After a long election campaign, Scott Morrison has claimed victory on the weekend and Australians are set for three years of Liberal government. So what does this mean for you? Labor and the Coalition had offered voters a slew of different options before the election, with the parties agreeing on few policy pieces. Here's what you need to know how the Coalition is back in power.
1. Tax offsets mean young families will receive a tax cut up to $1080 for every ATO tax return for workers making between $48,000 to $90,000, from July of next year.
2. Workers making less than that will still receive tax cuts, but slightly less than those promised under Labor.
3. Those earning over $180,000 will avoid higher taxation proposed by Labor.
4. The Coalition has promised to continue legislated tax cuts over the coming three years.
1. Removal of the work test requirement for those aged over 65 but under 66 as well as an extension of the 3 year bring forward rule to these members
2. Increasing the age limit for spouse contributions from 69 to 74 years.
3. LRBAs will remain available but will be counted against the total super balance if related party loans or if the member has an unrestricted non-preserved balance
4. Fixing the actuarial certificate legislation to remove their need where they are demonstrably unnecessary – 100% pension all year.
5. Increase the maximum member number to 6
More importantly, we can expect the following items to continue;
- Franking credit refunds
- Absence of the 10% rule
- Catch up concessional contributions
1. The government introduced a new $500 million First Home Loan Deposit Scheme for first homebuyers to help them get a foot in the door. This will give 10,000 first homebuyers the opportunity to buy a home with only a five per cent deposit, as opposed the usual 20 per cent.
1. The Morrison government made major pledges to mental health funding before the election, promising $461 million for a youth mental health and suicide prevention strategy, along with added mental health funding for people affected by natural disasters, and Aboriginal and Torres Strait Islander people.
2. It also matched the ALP's pledge to lift the Medicare rebate freeze by July 1.
3. A slew of new drugs will be subsidised, and Victorians have been promised a $496 million medical facilities package.
1. Climate change policy was a major talking point at the 2019 election and continued to be a divisive point for the Coalition. The party won't make major changes over the next three years.
2. The Morrison government have outlined a $2 billion climate solutions package which is being rolled out over 15 years.
3. There's no plan to boost renewables - and Mr. Morrison has committed to a coal upgrade project in NSW.
EARLY CHILDHOOD AND CHILDCARE
1. The government made no changes to its Child Care Subsidy package, from July 2018, and no new childcare policies were flagged before the election.
Although $453 million has been earmarked to guarantee another year of preschool funding for four-year-olds.
1. The Coalition will follow through with the Turnbull government's $23.5 billion commitment to schools over 10 years. This promise was mirrored by the Labor Party before the election.
1. The Morrison government has pledged $525 million towards boosting 80,000 apprenticeships and vocational education and training.
2. The government has also allocated $94 million towards scholarships for students to wanting to study at regional universities.
3. Those aspiring to become commercial pilots will also be able to get VET loan assistance.
1. A crackdown on dodgy employers will spell criminal punishments for the major exploitation of workers, and there will also be a national registry scheme for shifty labour hire firms.
1. The Coalition has pledged $1.38 billion in equity investments towards the Snowy Hydro 2.0 project.
If you would like to know how any of these points may directly impact you, remember we're only a phone call or email away.