Budget at a glance

Continuing tax reform

Measures in this budget provide a major step forward in structural tax reform. They include:

• a plan to simplify and streamline Australia's superannuation system, involving the most significant changes to superannuation in nearly 20 years
• personal tax relief worth $36.7 billion over four years to reward effort, improve work incentives and enhance the international competitiveness of our top tax rates

• a continuing commitment to families with $1.5 billion in extra assistance
• enhancements to tax depreciation arrangements worth $3.7 billion to improve business efficiency and competitiveness
• tax simplification and tax reductions for small business worth $435 million
• tax integrity measures estimated to raise $2.3 billion to help maintain an equitable tax base.

Building our road, rail and water infrastructure

This budget includes significant additional funding of $2.3 billion to accelerate major projects in Australia's road and rail infrastructure and $500 million to improve water management in the Murray-Darling Basin.

Investing in health

The Government is investing an additional $1.9 billion over five years in mental health services and $241 million to train more doctors and nurses. A further $905 million will boost health and medical research.