Budget 2019: The full text of Paschal Donohoe’s speech

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Statutory Transfers of about N492. This will apply for accounting periods beginning on or after 1 January 2019. It is clear that since then, the Leone has depreciated against major international currencies rendering the thresholds redundant.

That's a restriction not included in some of the other initial legalization proposals from lawmakers. In the past two years, we have planted over 2. Our hope is to roll out such programs to 300 such economic clusters across the country. Trading is a significant contributor to our economic development but we must continue to focus on strengthening actual production.

JUST IN: Full Breakdown of 2019 Budget presented by President Buhari

Thank you Mr Speaker, I move that this Bill now be read a second time. What are you going to do now. What does it mean for me. So let me get to it. The Government living within its means. That is what this Budget is about. The Australian economy is now pulling budget speech 2019 of one of the toughest periods we have faced in generations. The Global Financial Crisis was significant. This directly impacted Australians and their families, including holding back wages. During this difficult time, the Government has been working to strengthen the Australian economy and get the budget back on track. And we've been making real progress. The Australian Bureau of Statistics figures show that almost a million jobs have been created since we were first elected, as promised. This includes 415,000 jobs last year alone. More than a thousand jobs a day, three quarters of which were full time. Businesses are responding to improved conditions by investing budget speech 2019, confidence is up. More new businesses are being started. We've backed small and medium sized businesses with legislated tax cuts and investment incentives. We have invested at record levels to build the roads, railways, airports and energy infrastructure Australia needs for the future. Landmark export trade deals are backing our farmers, budget speech 2019, manufacturers and service industries to crack new markets. We are no longer budget speech 2019 money to pay for everyday expenditure like welfare payments. Our national economy is strengthening, but it is also true that the benefits are yet to reach everyone. This will take more time. That is why it is important to stick to our plan. There is more to do. We cannot take a stronger economy for granted. We live in a very competitive world. If we make the wrong calls, other countries will 'cut our lunch'. There is a lot to gain and much to lose. In this year's Budget there are five things we must do to further strengthen our economy to guarantee the essentials Australians rely on. Turning first to the key financial outcomes in this year's Budget. This will be the best budget outcome since the Howard Government's last budget a decade ago. The Turnbull Government has now stayed on track for a surplus for six successive budget updates. The forecast outcome for 2019-20, as always, is subject to Treasury's assessment of economic conditions at the time of the Budget. As a Government we have put constraints on how much we spend and how much we tax, to grow our economy and responsibly repair the budget. Real expenditure growth remains below two per cent, the most restrained of any Government in more than 50 years. This will see Government spending fall to 24. We are also keeping taxes under our policy speed limit of 23. Higher taxes to chase higher spending never ends well. Australians always end up paying for it one way or another. With the budget returning to balance we will start paying down debt. Net debt will now peak at 18. Over the medium term net debt will fall to 3. It has been a long road back from where we started in 2013. We are close to our destination. We must stick to the plan. Mr Speaker, I turn now to the measures in tonight's budget that form part of our plan for a stronger economy. In this Budget we are providing tax relief to encourage and reward working Australians and reduce the cost pressures on households. Tonight I announce a seven year personal tax plan to make personal income tax lower, fairer and simpler. The plan will result in more working Australians paying lower rates of tax. It will be enshrined in legislation. The plan has three parts. Tax relief for middle and low income earners now. Protecting what Australians earn from bracket creep. Ensuring more Australians pay less tax by making personal taxes simpler. Under our personal tax plan, 94 per cent of Australian taxpayers will pay no more than 32. That compares to 63 per cent if we leave the system unchanged. This means more working Australians paying lower taxes on every extra dollar they earn. The Turnbull Government believes that to create a stronger economy there must be reward for effort. You must not punish people for working hard and doing well. This is what underpins our plan. This is what can be responsibly afforded, while keeping the Budget on track. Step one will be delivered by an additional targeted tax offset through annual tax returns. This tax relief will not be clawed back by other tax increases, including the Medicare levy, which will budget speech 2019 unchanged. Step two of the plan ensures that a pay rise, extra overtime or working more hours does not get eaten up by higher tax rates. In the 2016-17 Budget speech 2019 we increased the top threshold for the 32. This kept 500,000 Australians from paying more tax at 37 cents in the dollar. This will stop an additional 210,000 Australians paying 37 cents in the dollar. In 2022-23 we will