What Is The Current Budget Summary

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2017/2018 Budget Summary The Budget for 2017/2018 is summarised as follows in the corresponding topic areas heading each paragraph: Jobs For foreign workers, in March 2018, the government will introduce a business levy on the businesses that employ foreign workers. Small business will have to pay an initial $3000 for a foreign worker and a perpetual $1200 per annum. ‘Larger’ businesses will pay a one-off $5000 and an on-going $1800 per annum. This is forecast gross $1.2 billion over the next four years to go towards a new Skilled Australians Fund (SAF). This will have a double-edged effect on the Australian economy. The local labour market will be boosted as they are viewed more favorably in terms of price over foreign workers and they …show more content…

Western Australia will be receiving $1.6 billion to contribute to a $2.3 billion road and rail infrastructure package in partnership with the state government. The state’s GST payment will also be increased by $226 million because the federal government states that “in recognition of Western Australia’s low share of GST revenue” the funding must increase. The Australian Rail Track Corporation will receive $8.4 billion in equity to deliver inland rail from Melbourne to Brisbane. These projects will ultimately allow the states to continue to operate at a high capacity with the much needed transport infrastructure being crucial to economic activity. (Commonwealth of Australia 2017) (Commonwealth Bank of Australia 2017) (Chang 2017) Medicare A Medicare Guarantee Fund will be established to cover essential healthcare, providing $1 billion over four years for the phased unfreezing of the Medicare rebate. Some medicines will see a drop in price as more items are listed on the Pharmaceutical Benefits Scheme. There will be an extra $2.8 billion in funding for hospitals. The Medical Research Future Fund will receive $65.9 million towards preventive health research, clinical trials and breakthrough research. From July 1, 2019, the 0.5% increase in the Medicare levy from 2% to 2.5% of taxable income will contribute to the funding of the National Disability Insurance Scheme (NDIS). The entirety of these changes to healthcare are geared to towards increasing

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