When the big-ticket announcements are done, here are the most important things to know about the next five years
The big announcements that will be made during the new financial year include: The Government announces the rollout of new car registration and driving licences (registration is due to start in February).
It will also roll out new insurance and a raft of other services, including a National Driver Account (NDAA) for all drivers, a new online service for drivers and a national broadband network.
The National Broadband Network (NBN) will also be rolled out, with an investment of $1.6 billion.
An election is not due until early 2018.
The Prime Minister has said that a vote for the Liberals will take place on October 23, 2018, but the timing is unclear.
New South Wales Governor-General Gladys Berejiklian has said the state is likely to have a $1 billion deficit by the end of 2020.
It is also likely to be the first year since the late 2000s that there will not be a Commonwealth budget surplus.
Australian Capital Territory Premier Scott Morrison has said he expects the budget deficit to be between $700 million and $800 million in the new year.
A new Australian Manufacturing Agreement is agreed with China and India.
It is understood the agreement is expected to boost exports by more than $1bn in 2020, and will be signed as early as next week.
On a broader economic level, Australia will start exporting more cars and trucks this year than it did in 2017, the government said.
But it will not have enough cars to meet demand.
As the economy grows, more people are choosing to live in the inner cities and the manufacturing sector is set to continue to decline.
Australia’s manufacturing output will grow by only 2.6 per cent this year, down from 3.9 per cent in 2020.
Manufacturing has been hit hard by the economic downturn, and the Government says there will be more factory closures and other job losses in 2020 than in any previous year.
Australian Manufacturing output will also drop by 2.1 per cent, down 2.2 per cent from last year.