What’s in the upcoming budget for you? Here's a quick breakdown.
What’s in the upcoming budget for you? Here's a quick breakdown.

FEDERAL BUDGET 2018: Tax cut splurge hurts home buyers

Tonight is the night Australia finds out who are the winners and who are the losers in the 2018 Budget.

FISCALLY speaking, tonight is the most exciting night of the year - it's Budget time.

The full details of what's in the Budget will be released at 7.30pm Canberra time, when Treasurer Scott Morrison takes to the despatch box in the House of Reps. His first interview will be with the ABC's Leigh Sales sometime after 8pm.

Until then, we have rounded up all the major announcements that have been made so far so you've got a head start on what to expect and if you'll be quids in or, indeed, quids out. Scroll down for those.

We'll also bring you all the latest events in the run up to the Budget.

7:15pm

People earning under $90k tipped to be big Budget winners

Australians on low and middle-incomes are set to receive tax cuts of around $10 a week in today's Federal Budget.

The Low Income Tax Offset for people earning under $37,000 a year currently gradually reduces until they reach an income of $66,667, but Mr Morrison is expected to extend this to those on salaries of up to $90,000, according to the ABC.

That will mean an extra $10.50 a week for workers on the maximum benefit, at a cost of around $4-5 billion annually.

We've got more on who the Budget winners are expected to be, just scroll down.

A print worker handling a stack of the 2018-19 Budget papers in Canberra. Picture: AAP Image/Lukas Coch.
A print worker handling a stack of the 2018-19 Budget papers in Canberra. Picture: AAP Image/Lukas Coch.

 

7.00pm

How big is the actual physical Budget?

There's half an hour to go until ScoMo enters the House of Reps and when he does, he may be bent double just a bit. The reason is the Budget is huge. Usually, it runs to at least 600 pages. To put that into comparison, last year's best selling novel in Australia was The Handmaid's Tale, Margaret Atwood's classic dystopian story about a Government which takes over the lives of its citizens. That runs to less than 350 pages.

The Budget is contained in four separate volumes, called 'papers'. How much debt Australia carries is contained in Budget Paper No. 1.

Paper No. 2 contains more nitty gritty details but hidden in here are other costs, such as in 2015 where it was in this volume that an increase in passport processing charges was to be found, reported The Conversation.

The cover of the 2018-19 Budget papers is seen at Canprint in Canberra, Sunday, Picture: AAP Image/Lukas Coch.
The cover of the 2018-19 Budget papers is seen at Canprint in Canberra, Sunday, Picture: AAP Image/Lukas Coch.

6.45pm

Is the Big Banana the most unexpected casualty of the Budget?

The Big Banana in Coffs Harbour could be the unintentional sacrifice Australia makes for a boost in infrastructure spending.

Originally built in 1964, and attracting close to a million visitors a year to the northern NSW town, the big yellow fruit could go rotten due to a new bypass.

The Government is expected to allocate $970 million in the Budget to redirect the A1 Pacific Highway around the city and away from the attraction. Those million tourists may drive on by without even seeing the massive Cavendish.

But Big Banana General Manager (best job title ever) Michael Lockman told The New Daily they knew this day would come.

"We've basically been focusing on really lifting the standards so it makes it a must-stop for people, somewhere they can break that trip whether there's a bypass or not," he said.

The Big Banana in Coffs Harbour could be killed by a new bypass. Picture: AAP Image/Dave Hunt.
The Big Banana in Coffs Harbour could be killed by a new bypass. Picture: AAP Image/Dave Hunt.

6.30pm

Labor slams the Budget for being "hamburger or milkshake".

As similes goes this one is slightly esoteric. Earlier today, Deputy Labor leader Tanya Plibersek ridiculed a speculated personal tax cut that could see low to middle income earners better off by around $10.50 a week.

She said the cut wouldn't be enough for "a hamburger and a milkshake". Rather, "you'll have to take your pick - a hamburger or a milkshake," Ms Plibersek told reporters in Canberra.

We don't know where Ms Plibersek is getting her burgers from but at Macca's in Sydney you can get a Big Mac and a small chocolate shake for $10.40 so you can have both. No chips though, sorry.

The Budget tax cuts could well buy you a hamburger and a milkshake.
The Budget tax cuts could well buy you a hamburger and a milkshake.

6.00pm

People are telling the Government to 'keep my ten dollars'

You know that fast food ad, where people yell "shut up and take my money"? Well it seems that's the thoughts of a whole lot of people when it comes to the mooted $10.50 a week tax cut the Government may announce for low to middle income earners. The hashtag #keepmytendollars has begun to pop up all over Twitter.

The idea is that, rather than a tax cut, the $10 or so a week should be spent on more worthy things like schools, adding dentistry to Medicare, employing more people in the public sector, renewables, you get the idea.

Although, given the $10.50 per week would only be received by those on the lowest incomes, it's not entirely clear if the people furiously Tweeting would even get the financial fillip.

Hats off to one Twitter user, however, who said she would give her $10 back "if you can stop this woman snoring loudly next to me on the train ... everyone is exhausted from too much productivity".

5.30pm

Where is Scott Morrison?

If you're wondering where the man most in the know is, he's probably having some tucker to build up his energy for this evening's announcement. Dan Woolford, of AAP, says there is always a big pre-Budget dinner: "What goes on during the afternoon is like a footy team warming up before a big game, with the whistle for the start going at 7.30pm."

