You don't have to punish some people with higher taxes, who are already paying the majority of tax, to give others tax relief. Through the ATO we will be proactively finding your lost super and have it sent to your active superannuation account, ensuring it doesn't get eaten up in ongoing fees.
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 per cent, and not the 45 per cent demanded by the Opposition.
That would only push electricity prices up. And we 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 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. 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 plan 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. This includes supercomputers, world class satellite imagery, more accurate GPS across Australia, upgrading the Bureau of Meteorology's technology platform, a national space agency and leading research in artificial intelligence.
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.
In addition to better weather and GPS services, there will be additional funding to protect against pests, disease and weeds. We are funding new technology to better detect biosecurity risks and we will increase our efforts to negotiate away technical trade barriers to agricultural exports in more countries.
Tulla Airport Rail. Western Sydney Airport rail. Brisbane Metro. Perth Metronet. The M1 upgrade on the Gold Coast. At a more local level. The Shoalhaven Bridge. Avalon Airport. New works on the Geelong line and an electrification upgrade for the Frankston to Baxter rail line. The Buntine Highway in the NT. The Adelaide North South Corridor. This initiative will boost our regional economies, backed by a new funding round for the Building Better Regions Fund.
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.
Just because you are getting older does not mean you should have to surrender your dignity or your choices. By , over 74, high level home care places will be available, an increase of 86 per cent on 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 choose 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. Protecting Australia from those who seek to do us harm and exert unwelcome influence on our soil.
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. 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 Improved compliance and better targeting has also assisted in getting welfare spending under control and we will continue to take action in this area.
But we need to do more. We will close down another tax loophole opened up by the Rudd Government back in 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.
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 else cheat on their tax. Our record of financial responsibility means that under our plan, Australians can plan for their future with confidence. Search Search Search. 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.
This directly impacted Australians and their families, including holding back wages. And we've been making real progress. We are no longer borrowing money to pay for everyday expenditure like welfare payments. That is why it is important to stick to our plan. There is more to do. We cannot take a stronger economy for granted. There is a lot to gain and much to lose. We can't ease off. Provide tax relief to encourage and reward working Australians and reduce cost pressures on households, including lowering electricity prices, Keep backing business to invest and create more jobs , especially small and medium sized businesses, Guarantee the essential services that Australians rely on , like Medicare, hospitals, schools and caring for older Australians, Keep Australians safe , with new investments to secure our borders, and, as always, Ensure that the Government lives within its means , keeping spending and taxes under control.
That's our plan. 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. With the budget returning to balance we will start paying down debt. It has been a long road back from where we started in We are close to our destination. We must stick to the plan. In this Budget we are providing tax relief to encourage and reward working Australians and reduce the cost pressures on households. The plan has three parts. And as we remember our fallen servicemen and women whose sacrifice ensured the freedom we enjoy today….
So I will also provide funding for grants equivalent to the VAT chargeable on such refurbishment projects.
Across the length and breadth of England, our air ambulance services work tirelessly to get those with life-threatening illnesses and injuries quickly to the expert medical care they need…. But I recognise that school budgets often do not stretch to that extra bit of kit that would make such a difference.
And today, Britain once again can lead the world as we exploit a new wave of scientific and technological discovery pouring out of our Universities and Research Institutes. But even I would admit that perhaps at the last two Budgets I might have given the House just a little bit more detailed information on productivity and technological innovation than it strictly needed! So, Mr Deputy Speaker this time I will leave it to the Budget Red Book to set out more detail of the many measures we will take today….
So today I can announce a package of measures to stimulate business investment and send a message loud and clear to the rest of the world:. As well as backing businesses to invest and grow, we will also make sure British workers are equipped with the skills they need to thrive and prosper. We will also bring the treatment of capital losses for the largest companies into line with that of income losses;.
So from April we will limit Lettings Relief to properties where the owner is in shared occupancy with the tenant, and reduce the final period exemption from 18 months to 9 months.
