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Treasurer Scott Morrison has handed down the federal budget for 2018-19, with a huge focus on tax cuts.
As had already been suggested a tax cut for low to medium income earners will be introduced, meaning anyone on less than $90,000 will save a maximum of $530 per year.
Commentators and viewers took to social media to voice both their support and disapproval of sections of the budget as Morrison made his announcement from 7.30pm.
The budget also binned superannuation exit fees, promised infrastructure amounting to $75billion over the next ten years and extra funding for health services.
Regulators such as the Australian Securities and Investments Commission (ASIC) and the Australian Tax Office (ATO) received extra funding, which was predicted a mention.
According to a piece from The Conversation, this year's budget was a "missed opportunity" after last year's "bank-bashing bombshell". Many were also not happy that housing issues were not mentioned.
And the budget deals with the housing crisis how? #BUDGET2018
— MW (@MWChatShow) May 8, 2018
Some key points from the budget were:
Tax cuts
Morrison has announced an immediate tax relief for workers earning between $48,000 to $90,000. Workers will receive the maximum offset of $530 in one lump sum after completing their tax return. The number of tax brackets will also be reduced, with those who earn between $40,000 to $200,000 paying 32.5% tax.
Small and medium businesses
Taxes will also be reduced for small and medium businesses as part of the Enterprise Tax Plan. Much to the support of many, the $20,000 instant asset write-off for businesses with a turnover of up to $10,000 has also been extended.
Funding for regulators
Most of this funding will go towards improving tax debt collection, the black economy, tax agents and individual taxpayers.
National infrastructure projects
Projects include the Western Sydney Airport and the Melbourne to Brisbane Inland Rail project, as well as the Pacific Highway Coffs Harbour Bypass and upgrades on the M1 and Bruce Highway in Queensland.
Pensions Loan Scheme
In this scheme anybody on a pension will be able to take out a reverse mortgage, where the government lends pensioners the money against the value of their homes. Whereas it used to be only available for those on a part-time pension, full-time pensioners can also now claim up to $17,800 a year.
Despite what we have learnt from the #BankingRC, ASIC is LOSING staff in #Budget2018. How does that make any sense? #auspol
— Oz (@redrabbleroz) May 8, 2018
Not much in #Budget2018 for #firsthomebuyers and #housingaffordability
— Life Values (@LifeValuesAU) May 8, 2018
There wasn't much in the 2018 budget to excite #SMEs. Anyone else somewhat underwhelmed by #Budget2018?
— Katie Fitzgerald (@KatieFitzzz) May 8, 2018
