$14.2 million dollars over four years will be spent boosting the services of the office of the eSaftey Commissioner. The funding will be used to establish a new process to report non-consensual sharing of inappropriate images. It also continues several information campaigns.
The government is forcing the ABC to find efficiencies in its organisation by pausing the indexation payment in its funding. The broadcaster receives $3.16 billion dollars every three years so the equivalent of $84 million dollars over the next three year will not be provided to them. $17.6 million will be given to SBS for radio and television production.
$140 million dollars over four years will be spent attracting blockbuster movies to produce their films on the gold coast. Movies in the Marvel franchise and Pirates of the Caribbean have been filmed on the Gold Coast previously under similar funding programs. It’s a small price to pay for a lot of industry investment.
The place of Captain Cook’s landing is set for a refresh with $50 million dollars for a new monument and museum at Kurnell in Sydney. The controversial landmark will cater to student groups and partner with local indigenous communities in its design and layout.
We don’t really have any other place to stick this, but we’d thought you’d like to know that craft beer will receive a cut in its excise. To cut a long story short, the government will now reduce the excise payment for smaller barrels, which means that brewers can expand their businesses into local pubs and clubs in greater number.
Cheers to that!
$40 million dollars will be spent over the next five years on various measures that seek to improve energy affordability reliability and sustainability.
The funding will implement the recommendations from the recent Finkel review, which seeks to improve the regulation of Australian gas market and support the work of COAG in securing a National Energy guarantee. The next COAG Meeting on Energy is scheduled in August.
The funding will place the nations gas market under the microscope, by improving the way it operates. It will investigate the current regulations and recommend changes. Gas supply has been an issue over the last 12 months and has been a factor in increasing prices for consumers.
The government is continuing with the Snowy Hydro expansion and it has reached a crucial hurdle in the budget – it has acquired 100% of the project at a cost of $6.3 billion dollars. Up until now, Victoria, New South Wales and the Federal Government were joint owners of it. When completed it will be able to store enough energy to power 500,000 homes for a week.
There is also additional funding for the Bureau of Meteorology for additional equipment purchasing and upgrades. It hasn’t been purchased yet so the amount allocated to spend is not for publication (NFP).
More than half a billion dollars will be invested into the Great Barrier Reef. With the Government facing pressure across the nation and the globe, there are several areas of spending in reef protection over the next five years.
Scientists will promote the growth of coral that is resilient to changes in weather and bleaching. There is more money to continue the program of eradicating the crown of thorns starfish, a pest that eats coral.
The government is also working with the agricultural sector to limit the runoff of chemicals and pesticides in the river systems, which eventually rests in the reef. Money has also been committed to expand programs that manage the reef and research programs that are investigating how coral can adapt to rising temperatures. The reef will receive $535 million dollars in funding.
The government is also providing $35 million dollars over the next four years to continue scientific research in Antarctica. The funding extends the research program to 2020, and establishes a new initiative, known as the ‘Antarctic Science Collaboration Initiative’.
Local Communities are big winners this year with grants to improve local sports grounds. $147 million dollars will be spent over the next two years to expand the popular Sporting Schools Program. Local sporting groups are also big winners with up to 500 grants of up to $500,000 to improve facilities across the nation.
The Drug and Alcohol Foundation will be given $10 million dollars over two years to continue its education campaign on healthy living to local sporting clubs. Anti-doping measures will also receive additional funding with the regulator, ASADS, receiving and additional $10 million dollars.
Australia will bid to host the FIFA Women’s World Cup in 2023. The Football Federation of Australia will receive $4 million dollars over two years to bid for the new international sporting event.
For the first time Australians won’t just be looking at the stars, we’ll fly past them.
$50 million dollars has been allocated in seed funding for the creation of Australia’s first space agency. We follow nations like Canada, India and New Zealand who are all developing their own agencies.
Almost $30 million dollars will be spent in the area of Artificial Intelligence and Machine Learning. The money will establish a research centre that engages business and government together in developing ways Australia can harness this emerging science.
