2017 Australian federal budget
 | |
| Submitted | 9 May 2017 |
|---|---|
| Submitted by | Turnbull Government |
| Submitted to | House of Representatives |
| Parliament | 44th |
| Party | Liberal/National Coalition |
| Treasurer | Scott Morrison |
| Website | www.budget.gov.au |
|
‹ 2016 2018 › | |
The 2017 Australian federal budget is the next federal budget to fund government services and operations for the 2017/18 financial year. The budget was presented to the House of Representatives by Treasurer Scott Morrison on Tuesday, 9 May 2017. It is the second budget submitted by the Turnbull Government.[1]
Taxation
The Medicare levy will increase from 2% to 2.5% of taxable income, with effect on 1 July 2019. An interbank levy of 0.06% will be imposed on the five biggest banks (Commonwealth Bank, Westpac, National Australia Bank, ANZ and Macquarie) and is expected to generate $6.2 billion over forward estimates. Broadcasting license fees worth $90 million paid by free-to-air broadcasting networks are to cease.[2]
The "deficit levy" of 2% on personal incomes over $180,000 is to expire on 30 June 2017.
Expenditure
Commonwealth funding for schools will increase by $18.6 billion over 10 years from 2017 to 2027. The Australian Government will invest $5.3 billion into the construction of the Second Sydney Airport over 4 years from 2017 to 2021.[2]
Education
University funding will be a reduced by 2.5%. University fees will go up by $2,000 to $3,600 for a four-year course, an increase of 1.8% in 2018, and 7.5% by 2022. From 1 July 2018, the income level at which HECS debt repayments start will be reduced, from $55,000 to $42,000.[2]
References
- ↑ "Budget 2017-18". Budget 2017-18. Archived from the original on 14 May 2009. Retrieved 9 May 2017.
- 1 2 3 "Federal budget 2017: Winners and losers". Australian Broadcasting Corporation. Retrieved 9 May 2017.