Winners And Losers Of The 2024 Federal Budget

The 2024 federal budget has brought significant changes, creating distinct winners and losers across various segments of the population. 

Here’s a look at who stands to benefit the most and who might feel the pinch.

Winners

1. Bill Payers

Households will receive a $300 energy rebate, and about one million small businesses will get a $325 rebate. 

This $3.5 billion initiative aims to ease the financial burden as energy prices rise, supporting both residential and commercial energy consumers.

2. Taxpayers

The government has delivered tax cuts, providing an average saving of $36 per week, or $1,888 annually. While high-income earners making over $140,000 would have benefited more under the previous government’s plan, the across-the-board relief is a significant win for most taxpayers.

3. Women

The budget includes several measures aimed at women, such as paying superannuation on paid parental leave, costing $1.1 billion over four years. The government is also investing in women’s shelters and extending the Leaving Violence Program, offering up to $5,000 in financial support to women fleeing domestic violence.

‍

Losers

1. High-Income Earners

High-income earners will see less significant tax cuts compared to the previous government’s plan. Those earning over $140,000 may feel shortchanged by the current budget’s more balanced approach to tax relief.

2. Universities

Universities must reduce the growth in overseas student numbers from 15% to 5% and build more purpose-built student accommodation for international students. This could strain their financial resources and impact educational offerings.

3. Migrants

The government plans to halve the net migration intake from 528,000 to 260,000 next year to ease pressure on the housing market. This reduction could lead to labor shortages, slower economic growth, and decreased cultural diversity.

‍

Conclusion

While the budget is on route to benefit countless Australians, as stated, there are countless losers due to the governments decisions.

Decisions made about your retirement savings for example is something you should be able to take total control over.

Are you looking for total control with your retirement savings? Think SMSF property investment in new house and land builds with Supavest! 

‍

‍