In case you missed it: The federal budget catch-up sheet

In summary: it's all about savings with a sprinkle of infrastructure spending on the side.

1. Medical and Health

Health care savings will come from a $10.5 billion cut, the increased cost of medications on the Pharmaceutical Benefits Scheme and the introduction of a GP co-payment of $7 every time you visit the doctor, have an X-ray or a blood test. Public hospital funding will be slashed by $2 billion and face an uncertain future. These savings will go towards funding a $20 billion Medical Research Future Fund, the largest of its kind in the world.

Read more: Hockey flags health spending cuts

Federal Budget 2014: Patients to pay $7 to see a doctor, get a blood test or an X-ray

2. Taxation

Sweeping tax reforms include a ‘temporary budget repair levy’ comprising 2 per cent of income, payable from July 1, 2014 until July 2017 by those earning over $180,000. The fringe benefits tax rate will rise from 47 per cent to 49 per cent from April 2015 to March 31, 2017.

The super guarantee will rise to 9.5 per cent on July 1, 2014 but will be frozen at that level until June 2018, pushing out the planned 12 per cent rate. Those making after tax super contributions from July 2013 will be able to withdraw the excess, and earnings on the excess.

The company tax rate will be cut by 1.5 per cent to 28.5 per cent from July 2015, and for large companies will offset the cost of the 1.5 per cent Paid Parental Leave levy.

Read more: Budget forecasts smaller FY15 deficit of $30b

The debt tax: who it will affect

3. Infrastructure

An $11.6 billion “infrastructure growth package” focuses on roads, and an additional $3.7 billion will be directed towards road projects, including $2.9 billion for Sydney’s WestConnex, Melbourne’s East-West Link, Adelaide’s North South Corridor, NT road upgrades, the Toowoomba Second Range Crossing, and the Perth Freight Link. A total $156 million will be put towards Gold Coast’s 2018 Commonwealth Games preparation.

All up, there will be spending of about $50 billion over the next six years on roads, rail and ports. The projects when completed are forecast to add 1 percentage point to gross domestic product. 

Read more: Federal budget 2014: infrastructure experts react

Federal budget: Gold Coast's 2018 Commonwealth Games get $156 million funding boost

There's $50 Billion In Infrastructure Spending Outlined In The Budget

4. Age pension

The pension age will rise to 70 from 2035 and from 2017, will be indexed twice-yearly against inflation - rather than being tied to average wages. Eligibility threshold for pension payments will be frozen for two years from July 2017.

Meanwhile, a range of other concession and program cuts for seniors, including Annual Seniors Supplement payments and the Commonwealth Home Support Program have been axed.  

However, despite the Commission of Audit’s recommendation, the family home will not be included in the asset test for the age pension. 

Meanwhile, the government will pay subsidies up to $10,000 -- paid over two years -- to employers who hire workers aged over 50.

5. Family

The biggest change hits Family Tax Benefit Part B (FTB-B), which will be cut for families when their youngest child turns six. The changes are projected to save the government $1.9 billion over five years. Families will also miss out if the household income is more than $100,000, down from $150,000 currently. All Family Tax Benefit payments will be frozen and remain at current rates for two years, saving the government $2.6 billion over four years.

Read more: Budget 2014: Family Tax Benefit cuts worth billions to hit families

6. Young people and unemployment

The young and unemployed will take a hit from the latest federal budget. Those aged up to 30 years who are unemployed and are applying for Newstart or Youth Allowance will have to participate in job search and employment services activities, which will be funded by the government, for up to six months before they can receive payment.

These changes will save the budget $1.2 billion over four years and aims to get the young “earning and learning”. In addition, the eligibility age for Newstart (worth about $45 more a week than the Youth Allowance, for a single person living apart from their parents) will rise from 22 to 25 years of age.

Read more: Shock-therapy for welfare addiction

Federal budget 2014: Young to wait until 25 to get dole

7. Education

Come 2016, universities will have free rein to charge students as they see fit. Also from 2016, students will have to start paying their Higher Education Loan Program (HELP) debts back earlier, at a rate of 2 per cent, when they earn $50,638. Graduates will pay an interest rate of 6 per cent on their student loan -- up from 2.9 per cent currently.

Read more: Federal Budget 2014: Universities to change degree costs as students hit with earlier repayments

8. Privatisations

Privatisation of the Royal Mint, Defence Housing Australia and the corporate registry arm of the Australian Securities and Investments Commission have been flagged, but not implemented, in the budget which allocated $11.7 million into studies on future privatisations.

9. Motoring

Changes to the fuel excise from August 1 will cause the price of a litre of fuel to rise by the rate of inflation every six months. That is expected to cause prices at the bowser to leap about one cent every year. The fuel excise has been locked at 38.1 cents per litre since the Howard coalition government froze automatic indexation in 2001.

