Australia sees 2017/18 budget deficit A$29.4bn vs A$28.7bn in Dec

The Australian federal government budget is released now, highlighting “the Government’s plan for stronger growth to deliver more and better paying jobs, guaranteeing the essential services that Australians rely on, tackling cost of living pressures and ensuring the Government lives within its means.”

Key Detials:

2017/18 budget deficit A$29.4bn vs A$28.7bn in Dec

Unemployment rate 5.75% 2017/18, 5.5% 2018/19

CPI 2.0%2017/18, 2.25% 2018/19, 2.5% 2020/21

2018/18 BD 21.4bn vs 19.7bn prior

Forecasts budget surplus of 7.4bn 2020/21

Debt to GDP peaking in 2018/19 then falling to 8.5% over next decade

Gov to inject A$5.3bn in equity over 10 years into Western Sydney airport

To deliver 75bn in infrastructure funding over 10 years

Budget at a glance

The right choices to secure the better days ahead

The Government is focussed on boosting the economy and helping households, to ensure all Australians can benefit from the nation’s growth story. This Budget is based on the principles of fairness, security and opportunity. It builds on the strength of the 2016-17 Budget and seeks to create more opportunities for Australians and businesses, to guarantee essential services and create more and better paying jobs.

The Government is backing in small business and investing in future growth with funding for major infrastructure projects.

The Government is guaranteeing Medicare to ensure Australians can access timely and affordable health care, by establishing the Medicare Guarantee Fund.

The Government will ensure the National Disability Insurance Scheme is fully funded by increasing the Medicare levy by half a percentage point.

Building on the $1.2 billion provided in the 2016-17 Budget, the Government will provide an additional $18.6 billion in funding over a decade for schools.

The Government is reducing the cost of living by improving Australians’ access to secure and affordable housing across the housing spectrum.

Delivery of further investment in infrastructure across our cities and in our regions will ensure the benefits of Australia’s economic growth are shared broadly across the country.

Australian jobs are at the centre of the Government’s decision to abolish the subclass 457 visa. This visa will be replaced by a new temporary skilled visa restricted to critical skill shortages.

Together these measures will increase the economy’s performance that is vital to ensuring that we live within our means and are able to return the Budget to balance in 2020-21.