THE WINNERS
– Healthcare workers: The only group that will get a significant $10,000 a year pay raise is 250,000 health care workers
– Job seekers: The government has increased the job seeker’s pay by $2.85 per day, or $40 every two weeks.
– Small business owners: Up to 3.8 million small and medium-sized businesses are eligible for $20,000 in tax credits to be used on equipment to lower their energy bills
– Families with children in childcare: More than 1.2 million families will be better off from July this year if the government commits to cutting childcare costs.
– Working parents-to-be: From July 1, parental leave and father and partner payment will be combined in one payment of 20 weeks.
– Single parents: Single parents are now entitled to financial support on the Parental Benefit (single) until their child is 14 years old, in a $1.9 billion pledge.
– People who need prescription drugs: Some medicines on the Pharmaceutical Benefits Scheme will be made available for two for the price of one in a move that could benefit up to six million Australians.
– Pharmacists: The government will invest $79.5 million in regional and remote pharmacies over the next four years.
– Medicare Users: The budget has set aside $5.7 billion to spend over the next five years on strengthening Medicare.
– Nurses and midwives: A Primary Care and Midwifery Scholarship program has been established to support registered nurses and midwives who wish to continue their studies.
– Aging Australians: The government has vowed to support older Australians who do not want to enter aged care.
– Young employees: The government has announced a plan to force employers to pay their pension in real time on payday, instead of paying just a single contribution each year.
– High incomes: There will be no changes to the hotly debated stage three tax cuts, according to Labour’s election pledge.
– Hopeful homebuyers: Several changes to the First Home Buyer scheme are making it easier for a group of Australians to buy their first home.
– Tenants who receive rent allowance: The budget includes a policy that Labor touts as ‘the largest increase in Commonwealth Rent Assistance in 30 years’.
– Cultural institutions: The government has secured $33 million in funding for the National Library of Australia over the next four years.
– The art sector: Some $286 million has been earmarked to ‘renew and revitalize Australia’s arts, entertainment and cultural sector’.
– ABC and SBS: The ABC gets a massive $6 billion investment over five years, while SBS walks away with another $1.8 billion.
– Immigrants: Over the next five years, Australia will welcome as many as 1.495 million new skilled workers.
– ADF troops considering re-enlistment: A $400 million cash prize has been announced to lure ADF soldiers back into the fold.
– Teachers: An additional $9.3 million has been earmarked for the National Teacher Workforce Action Plan to attract, train and retain teachers.
– Students and interns: The government is currently in talks with states and territories to implement a new five-year National Skills Agreement from January 1, 2024. AUSTUDY is increased by $40 every two weeks.
THE LOSERS
– 10 million low and middle incomes: 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.
– Traders looking for a tax break: Tradies will lose the right to buy a Ute worth up to $64,741 and claim tax back in one year instead of eight, but a new immediate asset write-off scheme will be available for small businesses with a turnover up to $10 million, allowing them to spend $20,000 on tools and reclaim it immediately if purchased and used between July 1, 2023 and June 30, 2024.
– Cigarette smokers: The Albanian government has announced that three increases in tobacco prices will be incorporated into the federal budget, raising $3.3 billion in revenue.
– People who want to buy a hybrid car: From April 1, 2025, motorists who are looking forward to a hybrid car for their next purchase will not be able to get a discount on electric cars
– Large multinational companies: The government has introduced a global minimum tax and a domestic minimum tax to ensure that large multinational corporations pay adequate taxes.
– People with a retirement balance of more than $3 million: Australians with super balances of more than $3 million will no longer receive generous tax breaks under a new plan announced by Prime Minister Anthony Albanese.
