What the Federal Election means to you
How will Scott Morrison’s victory affect you and your family?
With the Coalition pulling off a victory in Saturday’s election, let’s take a look at how the policies and changes in government will affect you.
From July 2020, many households earning between $48,000 and $90,000 can expect an offset tax cut of up to $1,080 in your return.
For those with an income up to $126,000, the refunds are slightly reduced under the Coalition. However, if your income exceeds $180,000, you can breathe east avoiding the higer taxes proposed by Labor. For those over 65, the Coalition has committed to abolishing the work test for voluntary super contributions and they will retain that ability to receive franking credit cash refunds on Australian share dividends.
The Coalition have guaranteed to boost health care services by $1.25 billion with the Community Health and Hospitals Program. Funding for public hospitals will reach $28.7 billions in 2024-2025 an increase from $13.3 billion in 2012-13.
Education and Training
There has been no changes to the current Child Care Subsidy package or School funding. However, Prime Minister Scott Morrison has promised to follow through on the Turnball government’s $23.5 billion commitment to schools over 10 years.
Climate change was a major issue across may parties during the election, however it was an almost mute point for the Coalition. The party has outlined $2 billions to be used over 15 years towards a climate solutions package. There’s no plan to boost renewables – and curiously Mr Morrison has backed a coal upgrade project in NSW.
Days prior to the election the government unveiled a new ‘First Home Loan Deposit Scheme’, allocating $500 million for first home buyers to purchase a home with only a five per cent deposit. The First Home Loan Deposit Scheme will take effect from January 1, 2020.
The Money Edge | Bundaberg