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Federal Budget 2019: The promises, opinions + what will really impact you

Treasurer Josh Frydenberg has delivered his first Federal Budget in Canberra, announcing a $7.1 billion surplus, Australia’s first since 2007.

The Coalition has promised to cut income tax for low and middle income earners, benefits for small business owners, while splashing cash on infrastructure and schools.

“Tonight, I announce the budget is back in the black and Australia is back on track.”

– Treasurer Josh Frydenberg

Macquarie Radio Political Editor Ross Greenwood said there are two “real features” of this budget.

“One is the tax cuts,” Ross said.

“That is dependent on the economy into the future.

“The second is all about infrastructure.

“Now, to my mind whenever you hear the words ‘fast train’, you want to run because that means there’s an election about to happen.

“Well there’s one five or six weeks away according to Chris Uhlmann (Nine News national political editor).”

Uhlmann said large groups of people have been “specifically targeted” to try and “drag the population back behind the Coalition”.

“But the question is, he’s given a fistful of dollars, will the Labor Party just give a few dollars more?” He said.

“This is genuinely an election budget, there’s no doubt.”

Ross Greenwood

FAST FACTS

  • Net debt will be eliminated by 2030
  • Single income families will receive up to $1080 in tax relief each year, with dual income families receiving up to $2160
  • $725 million to support the elderly by improving quality of residential and home care
  • A 10-year infrastructure package will be increased from $75 billion to $100 billion, with $2 billion devoted to a fast rail from Melbourne to Geelong
  •  $453 million will be spent to extend preschool education for young children to allow 350,000 children to receive 15 hours of early learning per week

Treasurer Frydenberg pitched the Coalition as “responsible economic managers” who can spend big without raising taxes.

“The plan I outline tonight, does this in three ways:

First, it restores our nation’s finances without increasing taxes.

Second, it strengthens our economy and creates more jobs through a new significant skills and infrastructure agenda without increasing taxes.

And third, it guarantees essentials services… while tackling the cost of living, all without increasing taxes.

Hear Ross’s post budget debrief with Treasurer Josh Frydenberg HERE, Shadow Treasurer Chris Bowen HERE and response from Greens Leader Richard Di Natale HERE.

Macquarie Radio Political Editor Michael Pachi was in the budget lockup this afternoon.

Click PLAY below to hear Michael Pachi’s wrap

Deloitte Access Economics Chief Economist Chris Richardson told Ross it is a “Gerry Harvey” budget with genuine tax reform.

“They already had a big tax refund coming somewhere between July and September, that’s now more than doubled,” Chris said.

“It makes it absolutely a Gerry Harvey budget.

“Five million people getting more than $1000 each?

“That’s pretty big bucks.”

Click PLAY below to hear the full speech from Treasurer Frydenberg

The full Budget 2019-20 documents are available HERE

 

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