politics

These are the biggest winners and losers of the 2019 Federal Budget.

Millions of Australians will get an extra $1000 back in their pockets and see a decade of road and rail upgrades in the nation’s first surplus budget in 12 years.

In a no-losers budget just weeks out from the May election, Treasurer Josh Frydenberg pitched the coalition as responsible economic managers who can still splash some cash.

Infrastructure funding will jump $25 billion to $100 billion over the next 10 years in a bid to connect Australia’s job-creating cities with regional population centres.

Mr Frydenberg’s first budget also predicts surpluses from next financial year, starting with $7.1 billion in 2019/20.

“The budget is back in the black and Australia is back on track,” Mr Frydenberg said on Tuesday night.

Last year’s $530 tax offset for low- and middle-income earners has been doubled to $1080 for more than 10 million taxpayers earning up to $126,000 a year.

About 4.5 million Australian workers will get the full amount, starting from next year, should the coalition government be returned.

Mamamia’s daily news podcast The Quicky spoke to Paul Drum about why there is a budget right before an election. Post continues below audio.

Labor has promised to match the tax cuts that begin on July 1.

“This is essentially a copy of what we proposed last year, and they are simply catching up to us,” shadow treasurer Chris Bowen said.

Prime Minister Scott Morrison is now expected to call an election for May 11 or 18.

WINNERS:

Taxpayers – $158 billion of additional tax relief for those earning up to $126,000 a year

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West Australians – Rules around $69 billion GST revenue distribution to the states have changed, with WA the main beneficiary

Older energy users – $285 million to help almost four million Australian pensioners and others cover their energy bills

Job Seekers – 80,000 new apprenticeships announced and extra 1.25 million jobs over the next five years

Small Business – Instant asset write-off increased to $30,000 and expanded to businesses with a turnover of up to $50 million

Sports Women – $150 million funding package for women’s sport

Farmers – $6.3 billion in drought support and $3.3 billion for those affected by floods

The sick – $80 billion for better access to life-changing equipment, services and medicines

Schools – $300 billion for upgrades to libraries, classrooms and play equipment

LOSERS:

Big Banks – $600 million boost for financial regulators ASIC and APRA to deal with banking royal commission fallout

Terrorists – $570 million boost for national security agencies and $328 million to fund prevention, response and recovery initiatives

Tax and welfare cheats – The Tax Office and other agencies to crack down on welfare cheats and tax dodging

Migrants – Migration cap to be reduced to 160,000 from 190,000

For more on this topic:

Why tonight’s Federal Budget could be the best for your bank account.

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