Federal Budget 2019

Australia's 2019 Federal Budget has been unveiled. The key features of this year's Budget were tax cuts and infrastructure spending with the theme of "A stronger economy and a secure future."

According to the Treasurer Josh Frydenberg, the measures in this Budget will return a surplus of $7.1 billion, forecast for 2019/20.

Here’s a quick snapshot of some of the announced changes.

For education

• $525.3 million to be spent on modernising the education and training sector
• Up to 80,000 new apprenticeships over 5 years, with apprentices receiving a $2000 payment  
• $93.7 million over 4 years for scholarships to study in regional Australia

For taxpayers

• Tax cuts for low to middle income earners
• $284 million to assist 3.9 million Australians with the cost of power bills

For infrastructure

• $100 billion over a decade, towards new road and rail projects
• Significant initiatives include the fast rail connection between Geelong and Melbourne and an additional $3 billion for the Urban Congestion Fund

For businesses

• The instant asset write-off threshold is increasing from $25,000 to $30,000 per asset. The scheme has been expanded to include medium sized businesses with a turnover of up to $50 million
• Incentive payments to employers who employ apprentices is proposed to double to $8,000 per placement
• A $3.9 million Emergency Response Fund to help agribusinesses recover from natural disasters

Health and aged care

• $725 million for 10,000 new home care packages
• Increased access to diagnostic imaging and higher Medicare rebates
• $737 million for mental health care initiatives over 7 years