Live updates: Budget 2017
8.40pm
Mixed reactions to the 2017 Budget.
#budget2017 pic.twitter.com/F3Il5YeKQy
- counter hoon (@wokestbloke) May 9, 2017
Balancing #Budget2017 on people in poverty around the world is unfair, short-sighted and lacks humanity. Shame! pic.twitter.com/2gQsfh47Is
- Australian Aid (@campaignforaid) May 9, 2017
Deficit levy gone, Medicare levy up. Cynical? You may well think that but i couldn't possibly comment#Budget2017 pic.twitter.com/djla9wUdj6
- Tim Mackay 🎓💲 (@timqfadvice) May 9, 2017
I consider myself a centrist. 53yo fisc conserv, social progrsv, will be self-funded but want safety net 4 others. I find #Budget2017 fair.
- Patrick Turner (@pjxturner) May 9, 2017
Supportive to victims of DV.... what about if the victim develops an addiction? Then take their income and punish them? #Budget2017
- Jade (@jadehawk15) May 9, 2017
OF COURSE, YES, BECAUSE ONLY YOUNG UNEMPLOYED PEOPLE TAKE MARIJUANA, ICE AND ECSTASY. #budget2017
- JAKEY (@jacobpetkovic) May 9, 2017
8.35pm
Never mind the carnage created by govt sponsored speculative investment in a basic need like , you know .... shelter.#Budget2017 #auspol https://t.co/NhbpqwbUDS
- Jim Pembroke (@Jim_Pembroke) May 9, 2017
Treasurer says First Home Super Saver will accelerate savings by 30%. Save in your super & get tax perks. #Budget2017
- Effie Zahos (@effiezahos) May 9, 2017
8.25pm
Govt to Pensioners: here's $75 for electricity bills G to Banks: here's a $6b levy B to P: here's a $100 fee inc P: WTF?#auspol #Budget2017 https://t.co/OZEGxHEWhz
- Paul (@davispg) May 9, 2017
The price #Australia paid to "stop the boats" was a system of torture & ppl r still turned back. Why not invest in alternatives? #Budget2017
- Amnesty Australia (@amnestyOz) May 9, 2017
8.20pm
#Budget2017: Purchasers of new residential premises will be required to remit GST to ATO as part of settlement. From 1 July 2018
- TaxBanter (@TaxBanter) May 9, 2017
FHB's salary sacrifice up to $30k into their super for a deposit, retirees who downsize can put $300k extra into their super
- Shane Oliver (@ShaneOliverAMP) May 9, 2017
8.10pm
#Budget2017 continues to back #smallbusiness to create jobs https://t.co/AZTkfPw6lX pic.twitter.com/eJRDWHrLq0
- Australian Treasury (@Treasury_AU) May 9, 2017
Student increase 1.82% not 1.8% a year. Adds now to 7.5%
- Conor King (@conorkingIRU) May 9, 2017
Scott Morrison has concluded his second Budget speech.
So to be clear, our plan is to grow our economy to create more and better paid jobs, to guarantee the essentials that Australians rely on, to reduce cost of living pressures, and to ensure that the government lives within its means.
8.05pm
"JobSeeker recipients who test positive [for drugs] would be placed on the Cashless Debit Card for their welfare payments." #Budget2017
- Money Magazine (@moneymagAUS) May 9, 2017
8pm
Aust budget retains surplus by 2020-21 but deficits a bit bigger in next two years. New spending on infra, housing affordability...
- Shane Oliver (@ShaneOliverAMP) May 9, 2017
..spending fully funded with increase Medicare levy, levy on banks etc....so now net new stimulus into economy..
- Shane Oliver (@ShaneOliverAMP) May 9, 2017
Government has begun to win back goodwill it lost with the disastrous 2014 Health Budget with number of positive health measures #Budget2017 pic.twitter.com/faHInDEDTq
- AMA Media (@ama_media) May 9, 2017
We are pleased with the budget. Details to follow.
