Budget 2013: What it means for you

Have your say on the Federal Budget, Rates Cuts & Your Finances to WIN one of three $100 Visa Gift Cards! Take our quick survey >>>

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

Share This Post

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
  2. There is no great disadvantage for any one section of the community in this, but there are advantages for a certain area of community IE, disabled, and govt like a community sporting body is there to provide not accumulate money. In other words population should benefit while they are paying tax.
    As for the baby bonus great to get rid of it I personally know of people who have had children just to get it, forgetting they have to raise the child. Any way Joe average is not really affected ( true average wage 45K-48k)
    not the inflated figure from Govt Dept,s

    Reply
  3. ditto to Phil’s comment;

    the baby bonus is soooo great to get rid of it I personally know of people who have had children just to get it, forgetting they have to raise the child.

    Gr8 to see more major roadworks!
    bern

    Reply
  4. I am one of those needing support and help with disaninty. The details of the actual manner of how people will receive the funding has been unclear. I fear that not all of us will be able to receive the required help. Uni’s will be affected by the uni cuts. This slash in funding will reduce courses available for people studying Arts and Humanities for a career. This worries me as I have a daughter studying at university. Universities should have received equal funding or been left alone. We cannot fund new ideas if the money is not there and have to rob from other vital areas.

    Reply
  5. That as a single parent I will have to tighten the belt even more. I am disillusioned with our government they seem to support big business and forget that they are elected to represent the people of Australia.My son won’t be able to afford to go to university when he gets older and I cannot afford to get sick or injured because the hospitals are still understaffed and underfunded,yet we see to be able to afford to send money to overseas charities,help refugees and build sports stadiums etc.

    Reply
  6. I was pleased to see no major changes affecting me, a baby boomer looking to retire. My only concern is what will happen if there is a change of government in September. Im a swinging voter at present.

    Reply
  7. What a joke this government has been they had money in the beginning and have then spent that and more and left any promise unattainable everyone pays for their stupidity. The Carbon tax is a rort the volcanos in this world do more harm than humans… And how much carbon tax do China pay. And why do people buy plastic rubbish made in China. Oh thats right b/c its cheap, well we pay extra for that in rubbish disposal. Basically money doesn’t grow on trees you have to pay it back as Greece found their olive trees didn’t pay the way.

    Reply

Post Comment