Right so I get it, for most of you last night’s budget was a pretty long winded and dry. I am guessing it was so long winded lots of you skipped it…? I guess when your competing in the masterchef timeslot, fiscal policy and inflation are not going to win out for most.
I must say there needs to be some serious changes to the delivery of the budget… maybe some pyrotechnics, interpretive dance, musical interludes… some fanfare to draw more of a crowd. Every Australian needs to be this enthusiastic about hearing the economic possibilities and opportunities that the budget brings. Last night was no different…. Some awesome opportunities that are available…. I am all for putting some production quality into this assumed dry topic so that anyone can feel as excited about the federal budget next year as I am every year!
So for those of you who don’t follow this space the federal budget is released every year in April/May of how they intend to spend the countries money for the next year and subsequent years to come. Like your home budget if more goes out than comes in there is a deficit and if more comes in than goes out there is a surplus.
This year, much to many’ s surprise there is actually a surplus… however this is short lived as for the next few years there is a predicted deficit. This is not necessarily a bad thing, I mean you have to spend money to make money so we need not get caught up on this, we just also need to be aware that our politicians have considered the interest payable on any lendings and that there is a purpose for it.
This budget was a budget that Jimmy Boy Chalmers (the treasurer) has called one to define the next decade. All in all there is some cool stuff in this budget.
One of my fav things is that effective 1/07/2026, they have put forward to align super payments with payday. This could be really beneficial to lots of you as your money will be invested into the superannuation sooner, without needing to wait until the end of the quarter to get paid, hey more time in the market the better, more chance for growth! I am all for this measure! I see benefit here!
Woohoo! They have made no changes to the legislated stage 3 personal income tax changes where they scrap the 32.5% and 37% tax rates and replace them with 30% tax rate for those earning between 45K and 200K! This tax break is necessary and I think it will come in perfect timing from 1/07/2024, good job Jimmy boy Chalmers, thanks for leaving that one alone 😊
If you are a small business owner turning over less than 10M with a spare $20K in your business you win this budget as the instant asset write off will allow you to immediately deduct the cost of eligible assets under $20K.
The social security world has received some love from Jimmy boy Chalmers this budget with a proposed increase to certain payments such as Job Seeker, youth allowance, parenting payment partnered, Austudy abstudy and disability support pension, special benefit and farm household allowance. They have proposed an increase of up to $40 per fortnight from 20/09/2023 to help combat the cost of living increases.
There is some energy relief coming through also for certain individuals with a proposed electricity bill relief from 1/07/2023- 30/06/2024 of up to $500 for eligible households and $650 for eligible businesses, good to hear, we can keep the heater on this winter 😊
A winner in this years budget is one that is near and dear to my heart! There are resources that are being allocated to Veterans to tackle the backlog of claims and case management. This is such an important measure as these individuals currently have extended wait periods to get access to assistance. This hardly seems right given these men and women have served our country. I was also elated to see that there has been additional funds that have been allocated to the department of Veterans affairs to continue their work in mental health literacy and suicide intervention training program for ex service community.
And my lucky last favourite measure that Jimmy boy chalmers has announced is some love for Medicare! We all know it is so hard to get into see a dr these days and how expensive it has become, thank goodness there has been some acknowledgment of this and some money pushed in the right direction!
Whilst all of these measures have been announced, we now await for them to pass the senate and become law! All in all a solid budget with benefits for a cross range of Australians. Stay tuned as we provide more information as it becomes law or feel free to see our full budget overview at our website www.yourwc.com.au
As always I welcome your feedback, and opinions! Let me know your thoguths, but for now, happy budget boxing day! We are lucky to live in Australia