The 2019-20 Budget is the next stage of the Morrison Government’s plan to build a stronger economy and secure a better future for all Australians.
The Budget delivers the first surplus in more than a decade, creates more jobs, lowers taxes and guarantees essential services like schools, hospitals and roads.
After more than a decade of deficits, this budget forecasts a surplus of $7.1 billion in 2019-20 – a $55.5 billion turnaround from the deficit we inherited seven years ago.
While the Budget forecasts a surplus, it also delivers an additional $158 billion in income tax relief for hard-working Australians, on top of the $144 billion in tax cuts locked into legislation last year.
This includes immediate tax relief of up to $1,080 for low and middle income earners and up to $2,160 for a dual income couple to ease cost of living pressures.
We are also backing small business by increasing the Instant Asset Write Off to $30,000 and expanding its access, benefitting 3.4 million businesses. There are more than 18,000 small and medium sized businesses in Corangamite set to benefit.
This Budget also guarantees the essential services people in Corangamite rely on.
To assist with their next power bill and the cost of living, the Morrison Government will provide a one off, income tax exempt payment of $75 for singles and $125 for couples to eligible social security payment recipients.
The Budget provides record health spending of $81 billion in 2019-20, increasing to $89.5 billion in 2022-23.
For schools, record funding will ensure teachers have the support they need to prepare students for the future. It also includes $30 million for the Local School Community Fund that will allow communities to fund projects such as upgrades to libraries, classrooms and play equipment.
The Budget will also deliver a record infrastructure investment of $100 billion over the next decade, getting families home sooner and safer and unlocking the potential of our regions.
Corangamite and the Greater Geelong region will benefit from major road and rail upgrades.
I am incredibly proud to have fought for and delivered fast rail from Geelong to Melbourne, with a $2 billion investment. It was wonderful to hear this announcement in Treasurer, Josh Frydenberg’s budget speech. The Federal Budget also includes another $700 million for the Geelong rail duplication.
These incredible new investments in faster, more reliable rail services will help make our community an even better place to live and raise a family.
Other local investments in the 2019 Federal Budget include:
- $50 million for a new Women’s and Children’s Hospital
- A new paediatric emergency department at Geelong University Hospital
- $4 million for a new Ocean Grove Health Hub and headspace
- $6 million to fix the Cape Otway Road and Winchelsea-Deans Marsh Road intersection
- $5 million to upgrade the Murradoc Road between Drysdale and St Leonards
- A further $31.54 million for local roads through Roads to recovery
- An extra $30 million for the Geelong City Deal, bringing our Government’s commitment to $183.8 million
This Budget is about easing cost of living pressures, guaranteeing essential services and building the rail and road infrastructure to ensure families in Corangamite can get home easier and safer.
This is all possible because of the Morrison Government’s strong economic and budget management.
3 April 2019