The Government is also encouraging more women to enter the field of science with a $4.5 million dollar investment over the next four years. The funding will produce information and resources for women who are considering a career in STEM.
A major winner in this year’s budget is the aged care sector. The nation is looking down the barrel of a serious aged care crisis, with not enough places in aged and respite care. The budget will begin to tackle the growing waiting list of more than 100,000 people who are seeking to access in-home care, with a package that will increase the number of places available by 14,000.
There’s been a major change to the way the National Disability Insurance Scheme will be funded into the future. In 2017 the government announced it would partially fund the NDIS via a half a percentage increase to the Medicare levy. Just a year later, the increase has been scrapped as the Government argues it can afford this without extra taxation.
Despite this assurance, there is no doubt this will cause nervousness within the disabled community – the levy provided a permanent source of revenue. In ten years time, the NDIS is expected to grow to a $32 billion dollar program.
Whooping cough continues to be problematic. The budget has allocated $40 million dollars to provide free vaccinations to all pregnant women. Lifeline will also receive a crucial funding boost of $34 million dollars, to continue to provide services to vulnerable Australians. Several life-saving medications have also been listed on the PBS, making treatment for some families now a reality.
Some serious cash is being thrown at Infrastructure and Transport across the nation. Here’s a snapshot of the 24 billion dollar program.
The centrepiece of this year’s infrastructure budget is $5 billion for Melbourne’s Tullamarine airport link. First designed in the 1950’s, $30 million was spent last year for a feasibility study which gave it the green light earlier this year. The Victorian State government will need to contribute $5 billion.
In Western Australia, both governments will work together to expand the rail network. Known as Metronet, the project now has a price tag of just under 2 billion dollars. The budget also allocates $700 million towards road upgrades and $150 million for water infrastructure.
NSW will receive less funding for projects this year, mainly because of a commitment the government announced last year – the brand new Western Sydney Airport! $50 million dollars will be spent developing a business case for an additional railway line to the new airport from St Mary’s.
The budget commits $400 million for the Port Botany freight rail duplication, which should cut the amount of time it takes for goods to reach their destination. A billion dollars has been allocated to upgrade the Coffs Harbour Bypass, and $150 million dollars has allocated for a new bridge in Nowra.
There are also improvements to the Bruce Highway Queensland ($5.2 billion), Monaro Highway ($100 million) and $280 million dollars in the Northern Territory.
The 2018 Federal Budget sends one loud and clear message – get ready for an election.
The economy will enter its 27th year of economic growth, continuing the longest stretch of growth in the nation’s history.
The budget has received an unexpected increase in revenue, predominantly from corporate tax collection, with more companies across Australia achieving solid profits after recovering from the global financial crisis.
At the heart of this budget is an income tax cut for all tax brackets over a 7 year period. Those earning up to $90,000 will receive a $530 tax cut. The low-income tax offset will be lifted from $67,000 to $90,000 and the third tax bracket will shift from $87,000 to $90,000.
The 7-year income tax cut plan mirrors the corporate tax cut plan, which the government has confirmed it is proceeding with. Only time (and the Senate crossbench) will tell if this will become a reality.
The budget will return to surplus a year ahead of schedule. The last surplus that was delivered by a federal government was in 2007.
The economy is expected to grow by 3% over the next four years, with unemployment decreasing to 5 ¼%. Inflation is forecast at 2 ½% and wage growth will begin to increase towards 2 ¼%.
So what makes this budget an election budget?
The government is also cancelling planned tax increases – the increase to the Medicare levy for the NDIS will not go ahead. Aged care will also receive a significant boost with more money to fund in-home care options.
It appears there are no major program cuts that would cause issues. Portfolios like Infrastructure and Transport have been stacked with cash for projects – a likely sign that the government will seek to campaign on these projects.
Taxes on Tobacco are up and taxes on craft beer are down! A traditional budget!
More to come.