Fact Sheet 1: 2018-19 Budget Overview

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Fact Sheet 1: 2018-19 Budget Overview

General overview and economic outlook:

  • Global growth continues to improve
  • Australia's strong links to Asian Region continue to present opportunities for businesses to export
  • Momentum is building and Australia is in its 27th consecutive year of growth
  • The economy is expected to grow by 2.75% in 2017-18 and 3% in 2018-19
  • In 2017-18 the Budget deficit will be $18.2B less than half of what is was 2 years ago
  • In 2018-19 the Budget deficit is predicted to be $14.5b with a slim surplus of $2.2b predicted for 2019-20
Budget Priorities:
 
  • Provide tax relief to encourage and reward working Australians
  • Keep backing business to invest and create more jobs
  • Guarantee the essential services that Australians rely on
  • Keep Australia safe and 
  • Ensure that the Government lives within its means

Key initiatives and savings measures:

  • Tax relief to middle and lower income Australians
  • Infrastructure investment across a range of transport projects
  • Aged Care Reform including additional home care packages

Of interest to local government:

  • $1,229b in Financial Assistance Grants (noting $1.2b bought forward to 2017-18 from 2018-19) (see Fact Sheet 3 for Allocations))
  • $24.5b in funding for new transport projects (see Fact Sheet 2)
  • Priority for Aged Care funding and support packages – various measures
  • $29.7m in 2018-19 to deliver up to 500 local community sporting infrastructure grants of up to $500,000 to improve community sporting facilities
  • $50.1m over 4 years to enhance security arrangements to 64 regional airports
  • $386.5m cash estimates payments for Natural Disaster and Relief Recovery Arrangements for 2018-19
  • $30m over 2 years for Safer Communities Fund – open to local governments to fund crime prevention measures
  • $206.5m over 4 years for Round Three of Building Better Regions Fund to support investment in community infrastructure
  • $28.3m over 4 years to provide a further three funding rounds for the Remote Airstrip Upgrade component of the Regional Aviation Access Program
  • $25.9m for Stronger Communities Program Round Four – small capital projects in regional Australia
  • $4.8m for Improving collection of Housing Data by ABS and AHURI
  • $1.2m over 4 years to the Regional Australia Institute to inquire into issues affecting regional Australia
Posted 5 August, 2018