Treasurer Scott Morrison in his office at Parliament House in Canberra, contemplating his tasty pre-Budget dinner. Picture Kym Smith
Treasurer Scott Morrison in his office at Parliament House in Canberra, contemplating his tasty pre-Budget dinner. Picture Kym Smith

5.15m

A big burly bloke slept with the Budget last night

A TREASURY tradition, the finalised Budget papers were kept under lock and key last night protected by armed security. But did they have to go this far? If you believe the Treasury, this tattooed and bejewelled fella spooned the whole lot last night, to keep them from straying too far.

5pm

Average worker will be rewarded

WE'VE been told the average Aussie worker will be rewarded in tonight's budget.

Prime Minister Malcolm Turnbull described it as "a budget that will ensure hardworking Australians can keep more of the money they earn" in Canberra yesterday.

Likewise Treasurer Scott Morrison said it would provide tax relief for low and middle-income earners, although he did say there would not be "mammoth" cuts.

We know there's a strong focus on infrastructure with this budget, with billions announced in funding for road and rail projects across the nation.

But outside of that, what's in it for you? Here's a quick roundup of who will benefit most from the budget:

PEOPLE EARNING UNDER $90K

Australians on low and middle-incomes are set to receive tax cuts of around $10 a week in today's Federal Budget.

The Low Income Tax Offset for people earning under $37,000 a year currently gradually reduces until they reach an income of $66,667, but Mr Morrison is expected to extend this to those on salaries of up to $90,000, according to the ABC.

That will mean an extra $10.50 a week for workers on the maximum benefit, at a cost of around $4-5 billion annually.

Aussie workers earning under $90k are expected to get around $10 extra per week.
Aussie workers earning under $90k are expected to get around $10 extra per week.

AGED CARE RESIDENTS

The government has prepared a multibillion-dollar package for ageing Australians.

It includes 20,000 extra home-care places so the elderly can stay in their houses for longer.

The package will also expand the Work Bonus program (which allows seniors to earn $250 a fortnight without affecting their pension) and the Pension Loans Scheme (which allows self-funded retirees to borrow against the value of their home).

It will also include more support for older Australians in rural and regional areas.

The government has prepared a multibillion-dollar package for ageing Australians.
The government has prepared a multibillion-dollar package for ageing Australians.

ENVIRONMENTALISTS

Environmentalists will be pleased to hear $500 million has been pledged to help protect the Great Barrier Reef.

This marks the single largest investment in the Great Barrier Reef in Australian history.

The money will also go towards improving water quality, tackling the crown-of-thorns starfish and scientific research.

$500 million has been pledged to help protect the Great Barrier Reef.
$500 million has been pledged to help protect the Great Barrier Reef.

PREGNANT MUMS

All pregnant women in Australia will have access to a free whooping cough vaccination from July, with the vaccine to be added to the national immunisation program at a cost of $39.5 million.

Health Minister Greg Hunt said as newborns could not be vaccinated until six weeks of age, the most effective way to protect a baby against the disease was for the mother to have the vaccine.

All pregnant women in Australia will have access to a free whooping cough vaccination from July.
All pregnant women in Australia will have access to a free whooping cough vaccination from July.

SUFFERERS OF SPINAL MUSCULAR ATROPHY

Sufferers of rare genetic condition spinal muscular atrophy will have access to a lifesaving drug for a fraction of the cost.

Spinraza will be made available on the PBS from June 1 this year for all patients under 18.

It would have cost families across Australia with children with muscular atrophy more than $367,850 a year for the medicine but it will now be $39.50 per script with concessional patients paying $6.40.

People with spinal muscular atrophy will have access to a lifesaving drug for a fraction of the cost.
People with spinal muscular atrophy will have access to a lifesaving drug for a fraction of the cost.

CRAFT BEER MAKERS

A beer tax that slugs craft brewers 40 per cent more for using smaller kegs will be axed.

A two-tier tax system means draught beer sold in 50 litre kegs are currently taxed at $34 a litre, but beers in kegs under 30 litres are slugged $49 a litre.

The federal Budget will extend concessional draught beer excises to smaller kegs, and increase the amount beverage companies can claim back.

Alcohol manufacturers can currently claim a refund of 60 per cent in the excise duty paid on beer and spirits of up to $30,000 a year.

This will increase to $100,000 from July 1 next year, and apply to all brewers and distillers for the first time.

A beer tax that slugs craft brewers 40 per cent more for using smaller kegs will be axed.
A beer tax that slugs craft brewers 40 per cent more for using smaller kegs will be axed.

MENTAL HEALTH PATIENTS

Money will be allocated to the mental health industry, including $3.9 million in support for people from multicultural backgrounds, $33.8 million for Lifeline, and $84 million for mental health nurses in the Royal Flying Doctor Service.

More funding will go towards the mental health industry.
More funding will go towards the mental health industry.

THE FILM INDUSTRY

Foreign Ministry Julie Bishop announced $140 million in funding to encourage filmmakers to make blockbusters locally.

The government estimates it will create 3000 jobs in Australia, and reel in $260 million in foreign investment.

The Australian film industry will receive $140 million.
The Australian film industry will receive $140 million.

- With wires


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