Read more: Motoring groups to fight petrol price lift

10. Public servants

The Coalition expects the public service to shed about 16,500 jobs by July 2017. Another 7336 job cuts are expected over the coming year.

Read more: Budget to cut 16,500 public service jobs

Public service job cuts hit ATO the hardest

11. Scientific Research

A sum of $111m was cut from the CSIRO over the forward estimates. The Australian Research Council, which funds much basic research, particularly outside the biomedical sphere, receives a $75m cut over the forward estimates.

Meanwhile, $140m has been allocated for the Future Fellowships scheme, which supports mid-career researchers looking to build their career as world-class discoverers. Another $68m will be earmarked for Australia’s Antarctic presence, and the Australian Nuclear Science and Technology Organisation (ANSTO) gets $31m over four years towards the costs of operating the Open Pool Australian Lightwater (OPAL) nuclear research reactor.

Read more:   Mixed bag for science in Joe Hockey's first budget

Budget 2014: there’s more to science than medical research

12. Defence

Around 1200 Defence bureaucrat jobs will be cut, and savings will be pumped back into boosting combat capabilities. A total $1.5 billion will be fast-tracked to pay for new hardware. Expenditure will come to $29.2 billion in the coming financial year and rise to 2 per cent of GDP within a decade. A sum of $122.7 billion is projected to be spent over the next four years on forward estimates.

Read more: Defence spending hike gets big tick

13. Environment

Investment in renewable energy will be slashed following the abolition of the Australian Renewable Energy Agency (ARENA), the Climate Change Authority and the Clean Energy Finance Corporation. A $40 million trust fund for projects to protect the Great Barrier Reef will be set up. A $2.55 billion commitment to funding the government’s Emissions Reduction Fund (direct action policy) will now be spread out over 10 years, compared to the four years previously promised.

Read more: Winners and Losers of the 2014 budget

The budget has it backwards on climate

14. Politicians

Politicians and senior public servants will also be affected by the budget cuts with a one year freeze being placed on their earnings. They will also be affected by the high income tax that states people who earn more than $180,000 a year will have to pay a debt levy, starting July 1.

Read more: What the Federal Budget 2014 means for you

BUDGET 2014: Politicians’ pay freeze a last-minute measure

15. Foreign Aid

Overseas aid budget will be slashed by $7.6 billion, following the folding of AusAID into the Department of Foreign Affairs earlier in the year. Delivery of foreign aid will be capped at 5 per cent of DFAT’s budget. In 2016-17, foreign aid will grow in line with the Consumer Price Index, fulfilling a Coalition election promise to remove the decades-old practice of measuring aid as a percentage of Gross National Income.

Read more: Budget 2014: Axe falls on foreign aid spending, nearly $8 billion in cuts over next five years

Federal Budget 2014: More than $7.5 billion cut from foreign aid

16. Indigenous affairs

A sum of $534 million will be saved by slashing 150 Indigenous program areas down to five broad ones: employment & land, education, health & safety, culture and remote strategies. On top of those cuts, $15 million will not be delivered to the National Congress of Australia's First Peoples. However, $54 million will be allocated to build police stations in remote Indigenous communities in Queensland, Western Australia and South Australia over the next four years.

Read more: Budget 2014: $534 million cut to Indigenous programs

Indigenous affairs hit by 'savage budget cuts'

17. Media (ABC & SBS)

Funding to the ABC and SBS will be cut by 1 per cent, netting savings of $43.5 million over four years. The cuts are widely believed to be far lower than the 10 per cent originally recommended by the government expenditure review committee. Around $220 million will be saved by axing the Australia Network television service. Screen Australia faces cuts of $25 million over the next four years, with $5.2 million being taken next year.

Read more: Budget 2014: ABC, SBS funding cut, Australia Network contract cancelled

ABC and SBS face cuts while budget sees Australia Network scrapped

18. Local Councils

For local councils there are projected cuts of nearly $1 billion over four years. There are also concerns about the budget’s freeze of indexation payments to local governments. The freeze on local governments looks to be felt the hardest in rural, remote and indigenous communities who rely on the grants as their main source of income.

Read more: States lash federal budget

States prepare for battle over budget cuts to schools, hospitals

Councils to do it poor after Federal Budget cuts

19. Video gamers

Under the new budget, video game developers will take a $10 million hit as the Australian Interactive Games Fund is axed. Back in 2012, Labor had pumped $20 million into this industry in order to support home-grown game development. Initially $5 million was allocated in each of the first two years, with the remaining $10 million to be spent in 2014-2015. However, budget papers have shown that the funding will end on July 1 2014.

Read more: Video game funding axed in federal budget

Video game peak body baffled by Budget fund cut

Game developers cry foul as axe falls on Screen Australia fund

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