Is this budget for the kids? What's on offer for boomers through to Gen Alpha
Updated . First published at
Much has been made in the lead-up to this budget of Prime Minister Anthony Albanese and Treasurer Jim Chalmers' apparent bid to catch the eye of younger Australians, particularly on housing.
But it would take a government bolder than this one to ignore the older vote.
So what's in this year's budget for the different generations?
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Families with a mortgage won't be affected by negative gearing reforms. Joe Armao/The Age
What's in it for mum and dad?
For an average working family with a mortgage and school-age kids in the suburbs, there's a bit to cheer.
With a mortgage already in place, they are unaffected by the changes to negative gearing.
And working Australians have been promised multiple tax cuts, including tonight's revelation of a $250 instant offset at tax time for next year, and a $1000 immediate deduction.
Small business owners have seen the expansion of the $20,000 asset write-off, while the permanent return of loss carry back could bring some tax relief.
The government's efforts to improve fuel security and resilience aren't likely to have an immediate effect on prices at the bowser, so taking the kids to school could continue to strain family budgets.
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What's in it for their kids?
As for schools, the government did not make education a central feature of its budget, but $26.1 million has been allocated over four years to improve classroom outcomes.
The government also confirmed it was working with states and territories to deliver a $4 billion Thriving Kids program, which will provide parents with advice and support around child development, including for kids with autism.
Families will also be able to access a Medicare-subsidised GP check-up for children aged three, to assess their health and development.
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The governtment is committing funding to its Medicare Urgent Care clinics. Justin McManus/The Age
This comes as the government works to prune the NDIS, potentially leaving many families, particularly those seeking support for a child with autism, looking for alternative support.
The government also pledged $1.8 billion over the next four years for Medicare Urgent Care clinics, offering expanded bulk-billing services.
Chalmers said that by July, four in five Australians would live within a 20 minute drive of one of these clinics.
For younger adults than our working family, the changes to negative gearing could leave them feeling a little miffed that those who benefited from Australia's investor-friendly housing market will continue to do so.
However, young innovators looking to launch their own start-up or take advantage of the AI boom will find support.
Start-ups will be offered loss refundability from 2028-29.
And the government has declared it's investing heavily in AI, including data centres, and using the tech to streamline its own processes.
And while this generation is likely to continue to struggle under a housing crisis, the government has announced major initiatives to streamline and speed up housing approvals, hopefully building more of a buyer's market for when the kids of today are looking to buy a home.
What's in it for their parents?
Older Australians, meanwhile, have been offered a $3.7 billion expansion of aged care services.
The government has committed to an extra 5000 aged care beds each year, to help support elderly people with constrained finances.
It's also pledged to deliver faster access to Support at Home places, bringing down waiting times. And personal care services, such as showering, dressing, and continence support, will be free alongside clinical care.
Aged care will get a budget boost. Nine
More care for palliative patients and dementia sufferers will also be extended.
And while the benefits of the PBS aren't limited to the elderly, they are more likely to develop serious illness.
The government has also pledged $5.9 billion to list more medications on the support scheme.
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