- $5bn in tax reliefs for small businesses including an immediate 100% tax write-off on business spending on items of $20,000 or less – until June 2017.
- Business tax rate to fall from 30% to 28.5% for businesses with an annual turnover of less than $2m, reaching 96% of all Australian businesses. Five per cent tax discount of up to $1,000 a year for unincorporated businesses.
- Total revenue to be $404.5bn in 2015-16 and total spending $434.5bn. Deficit to fall from $41.1bn in 2014-15, to $35.1bn in 2015-16, $25.8bn in 2016-17, $14.4bn in 2017-18 and $6.9bn in 2018-29. But spending is $12.5bn higher over four years than had been forecast in December.
- A “multinational anti-avoidance law” to claw back money from 30 large multinationals that may be diverting profits. “Netflix tax” to require GST on sale of downloads and digital products from abroad into Australia.
- No tax for small businesses on company phones, laptops and tablets – providing the employee has more than one of these items. Further tax concessions for employee share scheme.
- $400m fund to help farmers manage and recover from drought. $100m to “improve the roads and supply chains involved in getting cattle to market”.
- $5bn fund for ports, pipelines, electricity and water infrastructure in Northern Territory, Western Australia and Queensland.
- $4.9bn for the government’s “Indigenous advancement strategy”, targeted at helping Indigenous Australians find work and stay in work.
- Child care subsidy reformed with $4.4bn extra funding, targeted at parents who work, in a simplified scheme. Families prevented from taking both government subsidy and more generous employer subsidies on parental leave – so-called “double dipping” – saving $1bn. Reduced childcare subsidies for families with one parent staying at home.
- Guarantee of $843m for early years education.
- $1.6bn to subsidise medicines through the Pharmaceutical Benefits Scheme (PBS). An extra $400m for medical research, $26m more for improving immunisation rates as government raises money by depriving families of benefits if they refuse to have immunisation.
- Pensions: benefits reduced for wealthier pensioners, requiring them to use more of their assets to maintain present income levels. But “no new taxes on superannuation”.
- Jobseekers: $330m for youth unemployment, including $212m fund to support areas of high youth unemployment, and changes to the national work experience program.
- $1.2bn in new funding for national security including $450m for security services and $750m for defence. Some $296m will go to increasing intelligence agencies’ ability to collect communications; $131m to help companies retain metadata (approximately half the cost); $22m to “combat extremist propaganda” on the internet.
- Working foreigners required to pay tax from the first dollar earned, rather than from the present $20,000 threshold.
- $1.7bn in savings on welfare payments.
- $1.5bn saved from re-banking money for East West link road, abandoned by the government.
- $960m cut to health programs. Confirmation of $80bn cut in state health and education programs.
- $100m more to protect the Great Barrier Reef.
- $79.6m allocated over two years 2014-2016 to the search for Malaysia Airlines flight MH370.
- $22.5m to be distributed between every federal electorate to spend on infrastructure projects.