We will continue to work on this issue as our future VAT regime becomes clear over the years ahead. And in the meantime, to give small businesses certainty, and in response to representations from my HF the Member for Mid Worcestershire, the FSB and others, I will leave the threshold unchanged for a further two years.
So following our consultation, we will now apply the same changes to private sector organisations as well. But after listening carefully to representations made during the consultation, we will delay these changes until April ….
There is one stand-out example of where the rules of the game must evolve now if they are to keep up with the emerging Digital Economy:. Digital Platforms delivering search engines, social media, and online marketplaces have changed our lives, our. The UK has been leading attempts to deliver international corporate tax reform for the digital age. This will be a narrowly-targeted tax on the UK-generated revenues of specific digital platform business models.
It will be carefully designed to ensure it is established tech giants — rather than our tech start-ups - that shoulder the burden of this new tax. It is important that I emphasise that this is not an online-sales tax on goods ordered over the internet…. We will consult on the detail to make sure we get it right, and to ensure that the UK continues to be the best place in the world to start and scale-up a tech business.
Because, Mr Deputy Speaker, it is only right that these global giants, with profitable businesses in the UK, pay their fair share towards supporting our public services. But we must also recognise that technological change will bring challenges — as well as opportunities….
Embedded in the fabric of our great cities, towns, and villages, the High Street lies at the heart of many communities. And it is under pressure as never before as Britain adopts on-line shopping with greater alacrity than any other large economy.
But I know that many small retail businesses are struggling to cope with the high fixed costs of Business rates. At the next revaluation in , rateable values will adjust to reflect changes in rental values. Mr Deputy Speaker, whatever the national press says, I have been assured of a warm welcome for my budget from the Royston Crow and the Keswick Reminder.
Local Authorities have long been able to provide discretionary business rates relief to other bodies — but not to themselves. The next wave of strategic partnerships with 9 Housing Associations which will deliver 13, homes across England;.
We are consulting on simplification of the process for conversion of commercial property into new homes;. And because we want to see parishes and neighbourhoods enabling more homes for sale to local people to buy, at prices they can afford….
He concludes that the large housebuilders are not engaged in systematic speculative land-banking…. And here in our Capital we support the delivery of a further 19, homes by improving the Docklands Light Railway with Housing Infrastructure Fund money. With larger sums to come over the spending review period due to our record NHS funding. I also said at the Spring Statement that we must become a world leader in tackling the scourge of plastic littering our planet and our oceans.
Billions of disposable plastic drinks cups, cartons, bags and other items are used every year in Britain…. I have also looked carefully at the case for introducing a levy on the production of disposable plastic cups….
I will monitor carefully the effectiveness of the action the takeaway drinks industry is already taking to reduce single-use plastics…. Working across government, this ambitious package reflects our determination to lead the world in the crusade to rid the oceans and the environment of plastic waste.
And because the hard work of the British people is paying off I am pleased to be able to announce today a series of measures to help families across Britain with the cost of living. From April APD will be indexed in line with inflation, but there will be no change in the duty rate for short- haul flights. And the new railcard, which I announced at Budget last year, will be available across the network by the end of the year…. And we launch a package of measures on affordable credit and support for credit unions, which is set out in detail in the Red Book.
Secondly, I have heard the concerns about the rates and allowances within the design of the system. Universal Credit is here to stay, and we are putting in the funding it needs to make it a success.
Check what you need to do. To help us improve GOV. It will take only 2 minutes to fill in. Cookies on GOV. UK We use some essential cookies to make this website work. Accept additional cookies Reject additional cookies View cookies. Hide this message. Home Government. Speech Budget Philip Hammond's speech. The Budget speech in full check against delivery. Delivered on: 29 October Original script, may differ from delivered version.
People who get up early in the morning… …to open up factories, shops, and building sites… …to drop their kids off at school… …to check on elderly relatives and neighbours. People who ask only of Government that we protect the jobs that put food on their table… …that we deliver the public services their families rely on… …and that we do it efficiently, minimising the amount of tax we need to take from their hard-earned wages.
