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Budget 2017-18

The new budget has been delivered and it promises to create “better days ahead” for Australia.

Naturally, as is the case with every budget, there are more benefits for some than for others.

Over the next few days we will be publishing a series of articles with specific emphasis on Tax, Superannuation, Small Business, Regulation, Housing and Spending.

Here is an overview of what Budget 2017-18 aims to achieve:

  • Boost the economy and help households, to ensure all Australians can benefit from the nation’s growth story. It seeks to create more opportunities for Australians and businesses, to guarantee essential services and create more and better paying jobs.
  • Backs small business and investing in future growth with funding for major infrastructure projects.
  • Guarantee Medicare to ensure Australians can access timely and affordable health care, by establishing the Medicare Guarantee Fund.
  • Ensure the National Disability Insurance Scheme is fully funded by increasing the Medicare levy by half a percentage point
  • Provide an additional $18.6 billion in funding over a decade for schools.
  • Reduce the cost of living by improving Australians’ access to secure and affordable housing across the housing spectrum.
  • Deliver further investment in infrastructure across our cities and in our regions to ensure the benefits of Australia’s economic growth are shared broadly across the country
  • Protect Australian jobs by abolishing the subclass 457 visa. This visa will be replaced by a new temporary skilled visa restricted to critical skill shortages.

  Together these measures aim to increase the economy’s performance that is vital to ensuring that we live within our means and are able to return the Budget to balance in 2020-21

This information is a summary of the budget overview presented on government.gov.au.

The next article will focus on tax changes and implications for small businesses, first-home buyers and residential property investors.

For more specific and regular updates on legal matters affecting property buying and selling, home-refinancing and debt-restructuring, insolvency and SMSF, you are welcome to join our new educational series: How to use legal help to solve problems without breaking the bank below.

Get more legal insights here.

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