Budget overview
This Budget is the next stage in the Government's economic plan, building on commitments from the 2016-17 Budget and the 2016 election.
Appendix C
Major initiatives Expense
This table summarises the major initiatives in the 2017-18 Budget and their impact on the fiscal balance. More comprehensive information is provided in Budget Paper No. 2, Budget Measures 2017-18
| Initiatives | 2016-17 | 2017-18 | 2018-19 | 2019-20 | 2020-21 | Total |
|---|---|---|---|---|---|---|
| $m | $m | $m | $m | $m | $m | |
| Quality Schools – true needs-based funding for Australia's schools | 0.0 | -106.4 | -295.4 | -511.3 | -840.3 | -1,753.5 |
| Skilling Australians Fund | 0.0 | -350.0 | -360.0 | -390.0 | -370.0 | -1,470.0 |
| Improving Access to Medicines – Pharmaceutical Benefits Scheme – new and amended listings | -31.4 | -213.3 | -264.1 | -312.3 | -346.2 | -1,167.3 |
| Guaranteeing Medicare – Medicare Benefits Schedule – indexation | 0.0 | -9.5 | -146.0 | -403.4 | -443.4 | -1,002.3 |
| Infrastructure Investment Programme – National Rail Program | 0.0 | 0.0 | 0.0 | -200.0 | -400.0 | -600.0 |
| Support for Health Services in Tasmania | -730.4 | 60.9 | 60.9 | 60.9 | 61.9 | -485.9 |
| National Partnership Agreement on Universal Access to Early Childhood Education – extension | 0.0 | -128.4 | -301.0 | 0.0 | 0.0 | -429.4 |
| Regional Growth Fund | 0.0 | -19.8 | -100.0 | -235.6 | -116.8 | -472.2 |
| Reducing Pressure on Housing Affordability - a new National Housing and Homelessness Agreement | 0.0 | -2.0 | -122.6 | -126.6 | -130.6 | -381.8 |
| National Security – Australian Federal Police – additional resourcing | 0.0 | -62.3 | -104.5 | -81.3 | -73.5 | -321.5 |
| National Partnership on Regulatory Reform – establishment | 0.0 | -127.3 | -177.2 | -2.1 | -2.1 | -308.7 |
| ParentsNext – national expansion | 0.0 | -25.5 | -82.0 | -76.6 | -78.9 | -263.0 |
| WA Infrastructure and GST Top-Up Payment | -226.0 | 0.0 | 0.0 | 0.0 | 0.0 | -226.0 |
| Veteran Centric Reform | 0.0 | -142.1 | -16.0 | -4.2 | -4.2 | -166.6 |
| Total | -987.8 | -1,125.6 | -1,907.9 | -2,282.6 | -2,744.2 | -9,048.1 |
All figures are in net fiscal impact terms.
Totals may not sum due to rounding.
Major initiatives Revenue
| Revenue measures | 2016-17 | 2017-18 | 2018-19 | 2019-20 | 2020-21 | Total |
|---|---|---|---|---|---|---|
| $m | $m | $m | $m | $m | $m | |
| Personal income tax – increase in the Medicare levy – National Disability Insurance Scheme | 0.0 | 0.0 | 400.0 | 3,550.0 | 4,250.0 | 8,200.0 |
| Major bank levy – introduction | 0.0 | 1,598.8 | 1,500.0 | 1,500.0 | 1,600.0 | 6,198.8 |
| Skilling Australians Fund levy – introduction | 0.0 | 88.7 | 360.0 | 390.0 | 370.0 | 1,208.8 |
| Extending the immediate deductibility threshold for small businesses | 0.0 | .. | -950.0 | 50.0 | 250.0 | -650.0 |
| Reducing Pressure on Housing Affordability – capital gains tax changes for foreign investors | * | 145.2 | 95.3 | 145.3 | 195.2 | 581.0 |
| Reducing Pressure on Housing Affordability – disallow the deduction oftravel expenses for residential rental property | 0.0 | .. | 160.0 | 180.0 | 200.0 | 540.0 |
| Tax Integrity Package – Black Economy Taskforce: one year extension of funding for ATO audit and compliance activities | 0.0 | 360.1 | 53.9 | 24.3 | 8.9 | 447.2 |
| Broadcasting and Content Reform Package – replacing broadcast licence fees with broadcast spectrum pricing | -126.9 | -93.2 | -73.1 | -73.1 | -73.1 | -439.4 |
| Indexation of visa application charges | 0.0 | 35.0 | 70.0 | 125.0 | 180.0 | 410.0 |
| Additional funding for addressing serious and organised crime in the tax system | 0.0 | 37.9 | 118.5 | 111.4 | 112.5 | 380.3 |
| Aligning the tax treatment of roll your own tobacco and cigarettes | 0.0 | 30.0 | 70.0 | 110.0 | 150.0 | 360.0 |
| Reducing Pressure on Housing Affordability – limit plant and equipment depreciation deductions to outlays actually incurred by investors | 0.0 | 0.0 | 40.0 | 100.0 | 120.0 | 260.0 |
| Reducing Pressure on Housing Affordability – first home super saver scheme | 0.0 | -54.0 | -62.1 | -71.8 | -71.6 | -259.4 |
| Tax Integrity Package – Black Economy Taskforce: extension of the taxable payments reporting system (TPRS) to contractors in the courier and cleaning industries | 0.0 | -21.7 | -34.0 | 98.0 | 142.4 | 184.6 |
| Total | -126.9 | 2,126.9 | 1,748.5 | 6,239.1 | 7,434.3 | 17,421.8 |
All figures are in net fiscal impact terms.
Totals may not sum due to rounding.
.. Not zero but rounded to zero.
* Unquantifiable.