Budget 2013: What it means for you

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We’ll keep this simple, here’s what you should know about the Federal Budget 2013. Plus we’ve got some super savings tips if Wayne’s budget has put your household budget into deficit.

GenZ

  • extra school funding. Primary schools get $9271 per child and high schools get $12,193 per child.

GenY

  • if you earn newstart you will be able to earn an extra $100 a fortnight before your payments are affected. Begins July 1, 2015.

  • $97 million towards Commonwealth-supported university places for bachelor and postgraduate degrees.

  • scrapping of 10% discount for upfront HECS-HELP payments.

  • new apprenticeship grants.

GenX

  • bye bye baby bonus. Replaced with increase in the rate of Family Tax Benefit Part A.

  • scrapping of increases to Family Tax Benefit Part A announced last budget.

Boomers

  • support for downsizing your home.

  • 15% tax on super earnings above $100,000 a year from July 1, 2014.

All generations

  • increase in medicare levy 0.5 percent to fund the national disability insurance scheme.

  • annual $2000 cap on work-related self-education expense deductions.

  • $24 billion over 5 years to upgrade and expand public transport infrastructure in major cities.

  • $226 million extra to fight cancer.

  • $19.3 billion in funding for people with a disability.

What to do if the federal budget leaves a hole in your budget?

  • Check your home loan. Interest rates have just dropped to record lows and your home loan is likely to be your biggest expense – even a savings of $50 a month works out to be $600 over the year. Talk to one of Mozo’s home loan experts to see how much you could save on your home loan.

  • Make your savings work harder. Don’t keep your spare cash in your transaction account earning no interest, move it across to a high interest savings account.  See here for the market’s best rates.

  • Stop paying high interest on your credit card. The average credit card interest rate is 17.16% but there are plenty of cards with interest rates much lower. Switch credit cards today.

  • Make small adjustments to your spending. You don’t have to say goodbye to your morning latte but maybe that $10 burrito could be replaced by some leftovers occasionally? Save an extra $10 a week, that’s over $520 a year. Check out our Vice Calculatorto see how much your vices are costing you!

What are you thoughts on the Federal budget and the recent rate cuts? Take our quick survey and you could win 1 of 3 $100 Visa Gift Cards! >>>

Budget 2013: What it means for you was last modified: June 29, 2015 by Mozo

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9 Comments - Write a Comment

  1. Possibly the only compensation our tearful PM will be able to take from the adoption of the NDIS is the probable relief in the cost of Medicare as people who have long-term need are taken up in the new scheme.But how extensive is the funding .Who is IN and who is OUT. Who will decide and will there be the capacity to review cases.What will happen when/if this treasurer uses this funding to to the states to juggle the amount of normal Federal/State funding.

    Reply
    1. right on!

      The NDIS seems to have broad support, if you believe the media, however, as with most thinkgs, who is going to pay for it. ???over 20% of Australians are listed as disabled, millions of others are under 18 or non-workers or students or retirees.

      We can’t just print money … so living in debt for the past 5 years (nearly $200 billion turnaround) and for the next 4 years means (says Mr Swan), so, it all goes on the nations credit card!!! Paid for by ????? later generations!

      Reply