Federal Budget 2014: How does the budget affect you?


Under 30s will:

– Face up to six months waiting period with job search obligations until qualifying for income support; receiving a discount for previous employment

– Face strengthened activity and job search obligations

– Participate in 25 hours per week Work for the Dole

Businesses paid $10,000 over two years to employ long-term unemployed Australians over the age of 50 through new Restart program

Age Pension age will increase to 70 by 1 July, 2035

Pensions, including the Age Pension and the Disability Support Pension, will be indexed to inflation rather than wages from September 2017


Families with one parent earning more than $100,000 will not be eligible for Family Tax Benefit from 1 July 2015

FTB-B will end when youngest child turns six

Low income single parents will receive new assistance of $750 annually for each child aged between six and 12 years

Higher education

From 1 January, 2016 higher education providers in Australia will be able to set their own tuition fees for the courses that they offer

Graduates will begin to repay their HELP debt once earning more than $50,638 from 1 July, 2016

Interest rate applied to HELP loans will reflect government borrowing, capped at rate of six per cent

Establish a Trade Support Loan for apprentices


Cut the company tax rate by 1.5 percentage points from 1 July 2015

Repeal the mining and carbon taxes


$1 billion National Stronger Regions Fund will help construct and improve infrastructure for communities in need, including those with high unemployment.

Further $550 million committed to Roads to Recovery and Black Spot Programmes, on top of the $2.5 billion previously committed.

Infrastructure Growth Package to provide extra $11.6 billion for infrastructure


From 1 July, 2015, previously bulk-billed patients will pay $7 per standard GP visit and out-of-hospital pathology and imaging services.

For each $7 patient contribution, $5 will be reinvested in the new Medical Research Future Fund.

Establish $20 billion Medical Research Future Fund.


Reintroduce indexation of fuel excise from 1 August 2014

People earning more than $180,000 will pay a two per cent Temporary Budget Repair Levy from 1 July, 2014 until 30 June, 2017