People who we, on this side of the House, are proud to represent. So I say to them: This Budget is unashamedly for you. Mr Deputy Speaker, The British people put their faith in us to do the job… …and today we repay that trust with a Budget that paves the way for a brighter future. And, Mr Deputy Speaker, let me be clear why: The tough decisions of the past eight years were not driven by ideology… …they were driven by necessity; [political content removed] And, as ever, we did what needed to be done.
Now we have reached a defining moment on this, long, hard journey. Where we can look confidently to the future… …and set our course for where this remarkable country will go next. Because today, Mr Deputy Speaker, I can report to the British people… …that their hard work is paying off… …and the era of austerity finally coming to an end.
Mr Deputy Speaker, Our economy continues to confound those who talk it down… …and we continue to focus resolutely on the challenges and opportunities that lie ahead… …as we build a new relationship with our European neighbours… …a new future outside the European Union.
But as we do so, let us not forget the remarkable achievements of the British people in clearing up the aftermath of the recession: …The British people have a record to be proud of: Eight straight years of economic growth; Over 3.
We are confident that we will secure a deal which delivers that dividend. Confident, but not complacent. Secondly, I shall today maintain the headroom to my fiscal rules broadly as set out in the Spring Statement… …retaining firepower to intervene if the economy needs more support in the coming months. And thirdly, as I have been clear since moving to an Autumn Budget… … if the economic or fiscal outlook changes materially in-year… … I will take whatever action is appropriate, including if necessary reserving the right to upgrade the Spring Statement to a full Fiscal Event.
Mr Deputy Speaker, The House can be confident that we are working for the best outcome for Britain… …but preparing for every eventuality. The OBR expect growth to be resilient across the forecast period… …improving next year from the 1.
Mr Deputy Speaker, This Government has prioritised getting people into work… …because the best way to help people is to provide them with the stability of a pay packet every month. Since over 3. We inherited the highest budget deficit in our peacetime history. But after eight years, the hard work of the British people is paying off. We are no longer borrowing at all to finance current spending. But Mr Deputy Speaker, [political content removed] I have always been clear: Sound public finances are essential — but they are not an end in themselves.
Now we must do more… …and thanks to the hard work of the British people, in this Budget we can do more. I said at the Spring Statement… …that our careful management of the public finances was beginning to pay off… …and that if the improvement we saw then continued… …then I would be able to provide more support to our public services on a sustainable basis.
Setting out a new path for public spending… …and a clear view for the British people of the fruits of their hard work. But that is not the limit of my ambition. The hard work of the British people is paying off. Austerity is coming to an end. Now Mr Deputy Speaker, You will know better than most that every Chancellor likes to have a rabbit or two in his hat as he approaches a budget… …but this year, some of my star bunnies appear to have escaped a little early!
That plan will be published shortly… But I shall give the House a sneak preview today: There are many pressing demands on additional NHS funding… …but few more pressing than the needs of those who suffer from mental illness. These new services will ensure that people suffering from a crisis, young or old, can get the help they need… …ending the stigma that has forced too many to suffer in silence… …and ending too the tragedy of too many lives lost to suicide.
We are proud to have made this extraordinary commitment to funding our NHS [political content removed] Mr Deputy Speaker, Departmental spending allocations with be settled at the Spending Review next year… However, there are a small number of areas where I will provide further support now… …in order to deliver necessary certainty for forward planning. Local government has made a significant contribution to repairing the public finances … ….
We are giving councils greater control over the money they raise… …through the Adult Social Care precept… …through our plans for increased business rate retention from … …and by removing the Housing Revenue Account cap so that councils can help to build the homes this country needs.
We will shortly publish our Green Paper on the future of Social Care… …setting out the choices, some of them difficult, for making our social care system sustainable into the future. But I recognise the immediate pressures Local Authorities face in respect of social care. My RHF the Defence Secretary is working with the Cabinet Office and the Treasury to conduct a Review into the modernisation of our armed forces in response to the evolving threat… …which will form the basis for a comprehensive consideration of Defence spending next year.
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