Green business, public servants, renters and taxpayers are budget winners while consultants, the Reserve Bank and tax cheats do poorly.
delivered the government’s second consecutive surplus, with green business and households among the biggest winners, while consultants and dubious NDIS providers lost out.Perhaps the biggest winners are businesses involved in the green transition, with major loans, investments and incentives going to the sector. There’s $19.7 billion to chase the ambitious goal of turning Australia into a renewable energy superpower via the government’s signature Future Made in Australia policy.
Battery and solar panel makers are big beneficiaries via the $523 million Battery Breakthrough Initiative and the $835 Solar Sunshot program, designed to spur a domestic industry. That’s on top of the stage three tax cut changes that will give 13.6 million taxpayers an average benefit of $1888 a year, or $36 a week, forming the centrepiece of the government’s cost-of-living relief.Renters win with an additional $1.9 billion funnelled towards increasing the maximum payment of Commonwealth Rent Assistance by 10 per cent – the first back-to-back increase in more than 30 years.
A single age pensioner will be about $3300 better off after the government extended a freeze on increases to the deeming rate for at least another year.The planned pay rise for aged care workers is still to be determined, but it will go well into the billions of dollars and comprise a substantial portion of the forward increases to the federal budget’s contingency fund. The fund’s increases are estimated to be about $60.5 billion over three years from 2024-25 onwards. That is on top of $2.
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