Here are all the goodies to expect from tonight’s Federal Budget
A SURPRISING level of Budget anger is growing over a personal tax cut with people saying they don’t want it. Here’s your lowdown on the Budget.
Live: 2018 Budget
Tonight is the night Australia finds out who are the winners and who are the losers in the 2018 Budget.
FISCALLY speaking, tonight is the most exciting night of the year — it’s Budget time.
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We have all the information on the Budget winners and loser at news.com.au. During the Budget speech and after head to our front page for all the big Budget take-outs and analysis. But some people seem to alredy be really very angry about the prospect of getting a tax cut of around $10 a week.
7.30pm
People are telling the Government to ‘keep my ten dollars’
You know that fast food ad, where people yell “shut up and take my money”? Well it seems that's the thoughts of a whole lot of people when it comes to the $10.50 a week tax cut the Government has announced for low to middle income earners. The hashtag #keepmytendollars has begun to pop up all over Twitter.
The idea is that, rather than a tax cut, the $10 or so a week should be spent on more worthy things like schools, adding dentistry to Medicare, employing more people in the public sector, renewables, you get the idea.
Although, given the $10.50 per week would only be received by those on the lowest incomes, it’s not entirely clear if the people furiously Tweeting would even get the financial fillip.
Hats off to one Twitter user, however, who said she would give her $10 back “if you can stop this woman snoring loudly next to me on the train ... everyone is exhausted from too much productivity”.
If you #keepmytendollars and invest in:
— Van Badham (@vanbadham) May 8, 2018
- public housing
- renewable energy
- public transport
- effective local waste recycling
- river/forest/land rehabilitation
- science investment
- arts and cultural funding
- healthcare
- education
- science
YOU’LL CREATE JOBS.#auspol
#keepmytendollars and raise the minimum wage
— Sally McManus (@sallymcmanus) May 8, 2018
#KeepMyTenDollars and shout a millenial some avocado on toast. It's the least this Gov. can do, or will do.
— 6thgencynic (@emuwhisperer) May 8, 2018
#keepmytendollars but give me $20 of store credit
— David (@Daveo_au) May 8, 2018
7.15pm
People earning under $90k tipped to be big Budget winners
Australians on low and middle-incomes are set to receive tax cuts of around $10 a week in today’s Federal Budget.
The Low Income Tax Offset for people earning under $37,000 a year currently gradually reduces until they reach an income of $66,667, but Mr Morrison is expected to extend this to those on salaries of up to $90,000, according to the ABC.
That will mean an extra $10.50 a week for workers on the maximum benefit, at a cost of around $4-5 billion annually.
We’ve got more on who the Budget winners are expected to be, just scroll down.
7.00pm
How big is the actual physical Budget?
There’s half an hour to go until ScoMo enters the House of Reps and when he does, he may be bent double just a bit. The reason is the Budget is huge. Usually, it runs to at least 600 pages. To put that into comparison, last year’s best selling novel in Australia was The Handmaid’s Tale, Margaret Atwood’s classic dystopian story about a Government which takes over the lives of its citizens. That runs to less than 350 pages.
The Budget is contained in four separate volumes, called ‘papers’. How much debt Australia carries is contained in Budget Paper No. 1.
Paper No. 2 contains more nitty gritty details but hidden in here are other costs, such as in 2015 where it was in this volume that an increase in passport processing charges was to be found, reported The Conversation.
6.45pm
Is the Big Banana the most unexpected casualty of the Budget?
The Big Banana in Coffs Harbour could be the unintentional sacrifice Australia makes for a boost in infrastructure spending.
Originally built in 1964, and attracting close to a million visitors a year to the northern NSW town, the big yellow fruit could go rotten due to a new bypass.
The Government is expected to allocate $970 million in the Budget to redirect the A1 Pacific Highway around the city and away from the attraction. Those million tourists may drive on by without even seeing the massive Cavendish.
But Big Banana General Manager (best job title ever) Michael Lockman told The New Daily they knew this day would come.
“We’ve basically been focusing on really lifting the standards so it makes it a must-stop for people, somewhere they can break that trip whether there’s a bypass or not,” he said.
6.30pm
Labor slams the Budget for being “hamburger or milkshake”.
As similes goes this one is slightly esoteric. Earlier today, Deputy Labor leader Tanya Plibersek ridiculed a speculated personal tax cut that could see low to middle income earners better off by around $10.50 a week.
She said the cut wouldn’t be enough for “a hamburger and a milkshake”. Rather, “you’ll have to take your pick — a hamburger or a milkshake,” Ms Plibersek told reporters in Canberra.
We don’t know where Ms Plibersek is getting her burgers from but at Macca’s in Sydney you can get a Big Mac and a small chocolate shake for $10.40 so you can have both. No chips though, sorry.
