Budget 2013-14 winners and losers
By Joel Zander
Updated 7 minutes ago
Primary school students Photo: The Budget allows for $9.8b in school funding reforms outlined in the Gonski review, over six years from 2014-15. (AAP: Dan Peled)
Treasurer Wayne Swan has handed down his sixth federal budget at Parliament House in Canberra.
Here is a snapshot of the winners and losers from this year’s budget:
Winners
$3.3 billion for DisabilityCare Australia in 2014-15 funded by half a percentage point increase to the Medicare levy. Total investment in scheme $19.3 billion over seven years ($14.3 billion in new money)
$9.8 billion in school funding reforms outlined in the Gonski review, over six years from 2014-15
$113 billion in defence funding over the forward estimates, up $10 billion from last year's budget. Includes $3 billion over nine years to obtain 12 EA-18G Growler electronic attack aircraft
New spending of $3 billion over the forward estimates as part of a $24 billion infrastructure package. Includes $3 billion for the Melbourne Metro rail project and $1.8 billion for the WestConnex motorway in Sydney. $400 million will be allocated to Sydney's F3-M2 link and a further $715 million to Brisbane's Cross River Rail project
$300 million on childcare reforms, including establishing a fund to help long daycare providers acquire a highly qualified workforce
$300 million to support jobseekers, including allowing Newstart recipients to earn more from paid work – up to $100 a fortnight from the current $62 a fortnight, and indexed from July 2015
$434 million for the Royal Commission into Institutional Responses to Child Sexual Abuse
$2.2 billion to be invested in the Medicare benefits schedule across five years, with a further $2.2 billion over four years towards the private health insurance rebate
$226 million on cancer care, including $92.2 million over the forward estimates towards breast cancer screening and pap smears and $18.5 million towards prostate cancer screening
A trial of $112.4 million towards assisting senior Australians to downsize to a more suitable home without affecting their pension, and $9.9 million to extend the Broadband for Seniors initiative
$100 million on natural disaster mitigation to reduce insurance premiums
Almost $100 million for a new farm household allowance to support farmers in hardship
$64 million on national anti-gang taskforce comprising 70 members of the AFP and state police; $40.9 million for the National Crime Prevention Fund.
$42 million for Antarctic climate change research
Losers
Massive revenue write-downs – $170 billion over the last five years. A deficit of $19.4 billion in this current financial year, followed by a $18 billion deficit in 2013-14 and a $10.9 billion deficit in 2014-15 before a projected return to surplus by 2015-16.
Significant reduction in tax receipts of $60 billion over the forward estimates, attributed to challenging global conditions and the high Australian dollar
Minerals resources rent tax estimate down from an original forecast of $13.4 billion to $3.3 billion over the forward estimates
Baby bonus to be abolished from March 1, 2014 and replaced by an increase to Family Tax Benefit Part A - $2,000 for the first child and $1,000 for subsequent children
Moving the baby bonus to FTB-A means 28,000 families who would have received it in 2014-15 will now miss out, because that payment has a tighter means test.
An additional increase to FTB-A, due in 2015 and worth $2.5 billion over the forward estimates (between $300 and $600 a year for families) has been dumped
FTB-A eligibility changed for children aged 16 years and over - it will only be paid until the end of the calendar year in which a child completes school, effective from January 1, 2014
$2.3 billion in cuts to higher education funding. The 10 per cent discount on paying university fees upfront will be abolished, student start-up scholarships will be converted to loans, and there will be a lower limit on tax deductibility of self-education courses, saving the Government $500 million
Medicare safety net threshold increased from $1221.90 to $2,000 from January 1, 2015, saving the Government $105.6 million over the forward estimates
$2.8 billion in tax cuts associated with the carbon trading scheme and due in 2015-16 have been deferred. They would have increased the tax-free threshold from $18,200 to $19,400. People earning up to $80,000 a year would have saved nearly $1.60 a week
The tax cuts associated with the carbon trading scheme will be deferred until the estimated carbon price reaches $25.40 a tonne - the current projection has dropped to $12.10
The research and development tax incentive will only apply to companies with an annual aggregate turnover of less than $20 billion, saving the Government $1.1 billion over the forward estimates
$500 million over three years cut from the Carbon Capture and Storage Flagships program
$370 million of funding for the Australian Renewable Energy Agency moved to beyond the forward estimates
Non-Kyoto Carbon Fund scrapped, saving $389 million
$270 million cut from a program designed to support coal mining jobs
Deductions for work-related education expenses capped at $2,000 from July 1, 2014, saving $514.3 million over the forward estimates.
As in last year’s budget, the foreign aid increase has been postponed for another year, saving the Government $3 billion over the forward estimates. $375 million of current foreign aid investment will go towards asylum seekers in Australia, a figure which will be capped
Tax crackdown on big business - including tightening the rules to prevent profit shifting - saving the Government $4.2 billion over the forward estimates
$900 million in revenue over the forward estimates from changes to superannuation tax arrangements, including taxing earnings of more than $100,000 on superannuation pensions and annuities at 15 per cent instead of them being tax free
$665 million cut from the teachers bonus over the forward estimates
$580 million in cuts to the public service over the forward estimates
$100 million in cuts to solar funding
The average cost of a basic packet of cigarettes will increase by 7 cents in the first half of 2014.
http://www.abc.net.au/news/2013-05-14/budget-2013-winners-and-losers/4689252
- Forums
- Breaking News
- budget changes affecting shares and dividends
budget changes affecting shares and dividends, page-2
-
- There are more pages in this discussion • 8 more messages in this thread...
You’re viewing a single post only. To view the entire thread just sign in or Join Now (FREE)
Featured News
Featured News
The Watchlist
CCO
THE CALMER CO INTERNATIONAL LIMITED
Anthony Noble, CEO
Anthony Noble
CEO
SPONSORED BY The Market Online