If you weren’t following last week’s Federal Budget closely – don’t worry – we’ve got you covered! As usual, there were winners and losers, and read on for a summary and links for more details.
- Pensioners, Pharmacists and Preschoolers – Some people will be eligible for a one-off payment to help with energy bills, there’s more money for medicines and funding for preschool education has been retained.
- Continuing the Infrastructure Boom – Infrastructure spending was expected to be one of the winners in the budget, and the government didn’t disappoint. An additional $15Bn is being invested in new road and rail projects, the highlight being a high-speed rail link between Geelong and Melbourne.
- Over $500million for health, especially mental health treatment and education – More money to reduce your costs for x-rays, ultrasounds and other scans. And over $250m on improving access to youth mental health services.
There were losers too – no initiatives around affordable housing or combating the effects of climate change.
What about my tax cut?
Over the past year, both sides of politics have been jostling around tax cuts for low to middle-income earners. They aren’t really “tax cuts” but more of an offset received after you submit your tax return – you can see a comparison of how much you will get back if the Coalition returns to government or if Labor gets in.
Overall, the government biased the budget towards the upcoming election – and you can read about how Labor would be different if they win government next month.