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2016 Fedral Budget<br />
02 <strong>May</strong> 2016<br />
13<br />
Budget means for you<br />
ducing avoidable<br />
hospitalisations.<br />
If you’re<br />
worried about<br />
cancer, the<br />
Government will<br />
provide $178.3<br />
million over five<br />
years to develop<br />
a National Cancer<br />
Screening<br />
Register.<br />
Overall, the<br />
government’s<br />
health spend for<br />
2016-17 will be<br />
$71.4 billion.<br />
If you’re a uni<br />
student...<br />
The government has basically put higher<br />
education in the too-hard basket.<br />
Students have already planned their protests<br />
around funding cuts and fee deregulation<br />
expected to be included in the Budget.<br />
Instead, they’ve decided to delay making<br />
those decisions for another year to “undertake<br />
further consultation”<br />
on the unpopular deregulation<br />
package proposed in the 2014-15<br />
Budget.<br />
If you’re worried about being attacked…<br />
The Government is laying down a “20-<br />
year defence industry plan”, promising big<br />
improvements to the nation’s defence capability<br />
and advancing technologies.<br />
They’re planning to spend $29.9 billion<br />
on keeping Australia secure, bringing total<br />
spend in the area to $195 billion in 10 years.<br />
A naval shipbuilding plan will equip Australia<br />
with 12 new submarines, nine future<br />
frigates, and 12 offshore patrol vessels, and<br />
secure more<br />
than 3,600<br />
jobs for Australians<br />
in the<br />
process.<br />
The Budget<br />
also provides<br />
$686 million for<br />
continued military<br />
operations<br />
to help protect<br />
Australia.<br />
If you’re worried<br />
about terrorism…<br />
The government<br />
will provide<br />
$5 million towards<br />
countering violent<br />
extremism.<br />
That’s $4 million for the Attorney-General’s<br />
Department to work with states and<br />
territories provide community support and<br />
advice services. Another $1 million will go<br />
to the Office of the Children’s eSafety Commissioner<br />
to tackle online radicalisation<br />
through educational<br />
resources.<br />
The Government will also<br />
provide $153.6 million to<br />
boost security to Australian<br />
Federal Police (AFP) and the<br />
Australian Crime Commission<br />
(ACC) in light fo the terror threat<br />
against those agencies.<br />
If you’re worried about being<br />
hacked…<br />
Cyber security is vital to our<br />
economic and national security.<br />
This Budget provides $195 million<br />
to deliver a comprehensive cyber<br />
security strategy for Australia,<br />
which builds on the $38 million announced<br />
in the National Innovation and Science Agenda.<br />
The Government has put $195 million towards<br />
cyber safety.<br />
Around $47 million will go towards establishing<br />
scary-sounding Joint Cyber Threat<br />
Centres, while $21.5 million will go to expanding<br />
our Computer Emergency Response<br />
Team (CERT).<br />
Another $51 million will go towards investing<br />
in public-private partnerships and better<br />
protecting Commonwealth systems.<br />
The Australian Federal Police get $36.4<br />
million over four years, and the Australian<br />
Crime Commission gets an extra $16 million<br />
to fight cybercrime.<br />
If you live in Adelaide or Perth…<br />
You may be able to land a job in the future<br />
submarine project. The submarines<br />
will boost our defence capability, but it’s really<br />
about jobs and stimulating the economy,<br />
particularly in struggling South Australia.<br />
Ship yards in Adelaide and Perth will be<br />
the base for the project where around 3,600<br />
jobs are expected to be secured. But Mr Morrison<br />
is also promising “thousands more<br />
jobs” through the supply chain.<br />
If you care about the environment...<br />
The Clean Energy Finance Corporation<br />
(CEFC) and the Australian Renewable Energy<br />
Agency (ARENA) are safe but they will refocus<br />
their activities “towards<br />
the government’s innovation<br />
agenda”.<br />
The CEFC will be responsible<br />
for allocating $1 billion<br />
in existing funding over 10<br />
years to establish a Clean<br />
Energy Innovation Fund. The<br />
fund will provide money to<br />
assist emerging clean energy<br />
technology become commercially<br />
viable. The fund<br />
will be jointly managed<br />
by ARENA, which will also<br />
continue to manage its existing<br />
portfolio through the<br />
new fund.<br />
The government will<br />
also provide $101 million<br />
over six years from 2016-<br />
17 to support implementation<br />
of the Reef 2050<br />
Plan and $70 million over three years from<br />
2019-20 to the Reef Trust.<br />
If you think multinationals don’t pay<br />
enough tax...<br />
Big companies that avoid paying tax in<br />
Australia by shifting profits offshore are facing<br />
even tougher rules, to be backed up by<br />
an extra 1000 specialist staff at the Australian<br />
Taxation Office.<br />
The new measures include a diverted<br />
profits tax, which imposes a penalty tax rate<br />
of 40 per cent on income multinationals attempt<br />
to shift offshore — higher than the<br />
company tax rate.<br />
There will also be more protections for tax<br />
