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Who are the winners and losers of the 2017 Budget?

Kelly Hughes  |  09 May 2017  |  Economics


 

 

Mercedes

 

 

 

OVERVIEW:


WINNERS:
- The Medicare levy will be increased, with the revenue to fund a $22 billion National Disability Scheme.
- First home buyers will be able to use voluntary contributions to their superannuation to save for housing, as well as a new restriction on foreign property owners.
LOSERS:
- Australia's five biggest banks have been hit hard by the 2017 budget, implementing a new authority figure to regulate misconduct within the banks and customer complaints, as well as being hit with fines ranging from $50-200 million.
- Welfare clients routinely avoiding employment opportunities will face increasing financial hardship, including withholding or cancelling payments.
- In an attempt to reduce the deficit, foreign aid will be cut by $300 million over the next four years.
- Uni Students will have to pay an additional $2,000 to $3,600 for a four year course.

 

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