Currently unemployed and receiving Centrelink? No problem! At Nifty, we understand that your current financial relationship is more than just your credit score or income. We could help you access the finance you need, when you need it most.

Above all, we strive to make personal finance as simple and straightforward as we can. Our easy to use online application form means you can apply for personal loans worth up to $5,000 anywhere, at any time. Submit an application during our business hours and we could have an outcome for you in as little as 60 minutes. Better yet, if you’re approved for a loan, the cash could be in your account and ready to use in just 60 seconds!* It’s free to apply, so why not get started on your application today?

*Only available for NPP enabled bank accounts

Other Nifty reads

Now that you’re all caught up on the latest budget changes, make sure you head to our blog for more lifestyle and finance tips. 

Rediscover another Aussie icon in Malcolm Young or learn more about impulse buying. Whatever your preference, we’ve got the inside scoop!

Loan Costs

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Small Loans

$300 - $2,000

Loan amounts:$300 - $2,000
Terms:6 - 9 months
Establishment fee:20%
Monthly Fee:4%
APR:N / A *
Comparison Rate:138.37%**
View Example

Small Loan Example

Loan amount:$1,000
Terms:6 Months,
(24 weekly repayments)
Establishment fee:$200
Total other fees:$240
Total payable:$1,440
Weekly installments:$60.00
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Medium Loans

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Medium Loan Example

Loan amount:$2,500
Terms:24 Months,
(104 weekly repayments)
Establishment fee:$400
Total other fees:$1,609.44 (reducing interest)
Total payable:$4,509.44
Weekly installments:$43.36
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Large Loans

Large Loans

$5,000

Loan amount:$5,000
Terms:9 - 24 months
Establishment fee:Variable
Monthly Fee:$0
APR:21.24%
Comparison Rate:48%**
View Example

Large Loan Example

Loan amounts:$5,000
Terms:18 months,
(78 weekly repayments)
Establishment fee and Total Interest:$1,897.54
Total payable:$6,897.54
Weekly installments:$88.43
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* Not applicable. Small loans do not charge an annual interest rate.

** WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.

Loan Costs

Small Loans

Small Loans

$300 - $2,000

Loan amounts:$300 - $2,000
Terms:6 - 9 months
Establishment fee:20%
Monthly Fee:4%
APR:N / A *
Comparison Rate:138.37%**
View Example

Small Loan Example

Loan amount:$1,000
Terms:6 Months,
(24 weekly repayments)
Establishment fee:$200
Total other fees:$240
Total payable:$1,440
Weekly installments:$60.00
View Loan Details
Medium Loans

Medium Loans

$2,001 - $4,600

Loan amounts:$2,001 - $4,600
Terms:9 - 24 months
Establishment fee:$400
Monthly Fee:$0
APR:47.8%
Comparison Rate:65.86%**
View Example

Medium Loan Example

Loan amount:$2,500
Terms:24 Months,
(104 weekly repayments)
Establishment fee:$400
Total other fees:$1,609.44 (reducing interest)
Total payable:$4,509.44
Weekly installments:$43.36
View Loan Details
Large Loans

Large Loans

$5,000

Loan amount:$5,000
Terms:9 - 24 months
Establishment fee:Variable
Monthly Fee:$0
APR:21.24%
Comparison Rate:48%**
View Example

Large Loan Example

Loan amounts:$5,000
Terms:18 months,
(78 weekly repayments)
Establishment fee and Total Interest:$1,897.54
Total payable:$6,897.54
Weekly installments:$88.43

* Not applicable. Small loans do not charge an annual interest rate.

** WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Different loans may include other payable fees and charges. All fees and charges will always be displayed on your loan contract.

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