The Federal Budget threw a tonne of numbers and measures at us. Here's who wins and loses from them.
The Federal Budget has dropped for the next financial year, and boy, oh boy, is this one jam-packed.
And by most reports, it was pretty "strong" (including from Josh Frydenberg who mentioned the word 22 times in his Budget speech).
There are one-off payments… subsidies for parents… boosts for tradies… you name it. Here are the winners and losers of the night.
Hold on... Wanna see all the ins and outs in under 60 sec vids? Check out the Federal Budget 2022 section of the Flux app.
If you drive a car that ain’t electric, you're a winner.
The Government's slashed the 44.2 cent per litre fuel excise by 50%. Hopefully, petrol stations pass that saving onto drivers at the pump.
Woohoo! Low-and-middle-income earners (aka anyone earning up to $126,000) will receive another tax offset of up to $420.
This is on top of the $1,080 low-and-middle-income tax offset (LMITO).
It means that those eligible for the full amount will receive a $1,500 tax offset at tax time when they lodge their 2021-22 financial year tax return.
But there is some bad news too... the LMITO (aka the lamington) will be scrapped for the next financial year, so ya better make the most of it now.
Around 6 million Aussies are due to receive a $250 payment straight into their bank accounts in April. Kaching!
The payment is for pensioners, welfare recipients and veterans. Not sure if you're eligible? If you're on JobSeeker, Youth Allowance or hold a Seniors Health Card, you are. But here's a list for you to cross-check.
On top of that, those on JobSeeker or the Aged Pension, or who have a disability support pension, would have received up to $20 more a fortnight from March 20.
With cost of living pressures rising, the government's added in a few sweetener in this year's Budget for parents.
It's increased the paid leave scheme from 18 weeks to 20 weeks (and that can be accessed by either parent).
All pre-school aged children will have access to at least 15 hours of childcare a week, and the government's also removing the childcare subsidy cap. That means families could save up to $2,260 a week. Of course, that varies depending on household incomes and the number of children in childcare.
The First Home Guarantee allows Aussies to get into the property market with just a 5% deposit. Initially, just 10,000 guarantees were provided each year.
Now, it's being increased to 35,000 guarantees from 1 July 2022.
What a win for first home buyers!
And that ain't it... if you're saving for your home within your super under the First Home Super Saver Scheme, you'll love this.
Initially, you could only withdraw up to $30,000 from your super to put towards your first home. Now, that's been increased to $50,000.
Endo sufferers (that's more than 800,000 Aussie women), finally some good news for you.
The Government's committed $58 million towards endometriosis. That means new specialised endometriosis clinics and pelvic pain clinics will be established in every state and territory to improve primary care support and diagnosis.
The Government's also committed $1.3 billion to reduce all forms of family, domestic and sexual violence against women and children.
Yeah the tradies!
The Government's promised more cash for apprentices - and their employers.
If you're an apprentice, you'll be eligible for a $1,250 cash payment every six months for two years. That's $5,000 all up.
If you employ apprentices, you'll receive wage subsidies of between 5 and 10% - depending on what year they are.
Yes, we got $50 million for the koalas. Yes, we got $1 billion for the Great Barrier Reef... but, we didn't really get much else.
A lot of the funding was already committed prior to this Budget.. and $50 million was actually put towards gas projects, which ain't great for the environment.
Soz, Mama Earth.
Yikes. Aussies pay the fourth-highest beer tax in the world. And draught beer drinkers thought this was about to change.
But, unfortunately, no such luck! The Budget didn't mention a beer tax cut at all.
If you like to evade tax... ya might wanna stop. The government is extending a task force that targets tax avoidance from multinationals, large public and private groups, trusts and rich people.
The ATO will get more than $600 million over the next 3 years to keep a watchful eye!
The money the government spends on the arts is projected to fall by more than 13% over the next four years.
That's 'cos those temporary measures the Government brought in during the pandemic are going to be booted. Yikes.
Wanna see all the ins and outs in under 60 sec vids? Check out the Federal Budget 2022 section of the Flux app.
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