The leaves are starting to fall off our trees, the chill in the air is becoming more noticeable and the Budget for 2016 has been released.
Whether you are a university student striving to move out of home or a parent of three children working a full time job, the Budget concerns you. Whilst a lot of the promises delivered by Treasurer Scott Morrison depend on Turnbull’s re-election, it is evident that you cannot please everybody.
Here is how the 2016 Budget is going to affect you.
Schools and Child Care
For the new parents of 2016, it is important to note the changes to the Commonwealth Paid Parental Leave Scheme. This Scheme has enabled new parents entitlements to financial support for up to 18 weeks to help them take time off work to care for a newborn or a recently adopted child. This will be affected by the Budget as this Scheme will be reduced where a claimant is also entitled to employer provided paid maternity leave.
Further, don’t think you can count on the Government’s proposed plans for a Child Care Subsidy just yet. After some setbacks concerning the Senate, the Scheme will be deferred a year until it can be passed through the Senate. However, the existing Child Care Benefit and Rebate will keep its seat warm in the meantime.
On a positive note, both public and private schools will see a rise in Government funding, on the condition that schools invest and lift their numeracy and literacy standards. Additionally, the Abbott-driven School Chaplaincy Programme will expire in 2017 – 2018 and will not be renewed.
Youth and Students
Instead of continuing to push higher education reforms, the Coalition has given university students a breather but the inevitability of changes to the system are impending which could see an increase in student rallies down the track. However, as a bonus for students, the Government will no longer need students to make a separate application for Health Care Cards, but issue them to eligible students.
One of the most radical and controversial changes made in the 2016 Budget has been the Youth Employment Package. This scheme will invest $751.7 million dollars into developing youth employability skills by paying businesses to hire and train a young person as an intern which in turn, will incentivise businesses to hire them as employees.
The Working Australian
The Government has brought us good news in regards to superannuation.First of all, the Government has provided us with a clear definition of what superannuation entails in order to prevent people thinking it can be used to pay off their mortgage or student loans. In addition to this, for those who are earning less than $37, 000, there is a proposed tax discount which has the intention of cutting down your super tax bill
Affecting all
Whilst there continues to be a freeze on Medicare Benefits Schedule fees, the Government has introduced, finally, a Children and Adult Public Dental Scheme which will attempt to treat more people with less money than was originally put in place by the Labor Government.
What are your thoughts on the 2016 Budget? Has the Government covered the appropriate areas? Some, including The Project’s Carrie Bickmore, have argued that the Government has not listened to the Australian Public and tackled the social and communal needs that impinge on Australian social well-being. So far, the above are only promises and estimations. So far, we are going to need more than a budgetary outline to determine who should next lead our country.
Have any thoughts you want to share with us about the budget? Send us an email!