- COSBOA (@COSBOA) May 9, 2017
However, not everyone is pleased.
Tonight, Malcolm Turnbull is delivering a tax cut for millionaires and a tax hike for every working Australian.
- Bill Shorten (@billshortenmp) May 9, 2017
7.58pm
Treasurer Scott Morrison has devoted a large portion of his second Budget speech to housing affordability.
The Commonwealth will replace the National Affordable Housing Agreement that provides $1.3 billion every yearOn the demand side, for those who are trying to save to buy their first home, we will support them by providing a tax cut on their first home deposit savings.
First home buyers will be able to save for a deposit by salary sacrificing into their superannuation account over and above their compulsory superannuation contribution from July 1.
The First Home Super Savers Scheme will attract the tax advantages of superannuation. Contributions and earnings will be taxed at 15 per cent, rather than marginal rates, and withdrawals will be taxed at their marginal rate, less 30 percentage points.
Savers will not have to set up another account, they can just use their existing super account and decide how much of their income they want to put aside to save for their first home deposit.
Contributions will be limited to $30,000 per person in total and $15,000 per year.
Under this plan, most first home savers will be able accelerate their savings by at least 30 per cent.
7.55pm
PM is "funding the ACCC to investigate and police competition in retail electricity and gas markets". @ScottMorrisonMP #Budget2017 #auspol
- Money Magazine (@moneymagAUS) May 9, 2017
7.50pm
"We have chosen to close the funding gap for our NDIS once and for all." Gap is $55.7b over next 10 years. @ScottMorrisonMP #Budget2017
- Money Magazine (@moneymagAUS) May 9, 2017
7.45pm
A new annual foreign worker levy of $1200 or $1800 per worker will fund training for Australian workers. @ScottMorrisonMP#Budget2017
- Money Magazine (@moneymagAUS) May 9, 2017
"The Commonwealth will increase hospitals funding by an additional $2.8 billion over four years" @ScottMorrisonMP #Budget2017 #auspol pic.twitter.com/F3Zz0bBBKa
- Money Magazine (@moneymagAUS) May 9, 2017
7.40pm
#BREAKING: Most Australians to pay more tax due to 0.5 per cent increase in Medicare Levy #Budget2017
- ABC News (@abcnews) May 9, 2017
Out of lockup! #budget2017 buy your #bitcoin after 1 July - no GST on #digital currency @stoneandchalk @Startupaus #fastfacts #fintech
- Danielle Logue (@LogueDanielle) May 9, 2017
7.35pm
#Budget2017 has been released. You can find all Budget papers at https://t.co/AZTkfPw6lX pic.twitter.com/a527cLJmzN
- Australian Treasury (@Treasury_AU) May 9, 2017
"We must ensure the Govt lives within its means." Budget deficit for 2017-2018 will be $29.4b. @ScottMorrisonMP #Budget2017 #auspol
- Money Magazine (@moneymagAUS) May 9, 2017
7.15pm
Reports that the Budget will include a liabilities tax for Australia's banks have already made an impact.
Big 4 banks took a hit today - ASX 200 down. Potential #Budget2017 transaction tax could be to blame.
- Effie Zahos (@effiezahos) May 9, 2017
7pm
Treasurer Scott Morrison will unveil the Turnbull Government's first post-election Federal Budget in Canberra in just half an hour.
We've looked at what you can expect from this year's Budget, and heard Morrison promise "better days ahead" for Australia.
Budget Day 2017 has arrived. This Budget will make the right choices to secure the better days ahead #Budget2017 #auspol pic.twitter.com/2yh9zXNH2S
- Scott Morrison (@ScottMorrisonMP) May 8, 2017
Now it's time to find out just who are the winners and losers of the 2017 Federal Budget.
Follow @moneymagaus or watch this space for updates.
Get stories like this in our newsletters.
