The Medicare levy was to be increased from 2% to 2.5% of taxable income, with effect on 1 July 2019. The proposed levy increase was scrapped on 25 April 2018.[2]
A bank levy of 0.06% was imposed on the liabilities (ie., deposits) of the five biggest banks (Commonwealth Bank, Westpac, National Australia Bank, ANZ and Macquarie) and was expected to generate $6.2 billion over four years. The legislation passed parliament on 19 June and came into effect on 1 July 2017.[3]
Broadcasting licence fees paid by free-to-air broadcasting networks were reduced by $90 million.[4][5]
The "deficit levy" of 2% on personal incomes over $180,000 expired on 30 June 2017.[6]
Expenditure
Commonwealth funding for schools will increase by $18.6 billion over 10 years from 2017 to 2027. The Australian Government will invest $5.3 billion into the construction of the Second Sydney Airport over 4 years from 2017 to 2021.[4]
Social security and welfare
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Infrastructure, transport and energy
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Education
University funding will be a reduced by 2.5%. University fees will go up by $2,000 to $3,600 for a four-year course, an increase of 1.8% in 2018, and 7.5% by 2022. From 1 July 2018, the income level at which HECS debt repayments start will be reduced, from $55,000 to $42,000.[4]
Defence
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Health
This section is empty. You can help by adding to it. (May 2024)
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