Budget 2017

May 12, 2017

The Turnbull Government is making the right choices to ensure our nation’s remarkable economic growth story continues, so we can secure better days ahead for hard-working Australians in Wentworth.

Prime Minister Malcolm Turnbull, Federal Member for Wentworth, said our economic growth has been hard won and we have consistently outperformed the largest advanced economies in the world.

“Despite this, we shouldn’t take our success for granted,” Mr Turnbull said.

“We are helping hardworking Australians in Wentworth with a plan for more and better jobs, by securing the essentials they rely on and by easing cost of living pressures,” he said.

The right choices for growth that secures more and better paid jobs

The 2017 Budget delivers greater opportunities for small business. We are providing funding to incentivise States and Territories to cut red tape for small businesses and will extend the instant asset write off to small businesses for a further twelve months which is great news for the 29,340 small and medium sized businesses in Wentworth.

“We are choosing to invest in building Australia with over $70 billion to transport infrastructure across Australia to reduce congestion, revitalise our cities and grow our regions, using a combination of grant funding, loans and equity investments. 

“A $10 billion transformational National Rail Program will deliver rail projects across the nation that better connect our cities, regions and create new opportunities for housing, and grow the economy.

“And we are taking action to safeguard Australian jobs and make sure that Australians have the necessary training and skills to be job-ready with a new Skilling Australians Fund,” said Mr Turnbull.

The right choices for guaranteeing essential services

“In Budget 2017, the Turnbull Government is guaranteeing Medicare with a Medicare Guarantee Fund that will only pay for Medicare and medicines. We are fully funding the NDIS to provide a secure future for Australians with a disability.   We are launching a fairer schools funding model that is needs-based, simple and transparent. And we are delivering affordable, accessible childcare for families with a simplified Child Care Package.  These essential services have been secured in the Turnbull Government’s Budget 2017.”  Mr Turnbull said.

The right choices to placing downward pressure on rising costs of living

The Turnbull Government understands that the cost of living is a priority for many Australians; whether it is being able to afford a roof over your head, or pay for rising power prices, the 2017 Budget tackles these costs.

“We are working to keep the great Australian dream alive. There are no silver bullet solutions to making housing more affordable but we are working to help first homebuyers, downsizers and those in need of social housing,” Mr Turnbull said.

Securing reliable and affordable energy

The Turnbull Government’s energy security plan will provide reliable and affordable energy for Australians coping with rising energy prices including by: securing access to our local gas resources for domestic use and ensuring consumers and businesses get a fairer deal.

The Turnbull Government is also committed to progress major energy storage projects including pumped hydro in Snowy 2.0 and implementing changes agreed by COAG’s Energy Council to improve gas market efficiency and transparency.

The right choices to make sure the government lives within its means

“Because we know that living within our means allows the government to secure essential services and reduce pressure on living costs.

The Government will continue to ensure multinationals pay their fair share of tax. Our actions have already raised $2.9 billion in tax liabilities this financial year against a group of just seven large multinational companies, and are expected to raise more than $4 billion in total this financial year from large public groups and multinationals.

“We will also continue to focus on stopping people trying to take an easy ride on our welfare system by strengthening mutual obligation requirements for payments and cracking down on those seeking to get out of those obligations,” Mr Turnbull said.

The Turnbull Government is also making our financial system better for customers and taxpayers through greater competition, accountability and fairness. This will include a Banking Executive Accountability Regime; an investigation into financial system competition and a levy on large banks, securing $6.2 billion to support budget repair.

The Turnbull Government has made the right choices to secure better days ahead.

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