News National At a glance: your five minute guide to the budget
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At a glance: your five minute guide to the budget

Budget 2014
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Treasurer Joe Hockey says it is time for Australians “to contribute and build” – here’s what that means at a glance.

Financials

Budget deficit to fall from $49.9 billion to $29.8 billion next year, then $2.8 billion in 2017/18

Economic growth (GDP) to be 2.5 per cent in 2014/15 rising to 3.5 per cent in 2017/18

Unemployment to run at 6.25 per cent in 2014/15 falling to 5.75 per cent in 2017/18

Inflation of 2.25 per cent in 2014/15 rising to 2.5 per cent in 2017/18

Debt to fall from $667 billion to $389 billion over next 10 years

Tax changes

Temporary budget repair levy income tax increase of 2 per cent for for high income earners over $180,000 from July 1 for three years

Fuel excise indexation re-introduced from August 1, 2014

Abolishing the carbon tax and mining tax

Families

Family Tax Benefit Part B threshold reduced to $100,000 and no longer available after youngest child turns six

Family Tax Benefit Part A will start to reduce when family income exceeds $94,316 per year

The aged

Pension age eligibility rises to 70 from 2035

Pensions increase twice a year linked to inflation instead of wages from 2017

Pension asset and income test thresholds indexed between now and 2017 and then fixed for three years

Seniors supplement abolished from July 1

Jobless

Unemployed under 25 to get youth allowance instead of Newstart

People under 30 to wait six months before getting the dole and participate in Work for the Dole

Concessional trade support loans of up to $20,000 over a four-year apprenticeship

$10,000 payments to a business employing an Australian over 50 who has been on the dole

Infrastructure

newdaily_130514_eastwest
The East West link will now start before Christmas.

Infrastructure growth package of $11.6 billion to take government investment to $50 billion by the end of the decade

Money to drive $125 billion in spending on new infrastructure

In NSW the $11 billion WestConnex project to start in 18 months creating 10,000 jobs

In Victoria the $18 billion East West Link in Melbourne will start before Christmas creating 6000 jobs

Other projects include Toowoomba Second Range Crossing in Queensland, Perth Freight Link in WA, Midlands Highway upgrade in Tasmania and North South Corridor project in Adelaide

$1 billion National Stronger Regions fund

Government and public service

Growth in Foreign Aid budget reduced to save $7.9 billion over five years

16,500 public servants to lose their jobs over the next three years

Scoping study on government ownership of assets like defence housing, ASIC registry and the Royal Australian Mint

Abolish 230 bureaucratic programs

70 government bodies abolished

Federal government to work with states to reduce overlap between layers of government

One year freeze on MPs and senior public servant salaries

Gold pass entitlements wound back for former and current MPs and eventually abolished

ABC and SBS funding cut by $43.5 million over four years as a down payment on efficiency study

Budget14_GlanceBusiness

Abolish industry assistance programs to save $845 million

Cutting company tax by 1.5 per cent for 800,000 businesses

Exploration Development Incentive to encourage small exploration companies

Reducing regulation and compliance costs on business by $1 billion a year

Education

Universities to set own tuition fees from 2016 but existing students keep current arrangements until 2020

Fees repayable after students enter the workforce and earn $50,000

$820 million to expand access to higher education

Medical

$20 billion Medical research Future Fund established

Funded by $7 Medicare co-contribution for GP visits starting in July 2015, and changes to the PBS until fund reaches $20 billion

Defence and borders

Defence spending to be increased to 2.0 per cent of GDP

New strategic plan for defence by the middle of 2015

Australian Border Force created consolidating roles of immigration and customs

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