make more substantial changes. Step three of the plan makes our tax system simpler. In 2024-25 we will simplify the personal tax system by abolishing the 37 per cent tax bracket entirely. The plan is affordable and funded. The overwhelming majority of this cost commences in 2019-20, the same year the Budget is forecast to return to balance. This is not spending or a give-away. We are simply enabling Australians to keep more of what they have earned. Our tax cuts are also not being achieved by increasing taxes elsewhere. Everyone pays the price of higher taxes. It weakens the economy and costs jobs. You don't have to punish some people with higher taxes, who are already paying the majority of tax, to give others tax relief. In this Budget there are other ways we are reducing cost pressures on Australian households. We're banning exit fees on superannuation accounts for when you want to change funds. We will stop superannuation funds from forcing young people under 25 or with low balances to pay for life insurance policies they have not asked for or do not need. And we will oppose unfair tax grabs on retirees and pensioners, by enabling everyone who has invested in Australian companies that issue franked dividends, to keep their tax refunds. We will maintain our responsible and achievable emissions reduction target at 26-28 per cent, and not the 45 per cent demanded by the Opposition. That would only push electricity prices up. And budget speech 2019 will not adopt the 50 per cent renewable energy target demanded by the Opposition that will also only put electricity prices up. All energy sources and technologies should support themselves without taxpayer subsidies. The current subsidy scheme will be phased out from 2020. And we will keep the pressure on the big energy companies to give you a better deal. Already this has led to households saving several hundred dollars a year. In this Budget the Turnbull Government is backing business to create more jobs. We have already legislated tax cuts for small and medium sized businesses. Full implementation of our enterprise tax plan is needed for our businesses to remain internationally competitive, invest, create more jobs, boost wages and increase trade for smaller businesses. In this Budget we are making sure small businesses don't get ripped off by other businesses who deliberately go bust to avoid paying their bills, with tough new anti phoenixing measures. Tonight we announce a new 21st century medical industry budget speech 2019 to create more jobs in this fast growing sector of our economy. The health sector represents 7 per cent of our economy and 14 per cent of jobs. Our plan will provide more support for medical research projects, new diagnostic tools, clinical trials of new drugs, scientific collaboration, and development of new medical technologies that can be sold overseas. This is about building another strong and competitive industry in Australia that will generate income and jobs, from the white coats in the labs to the workers making new medical devices on the shop floor. But it's not just science and technology in the medical industry we're supporting. It's exciting, setting up our manufacturing, agriculture, transport and service industries for success. They rely on this public infrastructure to do their own research, develop new products and services and run their businesses more efficiently. Budget speech 2019 backing farmers to create more jobs. We are funding budget speech 2019 technology to better detect biosecurity risks and we will increase our efforts to negotiate away technical trade barriers to agricultural exports in more countries. The M1 upgrade on the Gold Coast. At a more local level. New works on the Geelong line and an electrification upgrade for the Frankston to Baxter rail line. The Bunbury Outer Ring Road. Boosting the Bruce Highway from Pine River to Caloundra and Section D from Cooroy to Curra. The Adelaide Budget speech 2019 South Corridor. But we always know that more needs to be done. This initiative will boost our regional economies, backed by a new funding round for the Building Better Regions Fund. A strong economy also needs a strong, accountable and competitive 21st century banking and financial system. We will continue to roll out our stronger penalties, powers and enforcement to take action on misconduct in the sector. The legislated major bank levy will continue and the Australian Financial Complaints Authority will stand up on 1 November and our Banking Executive Accountability Regime starts on July 1. In this Budget we are also moving forward with our Open Banking Regime and consumer data right, giving small businesses and households more control, more choice and better deals. Mr Speaker, our plan for a stronger economy means the Turnbull Government can guarantee the essential services that Australians rely on. Just because you are getting older does not mean you should have to surrender your dignity or your choices. We want to preserve and increase the choices of older Australians. By 2021-22, over 74,000 high level home care places will be available, an increase of 86 per cent on 2017-18. And we will stand up for older Australians to keep them safe and prevent elder abuse, with new support services and a national online register for enduring powers of attorney. In addition to the Pension Loans Scheme and Pension Work bonus changes, the Government will back the choices of older Australians who budget speech 2019 to stay in work. We will expand the Entrepreneurship Facilitators program, and create a new Skills and Training Incentive to provide mature age workers with the opportunity to update their skills. We will