6.15pm
What do you want to see in the Budget?
The Government has flagged tax cuts and big bucks on infrastructure but what would you like to see? We’re doing a Twitter poll on what’s your top priority. We want to hear from you.
What would you most like to see in #Budget2018?
— news.com.au (@newscomauHQ) May 8, 2018
5.30pm
Where is Scott Morrison?
If you’re wondering where the man most in the know is, he’s probably having some tucker to build up his energy for this evening’s announcement. Dan Woolford, of AAP, says there is always a big pre-Budget dinner: “What goes on during the afternoon is like a footy team warming up before a big game, with the whistle for the start going at 7.30pm.”
5.15pm
A big burly bloke slept with the Budget last night
A TREASURY tradition, the finalised Budget papers were kept under lock and key last night protected by armed security. But did they have to go this far? If you believe the Treasury, this tattooed and bejewelled fella spooned the whole lot last night, to keep them from straying too far.
In a tradition that has remained for over 20yrs, #Budget2018 papers were closely guarded by Treasury officials last night. Less than 12hrs to go! https://t.co/AZTkfPw6lX pic.twitter.com/O2LBg2phKQ
— Australian Treasury (@Treasury_AU) May 7, 2018
5pm
Average worker will be rewarded
WE’VE been told the average Aussie worker will be rewarded in tonight’s budget.
Prime Minister Malcolm Turnbull described it as “a budget that will ensure hardworking Australians can keep more of the money they earn” in Canberra yesterday.
Likewise Treasurer Scott Morrison said it would provide tax relief for low and middle-income earners, although he did say there would not be “mammoth” cuts.
We know there’s a strong focus on infrastructure with this budget, with billions announced in funding for road and rail projects across the nation.
But outside of that, what’s in it for you? Here’s a quick roundup of who will benefit most from the budget:
PEOPLE EARNING UNDER $90K
Australians on low and middle-incomes are set to receive tax cuts of around $10 a week in today’s Federal Budget.
The Low Income Tax Offset for people earning under $37,000 a year currently gradually reduces until they reach an income of $66,667, but Mr Morrison is expected to extend this to those on salaries of up to $90,000, according to the ABC.
That will mean an extra $10.50 a week for workers on the maximum benefit, at a cost of around $4-5 billion annually.
AGED CARE RESIDENTS
The government has prepared a multibillion-dollar package for ageing Australians.
It includes 20,000 extra home-care places so the elderly can stay in their houses for longer.
The package will also expand the Work Bonus program (which allows seniors to earn $250 a fortnight without affecting their pension) and the Pension Loans Scheme (which allows self-funded retirees to borrow against the value of their home).
It will also include more support for older Australians in rural and regional areas.
ENVIRONMENTALISTS
Environmentalists will be pleased to hear $500 million has been pledged to help protect the Great Barrier Reef.
This marks the single largest investment in the Great Barrier Reef in Australian history.
The money will also go towards improving water quality, tackling the crown-of-thorns starfish and scientific research.
PREGNANT MUMS
All pregnant women in Australia will have access to a free whooping cough vaccination from July, with the vaccine to be added to the national immunisation program at a cost of $39.5 million.
Health Minister Greg Hunt said as newborns could not be vaccinated until six weeks of age, the most effective way to protect a baby against the disease was for the mother to have the vaccine.
SUFFERERS OF SPINAL MUSCULAR ATROPHY
Sufferers of rare genetic condition spinal muscular atrophy will have access to a lifesaving drug for a fraction of the cost.
Spinraza will be made available on the PBS from June 1 this year for all patients under 18.
It would have cost families across Australia with children with muscular atrophy more than $367,850 a year for the medicine but it will now be $39.50 per script with concessional patients paying $6.40.
CRAFT BEER MAKERS
A beer tax that slugs craft brewers 40 per cent more for using smaller kegs will be axed.
A two-tier tax system means draught beer sold in 50 litre kegs are currently taxed at $34 a litre, but beers in kegs under 30 litres are slugged $49 a litre.
The federal Budget will extend concessional draught beer excises to smaller kegs, and increase the amount beverage companies can claim back.
Alcohol manufacturers can currently claim a refund of 60 per cent in the excise duty paid on beer and spirits of up to $30,000 a year.
This will increase to $100,000 from July 1 next year, and apply to all brewers and distillers for the first time.
MENTAL HEALTH PATIENTS
Money will be allocated to the mental health industry, including $3.9 million in support for people from multicultural backgrounds, $33.8 million for Lifeline, and $84 million for mental health nurses in the Royal Flying Doctor Service.
THE FILM INDUSTRY
Foreign Ministry Julie Bishop announced $140 million in funding to encourage filmmakers to make blockbusters locally.
The government estimates it will create 3000 jobs in Australia, and reel in $260 million in foreign investment.
— With wires
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