Budget 2018: Whats in it for you – at a glance

By Deputy Chief EditorMay 9, 2018

158 1 minute read

Treasurer Scott Morrison is riding record job growth, company tax revenue and high commodity prices to support his $140 billion plan to put hundreds of dollars a year back in taxpayers' pockets.

But what else? Lets have a quick glance at whats what.

Personal tax cuts: Taxpayers who earn more than $37,000 will pay up to $530 less tax a year. Those who earn $37,000 or less will get a tax cut of up to $200. This is a seven-year package. The budget forecasts 4.4 million people who earn between $48,000 and $90,000 will receive the full $530 cut in 2018-19.

Seniors loans: This will open up to all seniors – from full pensioners to self-funded retirees. They will be able to borrow up to $17,800 per couple against an asset without affecting their pension eligibility.

Social welfare: The government will claw back $299.3 million by 2021-22 as the debt recovery effort ramps up.

Youth allowance: The combined parental income test will rise from $150,000 a year to $160,000. It will then increase by $10,000 for every sibling.

Medicine: The government will save $302.6 million by 2021-22 by encouraging greater use of generic medicines.

Medicare levy: As announced in the lead-up to the budget, the 0.5 per cent increase has been scrapped.

Home care for seniors: Funding for an extra 14,000 places across Australia over the next four years to help people avoid going into residential aged care.

Pharmaceutical Benefits Scheme: An extra $1.4 billion for new or amended listings on the PBS, including treatments for spinal muscular atrophy, breast cancer, refractory multiple myeloma, relapsing multiple sclerosis and a new medicine for HIV.

Refugees: The government will cut $68.1 million in funding by “streamlining” services by 2021-22.

Child care: The Child Care Subsidy will be paid directly to child care providers to reduce fees for eligible families – this will replace the Child Care Benefit and Child Care Rebate.