The Turnbull Government resisted an election-eve pork barrel, opting instead for a modest suite of budget measures geared to avoid antagonising voters ahead of the July 2 poll.
Treasurer Scott Morrison’s first budget included tax relief for middle-income earners and small business.
But he told parliament on Tuesday night it was not the time to be “splashing money around” given the fragile state of the global economy.
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At a glance
– Tax cut for middle income earners. Upper limit for the middle income tax bracket up from $80,000 to $87,000.
– Tax cuts for small business. Rate down one percentage point to 27.5%. Turnover threshold up from $2m to $10m.
– Multinational corporations face penalties for shifting income offshore.
– Superannuation reforms to affect higher earners. Wealthy retirees’ tax-free super capped at $1.6m, raising $2.8 billion over four years.
– Tobacco excise to increase in four increments of 12.5%, raising $4.7bn over four years.
– New dams, transport projects, including early work on inland rail and the second Sydney airport transport links.