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Federal Government hopeful new budget measures will help reach surplus within four years

MML

The Federal Government hopes new budget measures will help it reach a projected $7.4 billion surplus within four years.

Some changes include:

  • An increase in the Medicare Levy to fund the NDIS beyond 2019.
  • The freeze on the Medicare rebate will be gradually lifted.
  • Banks will be slugged with a new levy to reduce debt.
  • Some welfare recipients will be subject to random drug tests, and their payments ‘quarantined’ if they test positive.
  • First-home buyers will be allowed to put money into their super funds, to help save for a house deposit.
  • Tax on loose leaf tobacco and cigars will increase, bringing it into line with regular packet cigarettes.

Treasurer Scott Morrison says previous measures were clearly getting stalled in Parliament.

‘Rule the line and reset on that,’ Treasurer Scott Morrison told Macquarie Media.

‘The ratings agencies are looking at your books and if you’re carrying measures in your books, that they know won’t pass the senate, they just see through them and write them off anyway.’

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