Hardworking Australian’s will benefit from the 2018 Federal Budget set to be handed down on Tuesday night, Prime Minister Malcolm Turnbull says.
Whilst the exact details of the budget remain under wraps, a few rumours have been leaked – with low and middle income earners, as well as baby boomers expected to be better off.
“It’s a budget that will ensure hard-working Australians can keep more of the money they earn,” Prime Minister Malcolm Turnbull said in Parliament on Monday.
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“A budget that will enable us to have the resources to keep Australians safe and a budget that will ensure the government lives within its means.”
It’s understood tonight’s budget will include tax cuts for low and middle-income earners thanks to an increase to the Low Income Tax Offset.
The tax offset is currently worth $445 for people who earn less than $37,000 per year, however that’s expected to increase to $1000.
It’s also reported to be extended to people who earn up to $90,000 annually, according to the ABC.
Treasurer Scott Morrison will deliver the budget tonight, with older Australians also expected to largely benefit.
It’s understood the Government will announce an increase to the amount pensioners can earn without losing out to their pension.
At the moment, pensioners can make up to $250 a fortnight, however that’s expected to be increased in the budget.
Funding for additional home-care packages will also reportedly be introduced to help retirees who want to remain in their own homes instead of an aged care facility.
Treasurer Morrison said on Tuesday that the plan he will be announcing tonight is about “improving the opportunities for all Australians to live in a stronger economy.”
“It’s a plan for lower taxes and for reducing the pressure on households. It’s a plan to back business to create more jobs. As you know, more than 1,000 jobs created every day in the past year.
“It’s a plan to guarantee the essential services that Australians rely on every day. It’s a plan to keep Australians safe as Coalition governments know how to do. And it’s a plan, as always, that the Government lives within its means.
“That’s our plan for a stronger economy. So Australians can live in a stronger economy and have the choices and the future that they want, they deserve, they work hard for, and we’ll back them and deliver.”