Small businesses, low-income households and welfare recipients are among the winners in the budget.
Low-income earners, JobSeeker recipients, small businesses and renters were among the big winners in Tuesday night’s budget, while superannuation savers with big balances were losers.
JobSeeker payments will increase by $40 per fortnight, as of September 20, 2023, at a cost of $4.9 billion over five years. Currently, a single JobSeeker recipient with no children receives $693.10 a fortnight. They will also be able to deduct the cost of these assets from their tax bills for the first year in which it is installed or used.The planned pay rise for aged care workers, which was set to cost $11.3 billion over the forward estimates period will now be $14.1 billion.
An additional $2 billion will be directed to the National Housing Finance and Investment Corporation, which has an investment mandate to deliver at least 1200 social and affordable housing homes to each state and territory within five years.The managed investment trust withholding tax will be reduced from 30 to 15 per cent for newly constructed build-to-rent developments, and the capital works tax deduction rate will be increased from 2.5 per cent to 4 per cent, at a cost of $30 million.
International higher education graduates of Australian institutions will receive an extra two years of post-study work right.An additional 300,000 TAFE and vocational education training places will become fee-free, for courses in “critical and emerging industries” such as care, clean energy and digital sectors.
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