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Winners and losers from this year’s federal budget
EXPLAINER
EXPLAINER
Treasurer Josh Frydenberg had to strike a tricky balance with this pre-election budget. Spend enough to woo back voters considering Labor, while not fuelling high inflation or prompting an early interest rate hike.
Here are this year’s winners and losers.
WINNER: MOTORISTS
            Fuel excise will be cut in half            for six months, with estimated savings of 22c a litre for motorists. Families with two cars are expected to save $700 in six months. Fuel retailers will be monitored to ensure savings are passed to motorists.
LOSER: PUBLIC HOSPITALS
              Despite the Covid pandemic              putting a massive strain on surgery wait lists, the budget hasn’t increased funding for public hospitals – despite campaigns to lift federal funding to 50 per cent.
WINNER: NEW PARENTS
              Families where new mums               are the main earner will be better off under changes to paid parental leave. New dads will be able to share in 20 weeks of payments, instead of giving mums 18 weeks and their partner just two. The threshold to access the payments will be changed to $350,000 for a household.
WINNER: TOURISM
           Tourism received a $60m            boost for targeted advertising campaigns to lure overseas visitors back. Of that, $15m will go to Tropical North Queensland’s tourism body to promote the Great Barrier Reef. The reef will also have $1bn invested over nine years to help with water quality and invest in science like heat-resistant coral
LOSER: STUDENTS
              The Greens had wanted to              waive 20 per cent of outstanding student debt each year over five years from next January, instead of proceeding with stage three tax cuts for high-income earners. But no such measure was put in place in the budget.
WINNER: WOMEN
              A further $1.3 billion will be               spent to combat violence against women and children, marking an increase on the $1.1 billion allocated in last year’s budget to improving women’s health and safety.
WINNER: SMALL BUSINESS
              Small businesses will be able               to claim $120 for every $100 spent on digital technologies like cloud computing, eInvoicing, cyber security and web design. They’ll also be able to claim an extra 20 per cent on training up their staff.
LOSER: BEER DRINKERS
             Brewers and pubs who had            campaigned for a 50 per cent reduction in the federal excise on beer poured at the bar will be sorely disappointed – nothing was mentioned in the budget despite the hospitality sector struggling through the pandemic. So no cheap beer for patrons.
WINNER: 1st HOME BUYERS
             Thousands more first home               buyers will be able to get into the market with just a 5 per cent deposit. The Home Guarantee Scheme will be made permanent and be expanded from 20, 000 places to 50, 000, with 35, 000 spots allocated to metropolitan areas.
WINNER: REGIONS
             A $7.1bn investment pipeline             will drive economic growth in regional areas like central and north Queensland. There’s money set aside for dams, including $54bn for Hells Gate in the far north, $483m to build Urannah Dam near Mackay and $600m for restoring Paradise Dam, near Bundaberg.
LOSER: AGED CARE  STAFF
             Australian aged-care             workers’ hopes for a wage rise have been snubbed, despite pleas to the federal government to support a Fair Work Commission case asking for a $5-an-hour wage increase for workers who get paid less than Bunnings staff.
Producer:Bianca Farmakis
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Original URL: https://www.goldcoastbulletin.com.au/web-stories/free/gold-coast-bulletin/2022-federal-budget-winners-and-losers

Winners and losers from this year’s federal budget

EXPLAINER

EXPLAINER

Treasurer Josh Frydenberg had to strike a tricky balance with this pre-election budget. Spend enough to woo back voters considering Labor, while not fuelling high inflation or prompting an early interest rate hike.

Here are this year’s winners and losers.

WINNER: MOTORISTS

Fuel excise will be cut in half for six months, with estimated savings of 22c a litre for motorists. Families with two cars are expected to save $700 in six months. Fuel retailers will be monitored to ensure savings are passed to motorists.

LOSER: PUBLIC HOSPITALS

Despite the Covid pandemic putting a massive strain on surgery wait lists, the budget hasn’t increased funding for public hospitals – despite campaigns to lift federal funding to 50 per cent.

WINNER: NEW PARENTS

Families where new mums are the main earner will be better off under changes to paid parental leave. New dads will be able to share in 20 weeks of payments, instead of giving mums 18 weeks and their partner just two. The threshold to access the payments will be changed to $350,000 for a household.

WINNER: TOURISM

LOSER: STUDENTS

The Greens had wanted to waive 20 per cent of outstanding student debt each year over five years from next January, instead of proceeding with stage three tax cuts for high-income earners. But no such measure was put in place in the budget.

WINNER: WOMEN

A further $1.3 billion will be spent to combat violence against women and children, marking an increase on the $1.1 billion allocated in last year’s budget to improving women’s health and safety.

WINNER: SMALL BUSINESS

Small businesses will be able to claim $120 for every $100 spent on digital technologies like cloud computing, eInvoicing, cyber security and web design. They’ll also be able to claim an extra 20 per cent on training up their staff.

LOSER: BEER DRINKERS

Brewers and pubs who had campaigned for a 50 per cent reduction in the federal excise on beer poured at the bar will be sorely disappointed – nothing was mentioned in the budget despite the hospitality sector struggling through the pandemic. So no cheap beer for patrons.

WINNER: 1st HOME BUYERS

Thousands more first home buyers will be able to get into the market with just a 5 per cent deposit. The Home Guarantee Scheme will be made permanent and be expanded from 20, 000 places to 50, 000, with 35, 000 spots allocated to metropolitan areas.

WINNER: REGIONS

A $7.1bn investment pipeline will drive economic growth in regional areas like central and north Queensland. There’s money set aside for dams, including $54bn for Hells Gate in the far north, $483m to build Urannah Dam near Mackay and $600m for restoring Paradise Dam, near Bundaberg.

LOSER: AGED CARE STAFF

Australian aged-care workers’ hopes for a wage rise have been snubbed, despite pleas to the federal government to support a Fair Work Commission case asking for a $5-an-hour wage increase for workers who get paid less than Bunnings staff.