The Turnbull Government’s 2017 Federal Budget is a budget which delivers fairness, opportunity and security for 24 million Australians.

Our Budget website can be found here.  For a snapshot of key Budget measures, just scroll down.

$100m for Geelong rail duplication: Locally, I am delighted that our government has announced $100m for the Geelong rail duplication project for which I have been campaigning for several years. This is part of an additional $1 billion infrastructure package announced for Victoria.

The duplication of the rail track between South Geelong and Waurn Ponds will deliver faster and more reliable train services to and from Warrnambool, Colac and Geelong, through to Melbourne.   $100m to support manufacturing jobs: 

I am also delighted we are delivering a $100m Advanced Manufacturing Fund to create more jobs and grow businesses including in Geelong and Corangamite.  This reaffirms our government’s very strong commitment to manufacturing jobs.

I am very proud to be standing up and delivering for Corangamite on your behalf.  Please let me know if I can assist in any way including by providing you with more information on the 2017 Budget.

2017 Budget Snapshot

A balanced budget by 2020-21

  • Forecast surplus of $7.4 billion by 2020-21
  • Budget repair to secure the services on which Australians rely
  • Cracking down on multinationals not paying their fair share of tax by closing loopholes
  • A fair welfare safety net for those in need and tougher penalties for those dodging responsibility

Investment in job creating infrastructure projects

  • $500m regional rail fund for Victoria including $100m for the Geelong rail duplication project, part of an additional $1 billion infrastructure spend
  • $10 billion National Rail Program
  • An additional $8.4 billion to build the Melbourne to Brisbane Inland Rail, the Commonwealth’s biggest rail project in 100 years
  • $345m for regional and rural roads including another $25m for the Great Ocean Road

Focusing on jobs and skills training

Support for small business

  • Incorporated small businesses with turnover less than $10 million will have their tax rate cut to 27.5 per cent in 2016–17, the lowest level in 50 years
  • This lower corporate tax rate will extend to other companies with annual turnover less than $50 million by 2018–19
  • The 2017 Budget extends the $20,000 instant asset write-off for a further 12 months to 30 June 2018

Housing affordability and cost of living

  • First-home buyers will be able to direct some of their pre-tax income into a savings account to save for a deposit
  • ban on foreign investors buying more than half the homes or apartments in any new development
  • A new National Housing and Homelessness agreement to permanently extend funding for homelessness
  • A one off $75 payment for pensioners to help with this winter’s power bills
  • Reducing barriers to downsizing for older Australians by providing upto $300,000 in super concessions

Guaranteeing Medicare

  • Restoring indexation of the Medicare rebate, commencing with GP bulk billing arrangements from 1 July 2017
  • A Medicare Guarantee Fund to pay for Medicare and medicines
  • $1.8 billion over five years to make medicines more affordable

Fairer funding for schools and child care

  • A massive investment of $18.6 billion over 10 years in schools funding, backed by David Gonski
  • Once in a generation child care reform, particularly for low and middle income families

Fully funding the NDIS

Law and justice

Fairer and more accountable banks

  • A Banking Executive Accountability Regime will punish misconduct
  • Serious sanctions for banking executives who fail standards
  • A Major Banks Levy for banks with over $100 billion in assessed liabilities

A plan for affordable energy

  • Securing access to our gas resources for domestic use
  • New power generation, transmission and storage capacity, including Snowy 2.0 pumped hydro
  • The ACCC will police fair pricing in gas and electricity markets
  • More than $3 billion to develop new low emissions technologies

Greater investment for our regions

  • A new $472 million Regional Growth Fund will be created
  • Under the Regional Growth Fund, $200 million in additional funding will increase the Building Better Regions Fund to almost $500 million for investment in projects across regional Australia

Greater support for our Veterans

  • $40m for veterans for mental health and suicide prevention
  • Over $19m to further commemorate the Centenary of ANZAC