By Sheree Hoddinett
It’s that time of year again and the federal government has graced us with their next budget. This year’s budget has been touted as one that is aimed at alleviating cost of living pressures, while trying not to fuel inflation at the same time. Apparently it’s one for ‘every Australian’ too. As always, not everyone is going to like it, but we should all be relieved (or try to be anyway) that every household has scored $300 off their electricity. It will automatically be credited to your bill and means that here in Queensland we’re looking at a total of $1300 in rebates for our electricity. Wait, don’t get too excited yet.
Let’s break it down a little more into a few of this year’s winners and losers.
WINNERS
Taxpayers
About 13.6 million taxpayers in Australia will receive a tax cut on July 1 through the already legislated stage 3 cuts, first delivered by the previous Coalition government and revised by Labor earlier this year.
Small business
About one million small businesses will benefit from a saving of $325 on their power bills. About four million small businesses will also get a one-year extension of the $20,000 instant asset write off until June 30, 2025.
Renters
Commonwealth Rent Assistance will be increased by a further 10% on top of a 15% increase last year - the first back-to-back increase in more than 30 years. Nearly one million households are expected to benefit.
Students
Indexation will be capped for student loans (at CPI or Wage Price Index), which will be backdated to last year and is expected to wipe about $3 billion off the nation’s collective HECS/HELP debt.
Parents
The government is spending $1.1 billion to pay superannuation on government-funded paid parental leave for parents of babies born or adopted on or after July 1, 2025.
Aged care Another half a billion dollars will be spent next financial year to release 24,100 more home care packages. $610 million will be given to the states to assist long stay older patients to be discharged from hospital sooner. Those initiatives will be developed by states and territories. Another $190 million will be provided on top of that to extend and redesign the Transition Care Programme to provide short-term care of up to 12 weeks for older people after a hospital stay.
Further support for those experiencing domestic violence The federal government will spend close to $1 billion to make the Leaving Violence Program permanent. The scheme offers people leaving abusive relationships up to $5000 in financial support, as well as referring them to social services and safety planning.
Health
The government is promising cheaper medicines for all, by placing a one-year freeze on the maximum Pharmaceutical Benefit Scheme (PBS) co-payment, instead of costs rising with inflation. There will be a five-year freeze for pensioners and other concession cardholders.
There's also $361 million for mental health funding. That will also include a new free national digital mental health service to support 150,000 people at a cost of $588.5 million.
Women's health The budget has allocated more than $160 million to women's health. More than $50 million will go towards maternity care and $49 million towards complex conditions such as endometriosis. There's also funding to support women and their families who suffer miscarriages.
LOSERS
NDIS fraudsters
The government is looking to crack down on fraud and spiralling costs in regard to the NDIS, with $468.7 million for the NDIS in the budget, including $214 million to combat fraud as well as design reforms to the scheme in co-ordination with people who have a disability.
Some job seekers
There will be no increase for those who receive the JobSeeker or Youth Allowance payments.
International students
The number of places for international students will now be capped, under legislation due to be introduced by the federal government.
Homebuyers
Despite the cost of building a new house rising almost $20,000 in the past year, the budget did not include assistance to help homebuyers with the cost of buying a property.
Consultants
The Albanese government is cutting back on the use of consultants, contractors and labour hire to save $1 billion.
Sheep farmers Australia has committed to phase out its export of live sheep by May 1, 2028. A total of $107 million has been committed over five years to help producers, communities and the wider industry to adapt to the transition.
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