Federal Budget 2017: Winners and losers

Yahoo7 and Agencies

Treasurer Scott Morrison has described the 2017-18 budget as “honest”, attempting to please first home buyers, pensioners and GPs, but it’s set to hit the hip pockets of big banks and high wage earners.

“It sets out a credible and affordable plan based on the principles of fairness, security and opportunity,” he said.

“It does not pretend to do things with money we do not have.”

Schools will received $18.6 billion in extra funding. Source: AAP

WINNERS

Schools

The budget will invest $18.6 billion in extra funding to schools over the next 10 years.

“Our schools funding package delivers a fairer and simpler way to meet our shared commitment to educate each and every child, in accordance with the Gonski needs-based standard,” the Treasurer said.

First home buyers

From July 1 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.

First home buyers will be able to salary sacrifice to buy their first home. Source: Getty Images

Australian Federal Police

The AFP will receive more than $300 million to ensure it can continue to lead the charge against terrorism, organised crime, child exploitation and other crimes.

Pensioners

Older Australians impacted by the pension assets change introduced earlier this year will have their pensioner concession card restored.

“As a result, they will regain access to state and territory based concessions that were withdrawn after the change,” Mr Morrison said.

LOSERS

Bank customers

The budget has hit the big banks with a $6.2 billion tax, which UBS analyst Jonathan Mott said could be passed on to customers.

“The Australian banks have a very good track record of passing on higher funding costs, credit risks and other headwinds to customers,” Mr Mott said in a note to clients before the budget announcement.

University students

Uni students will pay more for tertiary education with a 2.5 per cent efficiency dividend introduced.

Welfare cheats

There will be a crackdown on those attempting to collect multiple payments, stricter residency rules for new migrants to access Australian pensions, and denying welfare for a disability caused solely by their own substance abuse.

Jobseekers could lose payments if they are found to be avoiding job interviews. Source: AAP

Taxpayers

The Medicare Levy will increase by 0.5 per cent in two years’ time raising $8.2billion to fund the National Disability Insurance Scheme.