You would have read through the Federal Budget and all that it has to offer the Australian population (if you haven’t, you can read all about it here). Now that we have all of its details, it is now time to determine whether you have come off better or worse.

Winners

Younger Unemployed Workers – Employers who give a job to an unemployed young person will receive a wage subsidy. This subsidy measure is estimated to cost around $1.2 billion.

Low and Middle Income Taxpayers – Personal income tax cuts will be backdated to July 1, 2020, a measure that’s putting $12 billion into the pockets of Australians. The 19% tax bracket will rise from $37,000 to $45,000. The 32.5% tax bracket will rise from $180,000 to $200,000.

Businesses – Nearly all Australian businesses will be able to write off the full value of eligible assets until June 2022.

Manufacturers – The Government has developed up to $1.5 billion in grants to encourage manufacturing in resources and minerals, food and beverages, medical products, recycling and clean energy, defence and space.

Housing and Infrastructure – $10 billion will be doled out to states in a ‘use-it-or-lose-it’ scheme to get infrastructure projects going, with more money for states with the quickest trigger finger

Older People – Up to 23,000 extra home-care packages will be funded at cost of $1.6 billion for elderly Australians to receive care at their homes.

Mental Health – The number of rebated psychology sessions will double, with Australians now able to access up to 20 sessions through Medicare.

Losers

Future Generations – With the budget deficit due to exceed $200 billion, gross debt levels are expected to reach $1 trillion.

Superannuation Funds – Will be publicly ranked by performance on a new government-run website under new benchmarks.

JobSeekers – A Covid-19 supplement of $250 which has been added onto the unemployment payment will end on 31 December 2020.

International Travellers – We are definitely feeling the travel bug as a need to escape the tough year that has been 2020, but there is no indication on when international travel will resume.