Here Are 22 Of The Most Important Things You Need To Know About The 2017 Budget

Thousands of people who sign up to Centrelink will be drug tested.

1. The Budget deficit is $29.4 billion

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The Budget is bringing in $444.4 billion in revenue (an increase of 7.8% from last year) and spending $463.3 billion (an increase of 3% from last year).

But treasurer Scott Morrison says he’s on track to balance the budget in 2020.

2. A new $6 billion tax on banks

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Morrison is hoping to keep calls for a Royal Commission into the big four banks at bay, by smashing the banks for $6 billion in extra taxes. Gotta hope they don’t pass that on to us.

3. There are billions and billions of dollars for infrastructure

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$75 billion in “good debt” infrastructure spending over the next 10 years.

This includes building the second Sydney airport, the Snowy Mountains Scheme 2.0 and upgrading roads and rail.

4. A rise in the Medicare levy to fund the National Disability Insurance Scheme

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The Medicare levy will go up by half a percent to make sure the NDIS is fully funded ($55.7 billion over the next 10 years).

The government is also introducing the Medicare Guarantee Fund to put an end to all those Mediscare campaigns.

5. The big solution to housing affordability

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The government’s answer to HUGE house prices is allowing young people to put away $30,000 into their super to save for a deposit.

6. Tony Abbott's legacy has been scrapped

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The government has given up on $13 billion worth of measures the Abbott government introduced in 2014–15 and 2015–16 Budgets but couldn't pass through the Senate.

7. Thousands of people on welfare will be drug tested, and if they test positive they’ll be put on a cashless welfare card.

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From January next year, young people on Centrelink will be tested for illegal drugs including marijuana, ecstasy and methamphetamine.

The saliva, urine and hair follicle tests will be able to detect drugs used within the last 48 hours, as well as substances that stay in the system for weeks.

If someone tests positive, they’ll be moved onto a Cashless Debit Card, which will restrict how and where they can spend their money.

8. If you don't turn up to Centrelink meetings and job interviews your welfare will be cut for four weeks.

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Similar to driving demerits, people will be given demerit points if they miss meetings or interviews without a reasonable excuse.

If you hit seven demerit points you’ll have your welfare payments cancelled for four weeks.

And if you get offered a job and don’t accept it, your welfare payments will also be cancelled.

It will impact 1.22 million people and save $204.7 million.

9. $115 million for mental health.

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The government is investing $115 million in mental health including funding for rural telehealth psychological services, mental health research and suicide prevention.

$80 million has also been earmarked under the NDIS for Australians with a mental illness such as severe depression, eating disorders, schizophrenia and post-natal depression resulting in a psychosocial disability.

10. Cuts to foreign aid... going to fight terrorism.

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Hundreds of millions of dollars of foreign aid will be diverted to fight terrorism.

11. There's no mention of climate change in the Budget speech.

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How can you go a whole 30 minute Budget speech without mentioning climate change? Well Scott Morrison just did.

12. But there is $600,000 for the Bureau of Meteorology.

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The government will give BOM $600,000 over the next four years to improve the security of its IT systems.

“This will assist the Bureau to continue to provide reliable, ongoing access to weather, climate, water and oceans information,” the Budget papers say.

13. A saving of $11 million for #AustralianValues.

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The government will save $11 million over the next four years by introducing new citizenship requirements including a citizenship test, resident requirements, a new Pledge of Commitment and an Australian Values Statement.

14. Cutting the tax on Bitcoin.

Currently you have to pay GST twice – when you buy BitCoin, and then again when you use it to buy stuff.

From July 1 this year the government will get rid of the double taxation and Bitcoin will function like regular money (for GST purposes).

15. Rollie cigarettes will be more expensive.

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They’re going to be taxed at a rate that is closer to regular cigarettes (aka higher) but the government doesn’t know how this will change the cost of a pouch yet.

16. Cosmetic testing on animals will be banned.

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$2.1 million will be spend over two years to ban cosmetic testing on animals in Australia from the end of 2018.

The government will ban the use of new data on cosmetic ingredients that are derived from animals tests from next year, and develop a voluntary industry code of practise to standardise claims of labels.

17. $120 million for THE DISH (and other space programs).

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The government will provide $120 million over 11 years to maintain Australia’s space and astronomy research both at home and overseas.

18. The government reckons it will save $15 million by cutting welfare from anti-vaxxers.

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Families who refuse to get their kids immunised under the No Jab No Play policy will have around $28 per child withheld from their fortnightly Family Tax Benefit welfare payment.

19. Australia Council funding restored.

There's $90.2 million over five years to restore the full funding to the Australia Council.

20. There’s still $170 million hanging around for a same-sex marriage plebiscite.

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The government is not letting go of its same-sex marriage plebiscite policy. There’s $170 million plebiscite money in the budget as a “financial risk” – on the off chance more than half the Senate changes its mind and waves it through.

21. There's a new levy on avocados, bananas and tea tree oil.

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Tea tree oil will now attract a levy on 25c per kilo, which will go towards research and development.

22. Savings of $2.6 million by scrapping politicians' Life Gold Passes

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The government will save a tiny $2.6 million over five years from 2016 by abolishing the Life Gold Pass for all former parliamentarians except former prime ministers.

Former PMs will still get access to travel that “assists them in meeting the commitments that arise from their continued standing and involvement in the community”.