Labor’s big-spending budget disappoints middle Australians

Labor’s big-spending budget disappoints middle Australians

…By Judah Olanisebee for TDPel Media.

Labor’s Budget Leaves Out Major Sectors of Middle Australia

Labor’s budget has been criticized for failing to provide relief to major sectors of middle Australia.

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While the budget does offer cost of living relief to vulnerable Australians and huge tax cuts to the wealthy, those who don’t have children, aren’t on welfare, and are over the age of 16 will miss out on the so-called ‘centrepieces’ of the budget.

The 1.2 million Australians under mortgage stress will be wondering where their relief is, and the low to middle-income tax offset worth up to $1,500 has been axed.

Dr. Jim Chalmers, the Treasurer, said there was ‘not room in the budget to help every single Australian’.

However, the budget delivered a much-needed increase to Jobseeker payment, a small rise to rent assistance and handed down a surplus for the first time in 15 years.

Despite this, for many Australians, the budget will have little impact on their lives, including energy bill relief.

Australians were warned not to expect vast government spending to help them as they struggle with decades-high inflation and interest rates, which have risen 11 times in just over a year.

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The RBA shocked most financial analysts by lifting the cash rate to 3.85 per cent, adding hundreds of dollars to the cost of the average mortgage.

The lack of relief for middle Australia has been criticized by a peak accountancy body.

Susan Franks, the senior tax advocate for Chartered Accountants Australia and New Zealand, questions whether the Albanese government will have the courage to take an ambitious tax reform agenda to the next election.

Budget Winners and Losers

The budget has several winners, including healthcare workers, Jobseekers, small business owners, families with children in childcare, and people who require prescription medicine.

Additionally, Pharmacists, Medicare users, nurses and midwives, aging Australians, young workers, high-income earners, hopeful home buyers, renters who receive rent assistance, cultural institutions, the arts sector, ABC and SBS, immigrants, ADF troops considering re-enlisting, teachers, students, and apprentices are among the beneficiaries.

On the other hand, the budget has several losers, including 10 million low and middle-income earners, tradies seeking a tax break, cigarette smokers, people hoping to buy a hybrid car, large multinational businesses, and people with superannuation balances over $3 million.

The budget has a few good initiatives, but for many middle-income Australians, it may not pass the pub test.

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The lack of relief for them has been criticized by many, including a peak accountancy body.

Despite being a budget aimed at providing relief for vulnerable Australians, it seems to have missed out on major sectors of middle Australia.

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About the Author:

Judah Olanisebee is a talented writer and journalist based in Lagos, Nigeria. He is a valuable contributor to TDPel Media, where he creates compelling content that informs and engages readers. Judah is passionate about covering a wide range of topics, from current events and politics to technology and business. His writing style is characterized by its clarity, concision, and attention to detail, making his articles a pleasure to read. Judah’s commitment to providing accurate and timely information to his readers has earned him a reputation as a trusted source of news and analysis. When he’s not writing, Judah enjoys spending time with his family, reading books, and exploring the vibrant city of Lagos.

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