What to expect from the re-elected Coalition Government
The Coalition has been re-elected, Scott Morrison remains our Prime Minister and now it’s time to turn our thoughts to what the next three years have in store.
In an outcome which defies the polling, the Coalition has secured a third term but it is not yet clear whether it will win a majority in the lower house.
The result saw Tony Abbott soundly beaten by Zali Steggall in Warringah but the swing against the Former Prime Minister was not reflective of the overall trend.
Labor was unable to win the key seats it needed in Queensland and it was apparent early in Saturday’s count that crucial seats it was eyeing off in WA were going to be difficult to win.
Christian Porter had a clear win in Pearce and it appears the Liberals will also hold on to Hasluck, Stirling and Swan. High-profile Labor MP Anne Aly looks likely to retain her marginal seat of Cowan.
- Low and middle-income tax rebate – Australians on incomes between $48,000 and $90,000 will gain a tax rebate of $1,080. Taxpayers who earn less than $37,000 will get a rebate of up to $255.
- July 2022 cuts: The income tax bracket threshold for the 19 per cent tax rate will be lifted from $37,000 to $45,000
- July 2024 cuts: The 32.5 per cent marginal tax rate will be reduced to 30 per cent and the 37 per cent bracket will be eliminated, creating a flat marginal rate of 30 per cent between $45,000 and $200,000
- Instant Asset Write-off – The Coalition will lift the instant asset write-off ceiling for small businesses from $25,000 to $30,000. Medium size businesses with turnovers of up to $50 million will get access to the scheme.
- Fast rail from Melbourne to Geelong – $2 billion ($50 million to 2023) towards a project which would cut travel time to about 32 minutes.
- $7.1 billion for infrastructure projects in Western Sydney.
- $6.7 billion towards Roads of Strategic Importance (ROSI) – to upgrade regional road corridors and provide new road safety packages.
- $1.6 billion Urban Congestion Fund – to reduce congestion in urban areas.
- $9.3 billion to Inland Rail Project – a 1700km freight rail line from Melbourne to Brisbane.
- Carbon emissions target of 26 perc cent by 2030.
- $1.38 billion in an equity investment for Snowy 2.0, which would support Snowy Hydro Limited’s plans to expand generation capacity and storage at the Snowy Dam.
- Introduction of ‘price safety net’ – power retailers must set prices against a default market price.
- Energy Assistance Payment – singles will receive $75, couples $125, to assist with bills.
- $10 million to assess feasibility of projects around Gladstone, including a new ‘clean coal’.
- $453 million nationally to extend pre-school education for children attending pre-school from 2020, to receive 15 hours of quality early learning per week.
- $292 billion nationally in total school recurrent funding from 2019 to 2029. Recurrent annual funding for schools will grow from $19.9 billion in 2019 to $32.4 billion in 2029.
- $17.7 billion nationally for the university sector in 2019, projected to grow to more than $20 billion by 2024.
- $525 million Skills and Training Package to reform Vocational Education and boost apprenticeships.
- $200 million to create 80,000 apprenticeships by doubling incentive payments to employers to $8000 per placement and giving $2000 payments to new apprentices.
- $62.4 million foundational language, literacy, numeracy and digital skills program to provide the skills to move into further education or employment.
- $67.5 million over four years to establish 10 training hubs in regions with high youth unemployment across Australia. Hub will provide training and skills to support industry pathways and address skills shortages.
- $80 billion nationally for better access to life-changing equipment, services and medicines.
- $528 million for a Royal Commission into the mistreatment of people with disability, including counselling and support.
- $331 million for new and revised listings on the Pharmaceuticals Benefits Scheme, including 2000 new medicines, such as the lifesaving leukaemia drug, Besponsa, which would reduce its cost from $120,000 to as low as $6.50.
- $199 million to cover diagnostic imaging items on the Medicare Benefits Schedule (MBS).
- $32.6 million to minimise the cost of MRI.
- $1.1 billion Strengthening Primary Care package
- $448 million in increased funding to enhance the care and services GPs provide to high needs patients
- $187 million to increase the patient rebate for a further 119 GP items on the MBS from 1 July 2019.
- $5 billion Ten Year Investment Plan for the Medical Research Future Fund. This includes:
- $614 million for rare cancers and diseases;
- $220 million for cardiovascular health;
- $605 million for clinical infrastructure; and
- $150 million for stem cell research.
- $160 million for research to improve the health of Indigenous Australians.
- An addition $737 million over six years to mental health.
- End to Medicare freeze by 1 July 2019.
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