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Federal budget 2017 at a glance: how it affects you and Canberra

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ECONOMY

  • moderate economic growth: 2.75% above inflation, up from 1.75% this year
  • sluggish jobs growth: 1.5%, up from 1%
  • wages growth (2.5%) slightly higher than inflation (2.5%)
  • 2017-18 deficit of $29.4 billion; return to surplus in four years

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Winners and losers from the 2017 federal budget

A look at the winners and losers from the 2017 federal budget handed down by Treasurer Scott Morrison on Tuesday May 9, 2017. (AAP Video)

HEALTH

  • Medicare levy to increase 0.5% in two years' time to fund national disability insurance scheme
  • $1 billion to "unfreeze" Medicare rebate payments from July 1, to ease doctors' fee hikes
  • extra $1.2 billion to put more drugs on Pharmaceutical Benefits Scheme, while saving $1.8 billion on price of other medicines

EDUCATION

  • new schools funding plan confirmed, costing extra $18.6 billion over 10 years
  • uni students to pay 7.5% more for a degree
  • universities to cop a 2.5% efficiency dividend in 2018 and 2019

HOUSING

  • new body to provide long-term, low-cost loans to build affordable rental housing
  • tax cut on first-home deposit savings; first-home buyers able to salary-sacrifice into super for a deposit
  • home owners over 65 who downsize can add $300,000 into super from sale of their home

PUBLIC SERVICE

  • no significant change in size of civilian government workforce
  • centralisation back in vogue: new "hubs" to provide IT, HR and finance services to agencies
  • $500 million modernisation fund to make better use of data, train staff and improve offices
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DEFENCE

  • Defence spending to hit 2% of GDP by 2020-21, three years ahead of schedule
  • more jobs for civilians (extra 620 full-time-equivelant) and military personnel (318) this coming year
  • clampdown on waste to hit private sector and defence travel budget

CANBERRA

  • renovations and upgrades for most of Canberra's national institutions
  • $5 million to investigate new exhibition space for War Memorial
  • possibility of accessing funds for high-speed, intercity rail

NATIONAL INFRASTRUCTURE

  • construction of Melbourne-to-Brisbane inland rail to begin this year
  • funds to build an airport in western Sydney
  • Commonwealth moves to take control of Snowy Hydro

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