Tax cuts to sail through, as major uni fee reforms set to pass
Tax cuts for 11 million Australians and business are set to sail through the Senate today, bringing cuts of up to $5490 for families and $2745 for singles a step closer, while university fees for arts degrees are all but certain to double.
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Tax cuts for 11 million Australians and business are set to sail through the Senate today, while university fees for arts degrees are all but certain to double and others will reduce from next year.
It will bring tax cuts of up to $5490 for families and $2745 for singles a step closer and clear the way for all but the biggest businesses to write off an asset of any size.
Labor is backing the tax package, ensuring its easy passage through Parliament.
Prime Minister Scott Morrison said the cuts were what was needed to stimulate the economy during the recession.
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“We are bringing those tax cuts forward to ensure Australians have the help they need right here, right now,” he said.
Treasurer Josh Frydenberg said the asset write off would allow 99 per cent of businesses, those with a turnover of less than $5 billion, claim immediate deductions on big purchases.
“It will be a game changer in terms of the investment that it will help create. We’ll see a trucking company buy a new lorry, we’ll see a farmer buy a new harvester,” he said.
JDL Constructions director Kieran Lewis said the asset write off scheme coupled with the government’s apprenticeship wage subsidies would help the construction industry.
“I think for businesses it’ll make a massive difference,” he said.
He said wage subsidies for apprentices also in the budget would help them put on another young worker.
The Senate was expected to pass the university changes late last night, meaning it just needs to be rubber stamped by the House of Representatives when it next sits in November.
It means from January 1, humanities students humanities students will have their costs double to $14,500, while law, economics and commerce students 28 per cent to $14,500.
Education, English or nursing will drop from $6804 to $3700, the cost of a mathematics or agriculture degree fall from $9698 to $3700, while health and science degrees will dip from $9698 to $7400.
Medicine, dental and veterinary science students will see no change.
Education Minister Dan Tehan has said the reforms were about encouraging students into degrees which would deliver employment outcomes, particularly in the post-pandemic world.
Labor, the Greens and Jacqui Lambie opposed the changes, while Centre Alliance and One Nation’s support got them over the line.
Queensland Labor Senator Murray Watt said the deal would “make life harder for battlers”.
“These LNP-One Nation changes will make it harder and more expensive for Queenslanders to go to university, especially for poor kids in regional Queensland,” he said.
Universities Australia boss Catriona Jackson said they had concerns over the additional pressure place on students.
“The Bill includes significant change for students and universities, and we will continue to argue it must be reviewed in future years,” she said.
