We unpack the winners and losers from Labor's first budget after the election.
The Federal budget has dropped for the next financial year, and this one has some pretty chunky investments.
But after every election there will always be some major winners (Max Verstappen-style) and the some serious losers too (Sorry Dan Ricciardo).
In this budget, we've got investments into affordable housing, students and the climate. So let's zoom in and do a deep dive.
This is one of the greatest ever wins for TAFE and university students. Over the next five years, the government will provide 480,000 fee-free TAFE places in industries and regions with skills shortages. Think: health, education, engineering and technology.
On top of that, the government will also spend $50 million to modernise TAFE facilities across the country over the next two years.
But uni students - there's something for you too. The government has promised an extra 20,000 Commonwealth-supported university places (that's HECS) over two years.
The government announced that from July next year it will start to increase the amount of government Paid Parental Leave.
Currently, the government's Paid Parental Leave scheme is 18 weeks but it has promised to reach a total of 26 weeks by 2026. Right now, the Paid Parental Leave scheme is provided to the primary carer by default (which is assumed to the birth mother). Under the new scheme, it will allow two-parent households to decide how they split the leave.
On top of this, childcare costs will be slashed from July 1 next year with families receiving more generous subsidies.
The budget also included nearly $25 billion in climate-related spending out until 2030. That's assuming that either Labor remains in power or these initiatives are maintained a future government.
A large chunk of that money ($20 billion) will be spent on projects to upgrade our energy grids to support more renewables.
It's been absolute nightmare for renters and would-be house buyers over the past 24 months. So the government has set a goal of building 1 million new homes over five years from 2024 to increase the supply of affordable housing.
This massive project to build 1 million homes will be a partnership between public and private investment. As part of this investment, the government will spend $350 million to deliver 10,000 affordable homes.
As part of this budget, the government has committed $1.7 billion over 6 years towards women's safety initiatives. This is part of the federal government's plan to end violence against women and children within "a generation"
In the year to the end of the June quarter, wages grew 2.6 per cent and inflation is expected to reach 7.75 per cent in December this year - so we goin' backwards. The government has warned that wage growth won't match inflartion until 2024-2025.
It was not a good evening to be someone looking to avoid tax. The budget includes an $200-million-a-year in additional funding to the Australian Taxation Office for the to hunt down Aussies avoiding tax. The government reckons it will return $2.8 billion over four years.
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