whistleblowers and increased penalties for<br />
multinationals that don’t<br />
meet<br />
their<br />
obligations.<br />
The government is optimistically pencilling<br />
in an additional $3.9 billion in revenue<br />
over the next four years from these measures.<br />
If you’re a Commonwealth public servant...<br />
Public servants are facing even more job<br />
losses as the government cuts $1.4 billion<br />
over the three years to 2019-20.<br />
The government is backing away from a<br />
pledge last year to reduce the so-called efficiency<br />
dividend — an annual reduction in the<br />
resources available to a government department.<br />
The efficiency dividend will instead be<br />
maintained at 2.5 per cent for an extra year<br />
before reducing to one per cent by 2019-20.<br />
The cuts will partly help pay for bracket<br />
creep relief for workers earning over<br />
$80,000.<br />
Community and Public Sector Union national<br />
secretary Nadine Flood has said previous<br />
efficiency dividends contributed to nearly<br />
18,000 job losses since 2013.<br />
The government says it will reinvest in<br />
“specific initiatives to assist agencies to<br />
manage their transformation to a more modern<br />
public sector”.<br />
If you need to access the NDIS…<br />
By the time it’s fully expanded in 2020,<br />
the National Disability Insurance Scheme is<br />
estimated to cost $21.6 billion.<br />
To cover the huge costs of this vital<br />
scheme, the Government has established<br />
an NDIS Savings Fund. The fund will hold<br />
unspent funds from the NDIS and savings<br />
from across the Government.<br />
There’s $162.4 million already set aside<br />
for the Savings Fund, but the Government<br />
announced in the Budget it will credit an additional<br />
$2.1 billion over five years.<br />
If you want to put your retirement savings<br />
into something other than a super<br />
fund...<br />
The government is going to let people expand<br />
the type of products they can put their<br />
money into, and keep their tax exemption on<br />
earnings once they are retired.<br />
From July 1, 2017, products<br />
such as deferred lifetime<br />
annuities and group<br />
self-annuitisation products<br />
can be used.<br />
If you’re on the DSP...<br />
The crackdown on welfare<br />
rorting continues.<br />
Each year for the next<br />
three years, 30,000 Disability<br />
Support Pension<br />
recipients will have to<br />
justify themselves or be<br />
kicked off.<br />
The government<br />
says it expects to save<br />
$62.1 million over the next five<br />
years as a result of reassessing DSP recipients<br />
on their capacity to work.<br />
If you’re an agile, innovative entrepreneur...<br />
The government is refining its tax incentives<br />
scheme for investors in start-up companies,<br />
first announced as part of Malcolm<br />
Turnbull’s $1.1 billion National Innovation<br />
and Science Agenda.<br />
Among the changes include reducing<br />
the holding period from three years to 12<br />
months for investors to access the 10-year<br />
capital gains tax exemption and requiring<br />
that the investor and the company are not<br />
affiliated.<br />
Additionally, “non-sophisticated investors”<br />
will only receive a tax offset if they invest<br />
$50,000 or less per year in a start-up<br />
company.<br />
The changes are expected to cost the government<br />
$45 million over four years.<br />
The government will also encourage<br />
young people to explore self-employment<br />
opportunities and entrepreneurship through<br />
$88.6 million in extra funding to the New Enterprise<br />
Initiative Scheme.<br />
The scheme will include “Exploring Being<br />
My Own Boss” workshops, information packs<br />
and extra support workers in high youth unemployment<br />
areas.<br />
The NEIS scheme will be increased to<br />
8600 places per year and be expanded to<br />
young people not on income support, including<br />
people who have recently lost their jobs.<br />
If you’re an elite athlete…<br />
Don’t even think about touching performance<br />
enhancing drugs. The Government is<br />
planning to provide $1.5 million<br />
over three years in to the<br />
Australian Sports Anti-Doping<br />
Authority for increased antidoping<br />
activities ahead of the<br />
2018 Commonwealth Games<br />
on the Gold Coast.<br />
If you care about foreign<br />
aid...<br />
Well, there’s good news and<br />
bad news.<br />
Foreign aid has been cut by<br />
another $224 million in 2016-<br />
17 bringing total aid budget to<br />
$3.874 billion. That brings our<br />
aid spending to its lowest ever<br />
level at just 22 cents in every<br />
$100 of national income.<br />
But in real terms foreign aid<br />
spending will increase by 1.1 per<br />
cent over the three years from<br />
2016-17 — that’s slightly better<br />
than Joe Hockey’s 1.6 per cent decrease<br />
over a similar period — to hit $4.1 billion by<br />
2019-20.<br />
Indonesia will lost $15 million next year,<br />
or about 5 per cent of its $296 aid budget.<br />
That follows a 40 per cent cut in the previous<br />
year.<br />
Cambodia and Papua New Guinea have<br />
escaped aid cuts despite failed refugee resettlement<br />
deal and closure of immigration<br />
detention centre on Manus Island.