help Australians plan for a longer and healthier life with new online skills and health check-ups at ages 45 and 65 years, linked to programs that can help them better prepare. We will fund targeted programs run by local sporting organisations and community groups to encourage older Australians to remain physically active for longer. That's 50 per cent more funding per student, on average, over a decade. The issue now is to focus on how the money can be best spent to give teachers the tools to equip students to grow and succeed. That is now our focus. In this Budget we are extending the National Schools Chaplaincy programme on a permanent basis, with a special new anti-bullying focus. On July 2, the Turnbull Government's new child care package will come into effect. In rural and regional areas we have funded a plan to get more doctors to where they are needed through a new workforce incentive programme. This plan includes the establishment of a new network of five regional medical schools within the broader Murray Darling Region. And we have moved to guarantee rural and remote access to dental, mental health and emergency medical services through increased financial support for the Royal Flying Doctor Service. Finally, every dollar and every cent committed to delivering the National Disability Insurance Scheme remains in place and always will. The Liberal and National parties can always be trusted to keep Australians safe. Stopping the boats and keeping them stopped. Protecting Australians from the threat of terrorism. Giving our defence forces what they need to do their job to protect our values and our freedom. Protecting Australia from those who seek to do us harm and exert unwelcome influence on our soil. This is what the Turnbull Government is doing. There is also additional investment to improve scrutiny of visa processing and passenger screening, and clearance of visitors and goods at our borders. New powers will also be sought to back in States and Territories to crack down on offenders and criminals with outstanding warrants and fines by withholding their welfare payments. Lastly, in this year's Budget, the Turnbull Government will ensure that the Government lives within its means. A stronger economy keeps spending under control by getting Australians off welfare and into work. After record jobs growth, the proportion of working age Australians now dependent on welfare has fallen to 15. Improved compliance and better targeting has also assisted in getting welfare spending under control and we will continue to take action in this area. This Budget includes new measures to further improve the integrity of our tax system. But we need to do more. We will close down another tax loophole opened up by the Rudd Government back in 2008 that gave foreign companies a tax break over Australian companies, by changing the tax treatment of stapled structures. We are also further tightening thin cap rules to stop multinationals from fiddling with how they account for debt, to reduce their tax liabilities. The next big challenge is to ensure big multinational digital and tech companies pay their fair share of tax. Over the past year I have been working with counterparts at the G20 to bring the digital economy into the global tax net. In a few weeks' time I will release a discussion paper that will explore options for taxing digital business in Australia. At home we also need to shine a light on the black economy. Taxes should be lower, simpler and fairer, but taxes must also be paid. Honest and fair businesses and taxpayers are being ripped off by those who think they are above paying tax. In response we will be implementing the recommendations of our Black Economy Taskforce, targeting sectors where there is higher risk of under reporting of income. This will be bad news for criminal gangs, terrorists and those who are just trying to cheat on their tax or get a discount for letting someone budget speech 2019 cheat on their tax. Mr Speaker, our plan for a stronger economy will create more jobs and guarantee the essential services that Australians rely on. Our record of financial responsibility means that under our plan, Australians can plan for their future with confidence. We must stick with this plan because it's working. We can't afford to risk the alternative. Once again, Mr Speaker, I commend our plan for a stronger economy and this Budget to the House.

The health sector represents 7 per cent of our economy and 14 per cent of jobs. Resources have been allocated to implement this recommendation from March 2019 subject to acceptance by the relevant unions. We will fund targeted programs run by local sporting organisations and community groups to encourage older Australians to remain physically active for longer. A repayment of Le36 billion was also made to the non-banking sector. That compromise — specifically designed to win the support of Senate Democrats and avoid a filibuster — ended an 8-hour partial government shutdown Friday and signaled a budget truce for at least the next 19 months. This Budget includes new measures to further improve the integrity of our tax system. And we will stand up for older Australians to keep them safe and prevent elder abuse, with new support services and a national online register for enduring powers of attorney. This means more working Australians paying lower taxes on every extra dollar they earn. This will be the best budget outcome since the Howard Government's last budget a decade ago. For effective delivery to critical areas, we decided that we had to decentralize power supply leveraging off-grid solutions especially solar based systems. Improving the Business Environment 103.