Millions of Aussies are set to benefit from a load of cash being thrown around. Find out how you will benefit from the budget spending.
The cash will be splashed with another big spending budget from the federal government, with working parents and those in aged care expected to be the big winners.
Millions of Aussies have been delivered a tax cut worth up to $2160 for couples. Known as the Low and Middle Income Tax Offset (LMITO), or colloquially as “The Lamington”, the offset is payable when you lodge your tax return.
It’s worth up to $1080 for singles earning under $126,000 and $2160 for couples on low and middle incomes.
You can find out how much you’ll likely get from this year in our budget calculator below.
Childcare fees have also been slashed for families with two or more children, although the cuts won’t come into effect until July 2022.
The $1.7 billion package will increase the childcare subsidy to a maximum of 95 per cent for the second and subsequent children in care. It will also abolish the $10,560 annual subsidy cap for high-income earners.
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Part-time workers and mums have also been recognised with the $450 a month threshold to pay compulsory super scrapped, boosting retirement incomes. It’s the threshold that causes almost twice as many women as men to miss out on a super contribution when working in insecure, part-time jobs.
The aged care sector is set to be given a $10 billion boost over the next four years, with the money to go towards addressing understaffing issues, support for the elderly to stay in their own homes and more resources for residential facilities.
Single parents have been given a huge cash boost in the property market, with the government introducing a new program allowing them to buy a home with just a 2 per cent deposit. The program would support up to 10,000 single parents with dependants over four years, commencing July 1, 2021.
