Key new spending announcements
Education
"Gonski 2.0" schools funding
● An extra $18.6 billion in federal school funding over the next ten years, with annual funding to grow to $30.6 billion by 2027.
● A new review lead by the architect of the original Gonski policy, David Gonski, will drive the funding allocation, but 24 independent and catholic schools are set to lose funding and a further 350 schools' funding will slow during this period.

Childcare funding
● $429.4 million over two year for early childhood education, extending a government agreement to provide 15 hours of teaching a week in preschool programs.

Vocational training
● $1.5 billion to states and territories over four years towards a new Skilling Australians Fund, prioritising apprenticeships and traineeships.

Read more in our Education expert reaction panel to this year's budget.
Infrastructure
Badgerys Creek Airport
● $5.3 billion in equity funding to WSA Co, a new Commonwealth-owned company, to fund the first stages of a second airport for Sydney in the city's west, scheduled to open in 2026.

Melbourne-Brisbane inland rail
● An additional $8.4 billion investment in the Australian Rail Track Corporation towards the Melbourne-Brisbane inland rail project, which will allow freight between the two cities in under 24 hours.

State transport infrastructure projects
● $1.6 billion towards WA road and rail projects, including METRONET, which the McGowan state government took to the 2017 election.
● $844 million towards Queensland's Bruce Highway priority projects.
● $1 billion in infrastructure funding for Victorian projects including $500 million for regional rail upgrades and $30 million for Tullamarine Airport rail planning.

National Rail Program
● A $10 billion program over ten years to fund urban and regional rail projects.

Read more in our Economics expert reaction panel on the infrastructure announcements in this year's budget.
Health
Unfreezing of the Medicare rebate for some GP and specialist visits
● Bulk-billed GP visits and medical procedures to be linked to inflation again from 1 July 2017, with non-concession visits to be unfrozen from 1 July 2018. Cost: $1 billion over four years.

PBS changes
● $1.8 billion over five years towards reducing out-of-pocket costs for pharmaceuticals, particularly the most expensive medications for cancers and other teatments.

New hospital and specialist funding
● $730.4 million over the next ten years to upgrade Tasmania‚Äôs Mersey Hospital.
● $68 million in funding towards a proton beam therapy (to treat various forms of cancer) facility at the South Australian Health and Medical Research Institute (SAHMRI).
● $6 million in additional funding for specialist prostate cancer nurses.

Read more in our Health and Medicine expert reaction panel.
Veteran's affairs
$347.4 million in funding, including:
● $133.1 million over four years in gold card funding for survivors of post-second world war nuclear testing.
● $33.5 million over four years in non-liability mental health services for ex-service people, which will no longer disqualify veterans with mental health conditions prior to service.
● $171 million over five years to renegotiate contractual agreements with private hospitals for services and prosthetics.
● $9.8 million towards piloting new suicide prevention programs for veterans.
Housing affordability
First home saving within superannuation
● First-home buyers will be able to voluntarily contribute up to $15,000 per year ($30,000 total) to their superannuation to be set aside for a house deposit, at a cost of $250 million over four years.

National Housing Finance and Investment Corporation
● $63.1 million over four years to establish the National Housing Finance and Investment Corporation - a bond aggregation body to fund cheap, longer term finance for community housing.

Encouraging elderly Australians to downsize
● Elderly Australians (65+) will be able to contribute up to $300,000 from house sale proceeds to their super at the non-concessional rate from 1 July 2018, at a cost of $30 million over four years.
Law and order
New Australian Federal Police (AFP) funding
● An additional $321.4 million in funding to increase investigative resources, including intelligence, surveillance, forensics and tactical response capabilities.
Small business
Instant assets write-off scheme extended for another year
● Businesses with a turnover of up to $10 million will continue to be able to write off up to $20,000 in assets without depreciation until 30 June 2018.
Communications
Media reform - total cost $414.5 million over four years
● Broadcast licensing and datacasting fees to be abolished and replaced with a spectrum access fee, bringing down the annual avenue across the networks from $130 million to an estimated $30 million per year.
● New restrictions on gambling ads during sports game broadcasts before 8:30pm.
● A smaller number of events will be allowed on the 'anti-siphoning' list that restricts broadcasts of special events to free-to-air channels, which will mean more access for subscription channels to bid for events.

Read more in our Politics expert reaction panel on the Communications changes in this year's budget.

Key new cuts, taxes and savings
NDIS
Increase in Medicare levy to fund NDIS
● The Medicare levy will be increased from 2% to 2.5% of taxable income from July 1st 2019 to fund the NDIS.
Banks
New 'budget repair' levy
● New 6 basis point levy on the four major banks (plus Macquarie Bank), bringing in $6.2 billion over the next four years.

'One stop shop' for banking complaints
● A new regulatory body - the Australian Financial Complaints Authority - that will aim to be an affordable, fast and binding dispute resolution service for consumers, small businesses and investors, replacing three existing regulators.
Housing affordability measures
Immediate restrictions on foreign owners and investors
● Vacant property penalty will apply to foreign-owned properties vacant for more than six months of the year, resulting in $16.3 million in savings through to 2020-21.
● Capital gains tax will be denied to foreign and temporary tax residents for properties bought after budget night, with existing properties grandfathered until 2019-20, with an expected saving of $581 million in the next four years.
● A 50% cap on foreign ownership in new developments, at no forecast cost or revenue.
Education
Tertiary education cuts - saving up to $2.8 billion over four years
● HECS/HELP repayments threshold to cut-in from $42,000 per annum (at 1%) from 1 July 2017, down from the previous threshold of $54,869.
● A 2.5% 'efficiency dividend' cut applied to commonwealth supported places.
● University fees will increase 7.5% by 2021.

Welfare
Cuts to Family Tax Benefit-A payments to non-vaccinating parents
● Parents who don't meet immunisation requirements will have payments reduced by $28 a fortnight ($726 per year) per child, this will save $15 million over four years and be offset by $5.5 million in funding for awareness campaigns targeting anti-vaccination.

Centrelink crackdown
● Centrelink recipients who regularly fail to make scheduled appointments will now accrue 'demerit' points and facing escalating penalties to their payments.