David Koch discusses the federal budget and urges Australians to be prepared.
Tough budget ... Treasurer Joe Hockey works on the Budget in the Treasury Building, Canberra. Source: Supplied
THERE will be lots to dazzle voters in tomorrow night's Budget as Prime Minister Tony Abbott and Treasurer Joe Hockey show they are no wimps when it comes to grandly reshaping the economy.
But ordinary families will be asked to shoulder much of the Government's burden, and there will be key Budget measures — affecting basic household finances — you ought keep an eye on.
YOUR INCOME
How much you earn will mean a lot in this Budget. There are just under 300,000 income earners who will be paying the deficit tax because they bring in more than $180,000 a year. And families earning more than $100,000 are expected to lose their tax benefit. There could be other measures where a means test — based on income — will be introduced.
Debate over the Abbott government's first budget is set to dominate parliament this week.
PETROL PRICES
The Government is expected to reintroduce indexation of petrol excise, scrapped in 2001. This will add to family expenses for travel and for goods which have to be transported.
A key factor will be whether the indexation — to increase the petrol excise by the Consumer Price Index, or inflation rate — will return to twice yearly, meaning two certain price increases each year.
The Government's share of every litre bought could rise from 38.1 cents to about 41 cents in a year. Filling the 70 litre tank of a Camry would bring the Government $2.80 in excise.
Will the rest of Australia be laughing after the Budget announcement? Picture: Daniel Munoz Source: Supplied
ROAD BUILDING
The Government is expected to announce it will use the petrol excise to construct roads, and so effectively return the tax to motorists. The Labor opposition will argue many of these projects were already funded and underway. A key element of this measure will be to test how much of the fuel tax goes back to drivers.
The budget centre piece is a history making $80 billion spend on new roads. Courtesy Today, Channel Nine
HEALTH COSTS
The Government wants families to pay more for such routine procedures as consulting a GP. It is expected to introduce a co-payment which could produce significant cost increases for a family with children. Depending on the charge and where it might be imposed, families will have to decide whether to ration visits to a doctor or spend more.
Health care? It'll cost you. Picture: Gary Ramage Source: Supplied
GOVERNMENT SERVICES
The Government will be providing less than it used to with some 70 agencies expected to be abolished. Most voters would be unaware of the functions of most of these agencies, but their abolition will almost certainly affect our everyday lives.
The Federal Budget will reportedly see 16,000 public service jobs slashed, with agencies facing cuts.
EMPLOYMENT
The families of public service workers have been told some 16,000 jobs will be lost when the Budget dust clears. The Government is expected to tighten conditions for those looking for work with termination of the dole and work-for-the-dole being chief sticks to encourage people off welfare.
16,000 jobs lost? Awkward. Source: News Corp Australia
ECONOMY
There will be no shortage of jobs should the national economy take off as the Government hopes. However, increased costs and a retreat in welfare and services would see many families revising their household budgets. If a large number of voters spend less — because they have less to spend or prices have risen — the economy might suffer and job security and small business activity might be among the casualties.
The Immigration Minister on the budget, refugees with criminal backgrounds, and the new super agency for border control.
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