Federal Treasurer Jim Chalmers announced the latest federal budget at 7:30 p.m. EST on Tuesday.
In a speech to Congress, Chalmers announced a cost-of-living assistance package that includes electricity subsidies, student loan forgiveness, and rental subsidies.
(Image source: Channel 7)
Here is a list of Budget winners and losers:
*赢家*
*Low- and moderate-income earners*
Under the three-phase tax cut reform package announced by the Labor government earlier this year, taxpayers will increase their income by an average of $36 per week in the 2024-25 financial year. From 1 July, 13.6 million taxpayers across Australia will be eligible for tax relief. Among them, low- and middle-income people benefit the most.
*Student*
The Labor government will forgive $3 billion in tertiary student loans (HECS, later renamed HELP), a policy that will benefit 3 million people. The policy, which dates back to June 1 last year, will see the indexed growth in student loans fall from 7.1% of inflation to 3.2% of wage increases.
*Parents*
From 1 July 2025, the government will pay superannuation (super) during paid parental leave at a specific amount of about $106 per week, which will benefit 180,000 Australian families.
*Family*
From 1 July this year, more than 10 million households across Australia will receive a $300 subsidy on energy bills.
*Small Business*
One million small businesses across Australia will receive a $325 energy bill subsidy. In addition, the Instant Asset Write-Off Scheme for small businesses has been extended for another year.
Businesses with a turnover of less than $10 million can claim an $20,000 "asset deduction" program from eligible assets.
(Image source: Channel 9)
*Aged Care Workers*
The Fair Work Commission has decided to raise the required award wages for aged care workers. The Labour government has pledged to provide funding as soon as the salary increases are determined.
*Renter*
Labor has pledged $1.9 billion to raise the Commonwealth Rent Assistance by 10%. In addition, Labour has pledged to build 1.2 million new homes over the next five years in response to the growing housing crisis.
*Beneficiary of the PBS Plan*
Australians can access more affordable medicines through the PBS program. The Labor government has decided to freeze the maximum payment for all Medicare card holders for one year (which remains at $31.6), rather than rising in line with inflation. In addition, the cost of breast cancer treatment in Australia will be reduced from about $100,000 to $31.6.
(Image source: Channel 7)
*Loser*
*High Earners*
The initial third-phase tax cuts were more favorable to high-income earners. But according to the changes in the Budget, high-income earners will still see an increase in their payroll, but not as much as they did before the Labour reforms.
*Benefit Recipients*
As cost-of-living pressures intensify, there are growing calls for the federal government to significantly increase the JobSeeker allowance and Youth Allowance in the budget.
The Australian Council of Social Service (ACOSS) has called on the government to implement the Economic Inclusion Advisory Committee's recommendation to increase the JobSeeker allowance and related allowances to 90% of the superannuation standard, or $72 per day, to help people afford the necessities of life.
Dr Cassandra Goldie, Chief Executive Officer of ACOSS, said: "In Australia, more than 1 million people are struggling to survive on the JobSeeker allowance and related subsidies, with a significant lack of income support. ”
The Greens have also heeded the call, urging the government to raise all income support subsidies above the poverty line.
The government did announce $41 million for Australians who face additional barriers to finding a job to expand eligibility for the enhanced JobSeeker allowance.
Eligible recipients who can only work up to 14 hours per week are expected to receive a subsidy of at least $54.90 per fortnight. However, calls for an across-the-board increase in welfare allowances have not been met with a response from the Government.
(Image source: Channel 7)
*Exchange student*
Under the government's plan to cut annual immigration, universities will be required to stop recruiting more international students.
Enrollment is growing, but housing supply is not increasing, Chalmers said. "If universities want to admit more international students, they have to build more student dormitories," he said.
"We will limit the number of international students that each university can admit according to a formula, including how much housing they build."