Australian budget 2017 what you need to know and what it means for 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. By the way, if you’re looking for fast loans, check out our link.
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.
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.
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.
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 upskilling.
There will be a new mentorship program to help struggling apprentices to complete their training. This includes 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.
There has been a lot of talk about the Aussie dream being unaffordable for young people and new homeowners 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.
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.
This includes implements a three stick policy for offenders:
|Strike 1||Fortnightly payment is halved.|
|Strike 2||Payments will be cut off for a fortnight.|
|Strike 3||Payments 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 rollout.
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 paycheck 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. However, most of the proposed changes seem common sense and will funnel funds into departments that desperately need it.
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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.
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