By DAVID BRAITHWATE
With the federal election called for May 3, the federal budget (released Tuesday, March 25) is seen as a taste of things to come during the campaign.
Most of the measures announced in the budget will be dependent on the Labor government being re-elected.
The headline of Treasurer Jim Chalmer’s fourth budget was the $17 billion worth of modest tax cuts, topping up cuts delivered last year.
Combined with last year’s cuts, the average total tax cut will be $2548, or about $50 a week.
The Medicare levy low income thresholds will also be increased, and the budget also includes a two-year freeze on the increase of alcohol excise on draught beers.
The Liberal and National coalition have promised to match the extension of the $150 electricity bill rebate to the end of the year, and $7.9 billion to increase the number of GP visits being bulk billed.
The maximum price of medicines on the Pharmaceutical Benefits Scheme will be reduced from $31.60 per script to $25, under this budget, while $1.8 billion will go towards more medicines being included on the PBS.
The Labor government has promised to expanding who’s eligible for the Help to Buy scheme, helping people buy a home with a lower deposit and smaller mortgage. Individuals earning up to $100,000 a year and joint applicants or single parents earning $160,000 would be included.
Twenty per cent of all student debts will be wiped off, and the repayment threshold for graduates will be lifted, while 100,000 free TAFE places will be made available across Australia every year.
The government forecast a $42.1 billion deficit next financial year.
Mr Chalmers said the Labor government was delivering “responsible and meaningful” cost of living relief for Australian families.
“Cost of living is front of mind for most Australians, and front and centre in the budget,” he said.
“We’re providing more hip pocket help for households.
“The centrepiece of the budget is more tax cuts for every taxpayer, which will benefit 14 million Australians.”
Federal Member for Gippsland, Darren Chester said the government had “given up on regional areas” with a budget that was “focused on the next five weeks, with no plan for the next five years”.
“Australia is heading in the wrong direction with a government that has put forward a cruel hoax masquerading as a tax cut after years of interest rate rises have driven up the cost-of-living and placed enormous pressure on family budgets,” he said.
“To put it in perspective, a family with a mortgage is $50,000 worse off under the Albanese government, and Labor’s answer is to hand Australians 70 cents a day in years time.
“In three years, we have also seen the Albanese government introducing a ‘funding strike’ in Gippsland with no additional funding delivered for new projects as they focus on the cities.
“The only road and community infrastructure funding that has been delivered since 2022 was already in the budgets set by the former Coalition government.”
Mr Chester said he was hoping to see investment in road, rail and telecommunication connectivity to boost the regional economy.
