Western Plains App
Western Plains App
What's what out west!
Get it on the Apple StoreGet it on the Google Play Store
loading...
Western Plains App

Budget dot points - exclusive for our readers!

Western Plains App

Kristin Murdock

15 May 2024, 3:40 AM

Budget dot points - exclusive for our readers!Treasurer, Jim Chalmers, has presented Australia's latest budget.

The 2024-25 budget was handed down on Tuesday night, and there is a lot of 'political speak' to wade through.

 

At the Western Plains App, we have sifted through the information to provide our readers an outline of what Federal Treasurer Jim Chalmers’ third budget might mean for you.


 

Households

All households will receive a $300 energy rebate. There is also an allocation of $3.4m to list new medicines on the PBS and a five-year price freeze for pensioners and concession card holders.


The ACCC will hold 12-month supermarket sector inquiry and CHOICE will publish quarterly supermarket price comparison reports.


Taxpayers earning above the tax-free threshold of $18,200 are to get a tax cut under Labor’s changes to the previous stage three tax cuts.


Average household expected to be about $1900 better off.

 

Workers and small business owners 

$90m has been allotted to address skilled construction worker shortage through 20,000 new fee-free TAFE and VET places and pre-apprenticeships.


The $20,000 instant asset write-off, which was to end on June 30 this year, will be extended for another 12 months.


One million small businesses will also benefit from a $325 energy rebate, if they meet the eligibility criteria.


12 per cent superannuation to be paid to those on commonwealth parent leave payments.

 

Indigenous affairs

The $700m remote jobs program, contained in February’s Closing The Gap document was part of Tuesday's budget, along with a $4bn remote housing program for the Northern Territory.

 


Health

The budget announced a $319.50 a week placement payment for student nurses/midwives/social workers, via means-tested Commonwealth Prac Payment, from July 2025.


There is also a $49.1m pledge to give women with complex gynaecological conditions better access to specialist doctors.


Specialist consultations of 45 minutes-plus will be covered under Medicare from July 1, 2025.

 

Women

$5000 will be available in financial support to help women leave a violent partner – including $1500 cash and $3500 in goods and services – under the Leaving Violence Program.

 

Students

HECS will no longer be a dirty word for some university students with $3bn worth of HECS debt wiped for over three million Aussies, backdated to July 1, 2023.


There is also a $319.50 a week payment for student teachers on professional placement, from July 2025.


Access to means-tested Commonwealth Prac Payment scheme for about 68,000 eligible higher education and 5000 VET students a year. $350m for fee-free uni-ready courses was also announced.

 


Farmers

Future drought preparation funding for farmers and regional communities sees them have access to $519.1m.


There is also $625m to help farmers and rural communities reduce emissions and better prepare for climate change and drought.


Sheep farmers aren't so thrilled and say phasing out live exports by May 2028 is not feasible, despite $107m transition support package.

 

While this doesn't cover all budget items (we haven't got that much space!), these are some of the highlights. The not so good news, for some, is as follows.

 

Consultants to Government

The Albanese government say they will cut back on use of consultants, contractors and labour hire to result in savings of $1bn.

 

Home buyers

While the cost of building a new house rose almost $20,000 in the past year, the budget did not include any assistance to help homebuyers with these property buying costs.

 

Motorists

Don't expect any decrease in your costs at the servo! The Government expects to rake in record sums from diesel and petrol tax in coming years, with fuel revenue to increase by about $1bn a year for the next four years.

 

This is by no means an exhaustive list of the pros and cons of Mr Chalmers latest budget, but hopefully gives some insight.


If its all too much, take advantage of the new fast-track passport applications. From July 1st this year the five-day service will cost applicants $100.


This is estimated to generate $27.4m in the five years to 2028-29.

 

Bon voyage!