Five federal budget takeaways every woman needs to know about.

It was one of the shortest speeches in recent history, but Treasurer Scott Morrison’s maiden budget delivery offered up a number of important initiatives for many Australian women.

Here we take a look at five key areas that you need to know about.

1. Housing 

If there’s one issue that’s been on everyone’s lips ahead of this year’s election, it’s housing affordability and tackling negative gearing.

Unfortunately, the controversial problem barely rated a mention by Morrison, the question of how newcomers are meant to actually get into the market continuing to loom large.

It looks like this issue will be one to take to the polling booth on election day. But until then, here’s a clear breakdown of what you need to know about both parties proposed policies on the issue.

2. Childcare and Paid Parental Leave

If you are a parent or set to become one in the near future, you're likely feeling seriously frustrated by another disappointing budget for Paid Parental Leave and early childhood education.

The Jobs for Families Package, the childcare reform package announced in 2015 has been deferred once more, and in the meantime out of pocket childcare costs for parents have risen by as much as 25 per cent.

"Tonight’s decision to delay action on affordable childcare another year will effectively cost Australian families $1,500 over the next year," Jo Briskey from The Parenthood has said.

"Heading into the 2013 Federal Election, the Coalition won many working mums over for their generous paid parental leave scheme," Briskey continued, "but then they dumped it when they came to government."

Whether they've got a rabbit in the "still to be announced" hat is something we cannot predict, but here's hoping.

3. Superannuation 

Now here is an issue we can sink our teeth into. The major shakeup that Morrison announced to superannuation is set to both benefit women, as well as give us additional flexibility.


The annual cap on super contributions eligible for concessional tax rates will be lowered to $25,000 (instead of the current $30,000 for under-50s) and down to $35,000 for those 50 and above.

The Government is also introducing measures to retrospectively cap transfers of superannuation balances, setting the bar at $1.6 million and limiting the amount of tax-free income a wealthy retiree may earn.

4. Healthcare

Like housing and childcare, there was little information on what we can expect in the way of cuts or commitments to healthcare.

One thing was made clear though, that the Medicare rebate freeze is set to continue.

Tweeting throughout the budget speech, President of the Australian Medical Association, Professor Brian Owler wrote, "Another budget & more cuts to health - patient rebates frozen for almost 7 years. Value of Medicare being eroded year on year."

5. Tax cuts 

If you earn over $80,000 a year or you own a small business, it's good news for you.

A personal tax break, will be introduced for middle income earners who earn more than $80,000 a year. The Treasurer announced the Government will address so-called 'bracket creep' so that the second highest tax bracket will be moved up to $87,000.

In simple terms, a person who earns $80,000 would have previously paid 37 cents in the dollar on every dollar earned over that threshold. They will now pay only 32.5 cents.

Additionally, the small business tax rate will drop by 1 per cent this year, and eventually settle at 25 per cent by 2023-24.

The opposition's budget reply is due on Thursday.