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 House of Representatives is the name of legislative bodies in many countries and sub-national entitles. In many countries, the House of Representatives is the lower house of a bicameral legislature, with the corresponding upper house often c ...

Treasurer A treasurer is the person responsible for running the treasury of an organization. The significant core functions of a corporate treasurer include cash and liquidity management, risk management, and corporate finance. Government The treasury ...

Scott Morrison Scott John Morrison (; born 13 May 1968) is an Australian politician. He served as the 30th prime minister of Australia and as Leader of the Liberal Party of Australia from 2018 to 2022, and is currently the member of parliament (MP) for th ...

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 political alliance, alliance of Centre-right politics, centre-right political parties that forms one of the two major groupings in Politic ...

since their election to government at the 2013 federal election, and the second to be handed down by Morrison and the Turnbull Government. __TOC__

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,

Westpac Westpac Banking Corporation, known simply as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney, New South Wales. Established in 1817 as the Bank of New South Wales, ...

, National Australia Bank, ANZ and Macquarie) 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 The need for and location of a second airport serving Sydney, Australia was the subject of much debate. The new airport would supplement or replace the city's existing Kingsford Smith Airport. Governments had debated the issue since the 1940s, ...

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 An Australian federal budget is a document that sets out the estimated revenues and expenditures of the Australian Treasury in the following financial year, proposed conduct of Australian government operations in that period, and its fiscal poli ...

Federal budget

May 2017 events in Australia