Federal Budget 2019: What Gold Coasters need to know about Morrison Government’s first budget
Federal Treasurer Josh Frydenberg has brought down his pre-election budget, delivering tax cuts, a budget surplus for the coming year and millions for Gold Coast projects, including a proposed fast rail link to Brisbane.
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THE Morrison Government has delivered a Budget surplus while still offering generous tax cuts and congestion busting projects targeting fast-growing cities including the Gold Coast.
Treasurer Josh Frydenberg, in his first budget, has framed a voter-friendly package with no new taxes, guaranteeing essential services and talking up the economy despite a cooling of the housing market.
Middle income earners and small businesses are the big winners as the Government heads to the polls, either on May 11 or 18 with an announcement expected on Sunday.
The Budget pitch is clearly aimed at marginal seats like Forde, in the Gold Coast’s north, which Coalition MP Bert van Manen holds with a slim margin and must win for the government to be returned.
“Tonight, I announce that the Budget is back in the black and Australia is back on track,” Mr Frydenberg said in his budget speech.
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The Budget surplus of $7.1 billion — a $55 billion turnaround from six years ago — is expected to increase to $11 billion in 2020-21 and $17.8 billion in 2021-22, slightly higher than predicted a year ago.
As promised the Coast will get $112 million for light rail to be extended from Broadbeach to Burleigh Heads, but Mr Frydenberg in his speech talked up fast rail.
The Government has set aside $8 million for a study into a proposed Gold Coast-Brisbane fast rail link, which will also analyse the need for heavy rail south to Gold Coast Airport.
“We will deliver new infrastructure projects — to ease congestion in our cities. To unlock the potential of our regions. To better manage population growth. To improve safety on our roads,” he said.
“Central to our plan is a long-term fast-rail vision for Australia. To make this vision a reality, we are providing $2 billion in this Budget for fast-rail between Melbourne and Geelong, slashing travel times in half.
“Work is underway to develop fast-rail corridors in other areas — Sydney to Wollongong, Newcastle, Bathurst, Orange and Parkes. Brisbane to the Sunshine Coast and Gold Coast. Melbourne to Shepparton, Traralgon and Wodonga. We are getting on with the job of building infrastructure.”
Labor has also flagged its support for fast rail between Gold Coast and Brisbane.
The Treasurer announced the urban congestion fund would have a fourfold increase from $1 billion to $4 billion.
“This fund will focus on immediate, practical measures to cut travel times within our cities. Removing bottlenecks and improving travel corridors,” he said.
But no mention was made of helping fund the State’s biggest public infrastructure project — Cross River Rail, which will reduce rail times from the Coast to Brisbane.
The key points for the Coast in the Treasurer’s speech included:
* Teachers, tradies and nurses — those earning up to $126,000 — benefit from the largest personal income tax cuts since the Howard Government, amounting to $158 million.
* Single income households could get more than a $1000 extra a year, and families on dual incomes up to $2016. The tax relief will be as soon as returns are submitted in 13 weeks — more than 10 million people will benefit, $4.5 million getting the full amount.
* Cutting small business taxes to 25 per cent, increased access to finance through a $2 billion fund and expansion of the popular instant asset write-off — from $25,000 to $30,000, every time new tools or appliances to that amount are bought.
* A $100 billion infrastructure spend across the next decade, including the Gateway Motorway upgrade in Brisbane ($800 million) and Daisy Hill to the Logan Motorway on the M1 ($500 million), along with $2.2 billion for safer roads. Regional airports get $100 million.
* Older residents to get 10,000 new home care packages — the increase brings to 40,000 the number approved in the past 18 months.
* Pensioners to get a one-off energy assistance payment of $75 for singles and $125 for couples.
* Funding of $570 million for Federal police and ASIO, not just to combat terrorism and extremist threats, but for “cracking down on outlaw motorcycle gangs and their drug supply chains”.
* The Glitter Strip to be part of major tourism promotion, with funding for Tourism Australia increasing from $170 million to $175 million.
Mr Frydenberg said the fundamentals of the Australian economy were sound but admitted there were “genuine and clear risks emerging both at home and abroad”.
“The residential housing market has cooled, credit growth has eased and we are yet to see the full impact of flood and drought on the economy,” he said.
“Global trade tensions remain, the Chinese economy has slowed and there has been a loss of momentum in Japan, Europe and other advanced economies.
“Notwithstanding these challenges, it is a testament to the strength of the Australian economy that it is in its 28th year of consecutive economic growth.”
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