THE WINNERS
– Healthcare workers: The one group who are set to score a significant, $10,000-a-year pay rise are 250,000 care workers
– JobSeekers: The government has increased the Jobseeker payment by $2.85 a day, or $40 per fortnight.
– Small Business owners: Up to 3.8 million small and medium-sized businesses will be eligible for $20,000 of tax relief, which must be used for equipment to slash their energy bill
– Families with children in childcare: Upwards of 1.2 million families will be better off from July this year as the government commits to cutting the cost of childcare.
– Working expectant parents: From July 1, Parental Leave Pay and Dad and Partner Pay will combine into a single 20-week payment.
– Single parents: Single parents will now be entitled to financial support on the Parenting Payment (Single) until their child is 14 in a commitment worth $1.9 billion.
– People who require prescription medicine: Some medicines on the Pharmaceutical Benefits Scheme will be made available at two for the price of one in a move which could benefit up to six million Australians.
– Pharmacists: The government will invest $79.5 million into regional and remote pharmacies over the next four years.
– Medicare users: The Budget has set aside $5.7 billion to be spent over the next five years strengthening Medicare.
– Nurses and Midwives: A Primary Care and Midwifery Scholarship program has been established to support registered nurses and midwives who want to continue in their studies.
– Aging Australians: The government has vowed to support elderly Australians who do not wish to enter aged care.
– Young workers: The government has announced a plan to force employers to pay superannuation in real time on payday, rather than only making a single contribution each year.
– High income earners: There will not be any changes to the hotly debated Stage Three tax cuts, as per Labor’s election promise.
– Hopeful home buyers: Several changes to the First Home Buyer scheme make it easier for a suite of Australians to buy their first home.
– Renters who receive rent assistance: The Budget has included a policy Labor is touting as ‘the largest increase to Commonwealth Rent Assistance in 30 years’.
– Cultural institutions: The government has assured the National Library of Australia of $33 million worth of funding over the next four years.
– The Arts sector: Some $286 million has been set aside to ‘renew and revive Australia’s arts, entertainment and cultural sector’.
– ABC and SBS: The ABC will get a massive $6 billion investment over five years while SBS walks away with an additional $1.8billion.
– Immigrants: In the next five years, Australia will welcome as many as 1.495 million new skilled workers.
– ADF troops considering re-enlisting: A $400 million cash splash to lure ADF soldiers back into the fold has been announced.
– Teachers: An additional $9.3 million has been committed to the National Teacher Workforce Action Plan to attract, train and retain teachers.
– Students and apprentices: The government is currently in talks with states and territories to implement a new National Skills Agreement from January 1, 2024, lasting five years. AUSTUDY has been raised by $40 per fortnight.
THE LOSERS
– 10 million low and middle income earners: The low and middle income tax offset has not been extended, meaning 10 million Australian taxpayers will be up to $1,500 worse off at tax time.
– Tradies seeking a tax break: Tradies will lose the right to buy a Ute worth up to $64,741 and claim in back in tax in one year, rather than eight – but a new instant asset write off scheme will be available for small businesses with a turnover of up to $10 million, allowing them to spend $20,000 on tools and claim it back instantly if they are bought and used from July 1, 2023 to June 30, 2024.
– Cigarette Smokers: The Albanese government has announced three tobacco price hikes will be in the Federal Budget – raising $3.3billion in revenue.
– People hoping to buy a hybrid car: From April 1, 2025, drivers who are eyeing off a hybrid car for their next purchase won’t be able to get an electric car discount
– Large multinational businesses: The government has introduced a global minimum tax and domestic minimum tax to ensure large multinational businesses are paying enough tax.
– People with superannuation balances over $3million: Australians with super balances of more than $3 million will no longer get generous tax breaks under a new plan announced by Prime Minister Anthony Albanese.
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Read more at DailyMail.co.uk