Labor’s budget will benefit the young – but does little to woo voters drawn to One Nation
Summary
Australia’s Labor government budget focuses on helping young people and poorer households by changing tax rules, including cutting benefits for wealthy older people. The plan reduces tax breaks for investors and provides small tax offsets for workers, but offers limited support for middle-income middle-aged Australians.Key Facts
- The budget aims to benefit young and low-income Australians, while older and richer people pay more tax.
- Tax changes include cutting capital gains tax discounts and ending negative gearing for landlords.
- A new 30% minimum tax on certain trust incomes targets the wealthiest taxpayers.
- Workers get a $250 tax offset and a $1,000 instant tax deduction to reduce their tax burden.
- Young generations like Gen Z and millennials gain around $300-$400 yearly on average.
- People over 65 lose $500-$1,000 yearly on average due to the budget changes.
- The richest 20% pay about $1,500 more in taxes annually, while the poorest gain a few hundred dollars.
- Middle-aged, middle-income Australians, many leaning toward parties like One Nation, see little benefit.
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