May 14th 2024.
The annual federal budget is a highly anticipated event in Australia, and this year is no exception. Treasurer Jim Chalmers has presented the budget, proclaiming it to be for the benefit of every Australian. However, as with any budget, there are winners and losers.
Let's take a closer look at who should be celebrating and who may feel hard done by. First, let's start with the winners. All 13.6 million taxpayers in the country will receive a tax cut on July 1 through previously legislated stage 3 cuts. This includes the already-delivered cuts from the previous Coalition government, as well as revisions made by the Labor party earlier this year. Additionally, every household in Australia will receive a $300 rebate on their energy bill, while small businesses will receive a $325 reduction. The government has also extended the $20,000 instant asset write-off scheme and abolished 457 "nuisance tariffs."
Renters will also benefit from a 10% increase in Commonwealth Rent Assistance, on top of a 15% increase from last year. This is the first back-to-back increase in over 30 years. People on JobSeeker who are able to work up to 14 hours a week will now be eligible for a higher rate, which is expected to benefit around 4700 people. Those who use medicines listed on the Pharmaceutical Benefits Scheme will see a freeze on the maximum co-payment for prescriptions, and pensioners will benefit from a freeze on the deeming rate for another year.
Students are also among the big winners of this budget. The government has backdated a change to student debt reindexation from last year, which is expected to wipe $3 billion off the nation's collective HECS-HELP debt. Additionally, there will be a new Commonwealth Prac Payment of up to $319.50 per week for students during their clinical and professional placements. Parents of babies born or adopted on or after July 1, 2025 will also benefit from a government-funded paid parental leave that includes superannuation.
Now, let's turn our attention to the losers. Despite speculation and calls for an increase, all other JobSeeker recipients will not see an increase in their payments. The government has also opted not to freeze the alcohol excise, despite calls from the Independent Brewers Association and Spirits and Cocktails Australia. The NDIS has also been marred by reports of fraud and rising costs, leading the government to allocate $468.7 million for reforms and combatting fraud.
In conclusion, while the federal budget is being touted as beneficial for all Australians, it is clear that there are certain groups who will benefit more than others. As always, the budget is a delicate balancing act, and it remains to be seen how these measures will play out in the long run.
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