The word 'budget' would have been popping up in your news feed and social feed lately, so before your dinner feed, if you want to be in the know, we'd suggest scrolling down.
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The 2019-2020 Budget will be released at approximately 7.30pm Tuesday when the Treasurer commences his speech.
WHAT IS 'THE BUDGET'?
The Budget is a document that sets out estimated profit and spending of the Australian Treasury in the next financial year (July 2019 to June 2020), proposed federal government work in the same period and the government's fiscal policy for the coming years.
There is a budget every year and they relate to the financial year that is coming.
There is lots of hype around Tuesday night's budget as you may know, Prime Minister Scott Morrison is about to call an election, on a side note there's speculation an election will be called soon after this budget is dropped.
WHO ANNOUNCES THE BUDGET?
The Federal Treasurer, who is currently Josh Frydenberg. This Budget is for the Coalition (Liberal Party and National Party) government.
The Labor government has already flagged it will deliver its own economic statement later in the year if it wins the election.
Which means- this budget will mostly be redundant.
WHAT'S IN THE LIBERAL BUDGET?
Back in the old days (pre-leaks and online gossip) the budget would actually be of some surprise. More recently, you'll find half the budget has been announced in the lead up to the announcement.
Economists have predicted the government will have billions of extra dollars to play with than projected in its last budget update in December.
So there should be a few surprises come announcement time.
WHAT'S IN THE LABOR 'ECONOMIC STATEMENT'?
The opposition has signalled it will deliver bigger and fairer tax cuts, and put more money into schools and hospitals. They have also promised a new network of electric vehicle charging stations around major cities and freeways if Labor wins the next election.
WHAT DO WE KNOW FOR CERTAIN?
- Josh Frydenberg announced there will be more personal income tax cuts with low and middle-income earners getting an annual boost of around $1000.
- Scott Morrison has announced two new cancer drugs will be added to the Pharmaceutical Benefits Scheme (strangely saying PBS spells H-O-P-E, which I get what he's trying to do but...not quite.)
- Some transport promises in Victoria for Geelong and Melbourne
- Cash will be given to help pensioners pay for power prices: The coalition said the Energy Assistance Payment will be paid into eligible accounts before July, Mr Frydenberg announced over the weekend.
- If elected Labor will ban single-use plastic bags and microbeads if elected
Grace Ryan
Deputy Editor at the Central Western Daily, Orange. You'll mostly find me tinkering in social media and newsletters. Working hard to get our stories in front of your eyes.
Deputy Editor at the Central Western Daily, Orange. You'll mostly find me tinkering in social media and newsletters. Working hard to get our stories in front of your eyes.
