Cash Bonuses To Mental Health: 5 Big Takeaways From The Federal Budget For Gen Z
Another year, another federal budget.
Understanding the federal budget can be boring as hell, that why we’ve done the heavy lifting for you and listed out some of the most important things that could affect students and GEN Z most. You’re welcome!
1. TAX CUTS AND CASH HANDOUTS
It's no secret that it's becoming extremely expensive just to live in this bloody economy. That's why when announcing the budget the government has taken some measures to ease the pressure of the ridiculously growing cost of living.
They're going to be offering additional tax returns to Australians with an annual income of less than $126,000 - they will be giving an extra $420 in their tax returns than they did last year.
So when you're filing your taxes this year, make sure you remember to claim that extra $420!
2. BILLIONS INVESTED IN MENTAL HEALTH SERVICES FOR YOUNG PEOPLE
This year the government is pledging a whopping $547 million, to improve mental health in Australia.
The biggest chunk of the investment is going towards expanding mental health services for young people with severe and complex mental illnesses. Additionally, non-profits Headspace will receive $14.8 million over the next four years and Lifeline will get $52.3 million.
There will also be a specific investment to give mental health support in multicultural communities. It’s committed $17.8 million for cultural and linguistically diverse communities and refugees to access mental health care.
3. INCREASED SUPPORT TO APPRENTICES AND THEIR EMPLOYERS
If you're looking to build your career as a tradie then this is a good year for you, the government has increased support for apprentices and their employers.
They will spend $954.0 million over five years to start up new Australian Apprenticeships. This incentive system will support “priority occupations” and will kick off on the 1st of July.
What would concern you most is that more young tradies will be receiving a $5000 grant, and their bosses receive a bit of help paying their wages, up to $8750 over three years and a one-off $4000 payment.
4. DROPPING PRICES ON PETROL
Before Will Smith and The Oscars stole all the meme world's attention, people couldn't stop shitting on the spiking prices of petrol - and rightly so!
So as a part of their federal budget plan, the government is reducing the tax on petrol from 44.2 cents to 22.1 cents at midnight on Tuesday for six months. The hope is that retailers will pass those savings onto us (wishful thinking!), so we can expect to see petrol at more like $1.80 per litre in about two weeks.
The government estimated an average car would be $15 cheaper to fill up, saving a regular driver who fills up weekly $350 in six months.
Additionally, pensioners, welfare recipients and concession card holders, will also receive a one-off $250 tax-free payment automatically in April. It's better than nothing I guess.
5. RELIEF FOR THE FLOOD-AFFECTED
The floods in New South Wales and South-East Queensland were absolutely catastrophic to many and the government wants to recognise that.
They're committing more than $6 billion to support those affected by the floods including families and businesses. It's a significant jump from the $2.8 billion committed for the 2019-2020 bushfire recovery and $1.5 billion for the Queensland floods in 2019.
They will be splitting the budget mainly amongst farmers and business support, rebuilding public infrastructure, community clean up and recovery as well as the Emergency Response Fund.
In less serious news, did you know you can make money $800 to be exact to take aesthetic travel pictures? Also, if you’re a true believer in the power of the mullet - care to grow one and get paid $22k for it?