Budget 2015 – "Bold and Gutsy" | McSweeney CA | Consulting Accountants
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Budget 2015 – “Bold and Gutsy”

The main objective of this budget is “to help build a prosperous nation”. The Treasurer, Joe Hockey, announced that “it is time for all of us to contribute” and that “the time to fix the budget and strengthen the economy is now.”

WINNERS

Medical research – gets a $20 billion Medical Research Future Fund
Small to medium businesses – 1.5 per cent company tax cut and no parental leave levy
Construction firms – $11 billion in infrastructure spending
School chaplains – $245 million over five years
Defence – Spending to rise to 2 per cent of GDP within a decade
Mothers – Paid Parental Leave Scheme to pay new mothers up to $50,000

LOSERS

The sick – $7 fee increase for GP visits and cuts to hospital funding
High income earners – Deficit tax rise of two percentage points for people earning more than $180,000 a year
Pensioners – Pension age rises to 70 from 2035 and concessions cut
Families – Cuts to Family Tax Benefit Part B
Young unemployed – Under 30s face a six-month wait for a reduced dole
University students – Face higher, deregulated fees
Motorists – More expensive petrol with a fuel levy
Public servants – 16,500 job losses
Foreign aid – Reduction in foreign aid budget of $7.9 billion over five years
Indigenous people – A $500 million cut to indigenous programs over five years
Local councils – Cuts of nearly $1 billion over four years
ABC and SBS – Cuts of $43.5 million and Australia Network abandoned
Politicians, senior public servants – One-year pay freeze, gold pass travel for ex-MPs wound back then abolished

Key Measures 

Key Forecasts

Key Changes for Individuals and Families

Key Changes for Businesses

Key Changes for Superannuation

For further details of the budget analysis read our Budget 2015 PDF Report.

Sources:
Australian Government, Budget 2014-15
Knowledge Shop
Sydney Morning Herald

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