Federal Budget 2014: Now for the good news

SICK of the doom and gloom? The good news is there IS some good news in the Federal Budget — and here it is.

IT’S not all doom and gloom in the Abbott government’s first Federal Budget. Here are the areas that are set to get a boost.

Highways ... a federal government priority.

BETTER ROADS

ROADS are a priority area within the government’s plans for $125 billion of additional infrastructure. (Not that the Federal Government is spending $125 billion — much of that money will come from state and local governments as well as private sources.)

REVISIT: Shadow treasurer Chris Bowen joined our experts to take questions on all things Budget-related. See how it unfolded.

The Government is providing $229 million for a new National Highway Upgrade Program, an additional $200 million for the Black Spot Program, and a further $350 million for the Roads to Recovery Program.

Individual road projects set for a funding boost include Stage 2 of the East West Link in Melbourne, the North-South Road Corridor in Adelaide, and road upgrades in the Northern Territory. When the $125 billion of total infrastructure investment is completed, the government believes it will boost the nation’s GDP by one percentage point.

Medical research ... the $20 billion Medical Research Future Fund will be the biggest in the world.

MEDICAL RESEARCH

THE planned $20 billion Medical Research Future Fund will be within six years the biggest medical research endowment fund in the world.

BUSINESS SUPPORT FOR OLDER WORKERS

BUSINESSES that employ an Australian over the age of 50 who has been on unemployment benefits or the Disability Support Pension for six months will receive a payment of up to $10,000 under a program called Restart.

Apprentices ... Trade Support Loans will be available up to $20,000.

SUPPORT FOR TRADIES

FROM July, the Government will provide concessional Trade Support Loans of up to $20,000 over a four-year apprenticeship to support those learning a trade.

Who needs to go via the coast? A Melbourne/Brisbane rail link will be completed.

A NEW RAIL LINK

THE Australian Government is committing $300 million to pre-construction works for an inland rail link between Melbourne and Brisbane. This will involve 599 kilometres of new track and 426 kilometres of upgrade track.

MEDICARE SAFETY NET

FROM January 1 in 2016 a new streamlined Medicare Safety Net will be introduced with lower thresholds for most people.

Everyone’s going green ... the Green Army will plant 20 million trees.

MORE TREES

The Government’s 15,000-strong “Green Army” will plant 20 million native trees. Billed as “Australia’s largest ever environmental workforce” it will be capable of delivering 1,500 on-ground environmental projects by 2018-19.

What a feeling ... higher education scholarships are set to be boosted by a levy on HECS.

HIGHER EDUCATION SCHOLARSHIPS

HIGHER education providers will be required to direct 20 per cent of additional revenue from increases in new student contributions to a scholarship scheme which will support access for disadvantaged students.

Debt us do part ... the budget measures will slash our national debt, the government says.

LOWER DEBT

IF all goes according to plan, the changes in this Budget will mean our national debt will be $389 billion within a decade — $277 billion less than forecast at the time of the Mid Year Economic and Financial Outlook.

Fat cat ... MPs and senior public servants have had their pay frozen for a year.

PAY FREEZE FOR MPs

FEDERAL MPs and senior public servants have had their pay frozen for one year. Some might call it a drop in the ocean but it’s nice to know the pain is being shared.

Originally published as Federal Budget 2014: Now for the good news