What we know so far about the Abbott government's 2014 federal budget

Taxes

• Deficit levy of 2% on incomes of $180,000 or more

• Reintroduce indexation of the fuel tax excise, adding between 2.5¢ and 3¢ to the price of petrol

• 1.5% reduction of the company tax rate, to 28.5%, to begin in July 2015

Welfare

• Raising of pension age to 70, affecting people born after 1965

• Linking the disability support payment to inflation rather than wages growth

• Regular reviews of disability payment and age pension recipients’ eligibility

• Reintroduction of work-for-the-dole scheme

• Ending of income support bonus paid twice a year to welfare recipients

Health

• Medicare fee on GP visits, of between $7 and $15.

• Commitment to National Disability Insurance Scheme

Education

Details have already emerged about Treasurer Joe Hockey's first budget.Credit: Alex Ellinghausen

• Continuing former government’s Gonski funding over four years before shifting to a new model

• Some form of de-regulation of university fees, allowing providers to charge more for courses

• Extension of government funding to private colleges and TAFEs

Families

• Tighter eligibility for family tax benefits with $100,000 means test

• Paid Parental Leave scheme, now a maximum payment of $50,000 for mothers earning $100,000

• Abolition of Schoolkids bonus

Public service

• 16,000 federal government jobs to be slashed as more than 70 government bodies are amalgamated, abolished, or privatised, including the Royal Australian Mint, Hearing Australia and several tribunals.

• 3000 jobs to go at the Australian Taxation Office

• New Australian Border Force to combine customs and immigration

ABC

• National broadcaster to face a 2.25% efficiency dividend

• Scrapping of Australia Network, currently run by the ABC under a 10-year, $233 million contract

Environment

• $1.55 billion over three years for the Emissions Reduction Fund, part of government’s Direct Action climate change policy

• Axing of National Water Commission and Australian Renewable Energy Agency

Superannuation

• Abolition of government contribution to superannuation funds of those earning $37,000 or less

Infrastructure

• $10 billion infrastructure package including spending on major projects and encouraging privatisation of state assets

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