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Finance expert and Money editor Effie Zahos told Today the strength of the government’s win should make the passage from promise into law “a lot easier”.
“And there were so many promises made. I mean, everything from, you know, your beer tax freeze for two years to, you know, the 1800 Medicare line as well,” she said.
“It’s important to note, and I’ve said this before, this is a tax deduction, not a refund,” she said.
“So how much you get will come down to your tax bracket. So assuming you’re on a 30 per cent tax rate, your relief will be $300 there.”
Albanese had previously said about six million Australians would benefit, with an average of $205 in tax relief per person.
A small income tax cut on the lowest bracket of $45,000 to $80,201, from 16 per cent to 14 per cent, will be a little longer in the waiting, with the relief to kick in from July 1, 2027.
In theory, the government’s promise of five per cent housing deposits and shared equity loans should come into effect on July 1, Zahos said.
“The shared equity one still is uncertain because they’ve got to be pushed out through the states as well,” she said.
The government has also promised to build 100,000 new homes, and offer apprentice tradies in the construction sector a $10,000 bonus from July 1.
The bonus will be paid in instalments of $2000. Those eligible include bricklayers, electricians, carpenters, and plumbers, who are living away from home.
Childcare and education
Zahos said the government’s pledge to slash 20 per cent off student HELP debts before June 1 this year would have been a vote-winner with young people.
The move will knock more than $5000 off the average debt.
And from January 5 next year, parents will be able to take advantage of three days of subsidised childcare.
“It no longer will have an activity test, so you don’t need to work to get that,” Zahos said.
Albanese celebrates victory with coffee
Energy rebates and a 30 per cent discount on home batteries can be expected from July 1.
But, Zahos warned, they were only temporary measures through to the end of 2025.
“And then the pain will continue,” she said.
