The 2017 Australian federal budget was the
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 9 May 2017. It was the fourth budget to be handed down by the
Liberal/National Coalition
The Liberal–National Coalition, commonly known simply as "the Coalition" or informally as the LNP, is an alliance of centre-right political parties that forms one of the two major groupings in Australian federal politics. The two partners in ...
since their election to government at the
2013 federal election, and the second to be handed down by Morrison and the
Turnbull Government.
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Taxation
The
Medicare levy is to increase from 2% to 2.5% of taxable income, with effect on 1 July 2019. The proposed levy increase was scrapped on 25 April 2018.
A bank levy of 0.06% was imposed on the liabilities (ie., deposits) of the five biggest banks (
Commonwealth Bank
The Commonwealth Bank of Australia (CBA), or CommBank, is an Australian multinational bank with businesses across New Zealand, Asia, the United States and the United Kingdom. It provides a variety of financial services including retail, busines ...
,
Westpac,
National Australia Bank
National Australia Bank (abbreviated NAB, branded nab) is one of the four largest financial institutions in Australia (colloquially referred to as "The Big Four") in terms of market capitalisation, earnings and customers. NAB was ranked 21st-la ...
,
ANZ
ANZ may refer to:
People
* Anz (musician), a British DJ and electronic musician
Banks
* ANZ (bank), Australia and New Zealand Banking Group Limited, the fourth-largest bank in Australia
** ANZ Bank New Zealand, the largest bank in New Zealand
** ...
and
Macquarie Macquarie may refer to: People
* Lachlan Macquarie, Governor of the British colony of New South Wales from 1810 to 1821.
* Elizabeth Macquarie Campbell, Lachlan Macquarie's second wife
Locations
* Division of Macquarie, an electoral district in th ...
) and was expected to generate $6.2 billion over four years (ie., $1.5 billion each year). The legislation passed parliament on 19 June and came into effect on 1 July 2017.
Broadcasting licence fees worth $90 million paid by free-to-air broadcasting networks are to cease.
The "deficit levy" of 2% on personal incomes over $180,000 will 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.
Social security and welfare
Infrastructure, transport and energy
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.
Defence
Health
Opposition and crossbench response
Critical reception
References
{{Australian federal budget
Australian budgets
Australian federal budget
Federal budget
Australian federal budget
May 2017 events in Australia