2 April 2019
The 2019-20 Budget is the next stage of the Morrison Government’s plan to build a stronger economy and secure a better future for all Australians.
Senator for Victoria and Minister for Communications and the Arts, Mitch Fifield, said the Budget delivers the first surplus in more than a decade, creates more jobs, lowers taxes and guarantees essential services like schools, hospitals and roads.
“After more than a decade of deficits, this budget forecasts a surplus of $7.1 billion in 2019-20 – a $55.5 billion turnaround from the deficit we inherited seven years ago,” Senator Fifield said.
The Government’s strong budget management allows us to invest in lower taxes and essential services for Victoria, including:
- Delivering an additional $158 billion in income tax relief for hard-working Australians, on top of the $144 billion in tax cuts locked into legislation last year. This includes immediate tax relief of up to $1,080 for low and middle income earners and up to $2,160 for a dual income couple to ease cost of living pressures, benefiting 2.57 million people in Victoria.
- Backing small business by increasing the Instant Asset Write Off to $30,000 and expanding its access, benefitting 940,000 businesses in Victoria.
- Guaranteeing the essential services people in Victoria rely on.
o To assist with their next power bill and the cost of living, the Morrison Government will provide a one off, income tax exempt payment of $75 for singles and $125 for couples to more than 3.9 million eligible social security payment recipients across Australia.
o The Budget provides record levels of funding for public hospitals in every state. Payments to Victoria for public hospitals have increased by almost 80 per cent, from $3.3 billion in 2012‑13 to $5.9 billion in 2019-20. Health funding for Victoria increases by $615 million between 2019-20 and 2022-23.
o For schools, record funding for Victoria will increase from $5.0 billion in 2019 to $8.7 billion in 2029, ensuring teachers have the support they need to prepare students for the future. The Budget also includes $30 million for the Local School Community Fund that will allow communities to fund projects such as upgrades to libraries, classrooms and play equipment.
- Delivering a record infrastructure investment of $100 billion over the next decade, getting families home sooner and safer and unlocking the potential of our regions. This includes an additional $6.2 billion over the next decade for new land transport infrastructure projects in Victoria, bringing total infrastructure investment in the state to more than $27 billion from 2013-14.
“This Budget is about easing cost of living pressures, guaranteeing essential services and building new congestion busting infrastructure to ensure families in Victoria can get home easier and safer,” said Senator Fifield.
“This is all possible because of the Morrison Government’s strong economic and budget management.”