The results are in and the public have chosen to keep the Coalition in government. But what exactly did we agree to when we cast our vote? Here's what the PM promised.
The Liberal Party has promised to simplify the tax system and introduce rolling tax cuts across the wage spectrum to take hold between July this year and July 2024.
The Liberal party has pledged to cut $1.5 billion in spending on the public service over the next four years, to fund promises made during the election campaign.
The efficiency dividend will stay at 2 per cent over the next two years, reducing to 1.5 per cent in 2021-22 and 1 per cent the following year. Exemptions to the efficiency dividend will apply to agencies with average staffing levels below 200, and to the national collecting institutions, Australian Signals Directorate and Office of National Intelligence.
Phased in tax cuts. The Coalition's signature election policy. It will provide tax breaks for more than 10 million Australians and simplify the system by removing the 37 per cent tax bracket entirely. The measures will cost Treasury coffers $158 billion over 10 years, but don't hold your breath for them all.
From July 2022, the Coalition will raise the 19 per cent tax bracket from $37,000 to $45,000.
From July 2024, if it holds onto government that long, it will reduce the 32.5 per cent rate to 30 per cent and do away with the 37 per cent rate. This will make a flat 30 per cent tax rate for anyone earning between $45,000 and $200,000.
The Coalition's modelling shows that someone earning $200,000 a year will get a tax cut worth $11,640 compared with $1205 for someone earning $50,000 a year.
Helping hand tax offsets. The most immediate benefit of the Coalition's tax policy will come from July 1 this year. Australians earning less than $37,000 will get a gift of up to $255 with their tax returns. If you're earning between $48,000 and $90,000, you will get $1080. The offset then scales down to nothing for anyone earning $126,000 or more.
Instant asset write-off. As part of the 2019 budget, businesses turning more than $50 million can write-off assets against their taxable income. Previously, businesses turning over more than $10 million were excluded from the scheme. The Coalition has also increased the threshold from $20,000 to $25,000.
Climate change and energy
Climate Solutions Package. This is the Coalition's central emissions reduction policy and will cost $3.5 billion over 15 years. Measures include a climate solutions fund - an extension of the existing emissions reduction fund. The scheme pays farmers and others to reduce carbon dioxide emissions. through activities such as improving energy efficiency or increasing native vegetation.
Out of that package, $1.38 billion will go towards the expansion of the Snowy Hydro scheme, which will act as a giant battery to back up intermittent energy produced by other renewables.
Emissions target. The Coalition has committed Australia to reduce its emissions by 26 per cent on 2005 levels by 2030, in line with the Paris targets. To help get there, the Coalition will use so-called carry-over carbon credits from the Kyoto protocol period, in which Australia reached and exceeded its targets. Critics say using these credits is against the spirit of the Paris agreement.
National hydrogen strategy. Emissions-free hydrogen could replace energy generated by fossil fuels. Both Labor and the Coalition have plans to develop the technology and say Australia could be a global leader.
Coal-fired power stations and Adani. The Coalition has backed the Adani coal mine in Queensland's Galilee Basin. It has floated the idea of using taxpayer money to upgrade a NSW coal-fired power station and pledged to fund a feasibility study into a new "high-efficiency, low-emission" coal plant in Queensland.
Medicare. The Coalition has matched Labor's promise of lifting the Medicare rebate freeze. This means Medicare payments to medical practitioners will increase to reflect what they say are rising costs associated with care.
Primary care. The Federal budget contained a $1 billion funding boost, including $448.5 million for GPs to better treat patients with chronic diseases, and investments in mental health.
Schools. The Coalition has promised a $4.6 billion package for Catholic and Independent schools, which comes on top of $23.5 billion over 10 years for all schools as part of Gonski 2.0, signed up to by former prime minister Malcolm Turnbull.
Tertiary. The government has promised to fund up to 80,000 apprenticeships as part of a $525 million package. The budget also contained a $94 million scholarship program to get students to study in regional areas. In 2017, the Coalition introduced a two-year cap on university funding.
Early childhood. The budget pledged $453 million to fund four-year-old kindergarten for another year and ensure children have access to 15 hours a week of preschool in the year before school. The Coalition has not outlined any long-term early childhood measures beyond its reforms of 2018.
East West Link. It's back, even though Melburnians have already turned down the proposal twice at state elections. The Coalition has promised $4 billion of taxpayer money and to leverage another $3 billion from the private sector, effectively bypassing the Andrews government.
North East Link. $1.75 billion has been promised to connect the M80 ring road with an upgraded Eastern Freeway.
Fast rail. Could we finally see bullet trains? The Coalition has promised $2 billion for fast rail between Melbourne and Geelong, with the project supposedly beginning within two years. The catch is that the Victorian Government would need to match the funding.
The Coalition has also spent $20 million on studies for three potential high-speed rail links: between Melbourne and Shepparton; Sydney and Newcastle; and Brisbane and the Sunshine Coast. The business cases for those three proposals are due mid-year.
Inland rail. The Coalition has promised $9.3 billion for a 1700 kilometre freight line from Melbourne to Brisbane, but critics worry about its impact on floodplains and the 300-odd farms it might cut through.
- SMH/The Age