Budget 2019: winners, losers

Farmers, the regions and commuters set to cash in on the Treasurer’s election-eve pitch.

WINNERS:

• Taxpayers — more than 10 million low and middle-income earners will get a tax break of up to $1080 per person, or $2160 for dual-income families. About 4.5 million workers earning between $48,000 and $90,000 are in line for the maximum benefit.

• Small business — the instant asset write-off will be increased from $25,000 to $30,000. Eligibility for the scheme will now cover businesses with a turnover of up to $50m, a rise from $10m.

• The company tax rate will be cut from 27.5 per cent in 2019/20 to 26 per cent in 2020/21 and 25 per cent in 2021/2022.

• The bush — $6.3bn will be available in concessional loans for those affected by drought. Also, $3.9bn has been set aside for a future drought fund, another $3.3bn for those affected by flood and $3.9bn will go to the creation of an emergency response fund.

• Rail users — $2bn has been set aside for the Melbourne to Geelong fast rail plan. In addition, five fast rail projects will get funding for business cases (Sydney to Wollongong; Sydney to Parkes via Bathurst and Orange; Melbourne to Albury Wodonga; Melbourne to Traralgon; and Brisbane to the Gold Coast).

• Road users — $3bn will go towards an urban congestion fund, targeting the worst affected urban areas and traffic hot spots. It will include $500m for a commuter car park fund, for park and ride facilities at rail stations.

• Road and rail users — $1 billion will go to the next phase of the roads of strategic importance plan, while $15.6bn has been set aside for additional road and rail projects across the country.

• Apprentices — 80,000 places will be created in the next five years.

• The ABC — $43.7m to help fund the broadcaster’s rural and regional journalism for the next three years.

• Preschoolers — $453m to guarantee universal preschool access for all four-year-olds by the end of 2020.

LOSERS:

• Tax avoiders — multinationals, big business and high-net wealth individuals will be targeted in an ATO crackdown.

• The NDIS — The scheme is a one year behind schedule, leading to a $1.6bn pool of unspent money, but this is expected to climb to almost $25bn in just four years.

• Foreign aid will be cut to Asia in favour of Pacific nations.

• Christmas Island — a re-elected Morrison government plans to close the facility by July 31 under a plan to repeal the ALP’s medivac bill.

• Migrants will face $70m in cuts from refugee support programs.