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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 from March 29, 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.
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.
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: 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.
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: 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.
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 FarmakisRead more

Original URL: https://www.heraldsun.com.au/web-stories/free/herald-sun/2022-federal-budget-here-are-this-years-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 from March 29, 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.

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.

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: 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.

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: 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.

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.