BUDGET: how it impacts you

May 15, 2024 6:49 am in by Andrew Johnston
Richard Marles with PM Anthony Albanese [via Twitter]

Treasurer Jim Chalmers has handed down his third federal budget – headlined by cost of living benefits for locals.

The big ticket items include an increase in stage three tax cuts, which means the average person will see a cut of more than $1500 a year.

There will also be a $300 energy rebate for all households.

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Member for Corio Richard Marles says the tax cuts are just the beginning.

“Those in Geelong are front and centre,” he says.

“And we are doing it in a way that is going to add pressure on inflation.

More than 141,000 taxpayers in the region are set to benefit from the tax cuts, while the government has also announced a number of projects will receive funding.

It will include $34.1 million being spent for the South Geelong to Warun Ponds duplication, $300,000 for Thompsons Road in North Geelong, and $800,000 for Geelong-Portarlington Road and the Wilsons Road intersection upgrade.

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Six million dollars will be spent on Armstrong Creek Stadium, while the government has also announced $1.9 billion to increase the maximum rate of Commonwealth Rent Assistance by 10 per cent, which Mr Marles says will benefit 6,955 houses in Corio.

The budget includes 90 million to pay for more TAFE courses, and he says Geelong will continue to benefit.

“Fee free TAFE has seen 2,400 students enrolled in free courses at the Gordon since last year, and we expect this will continue.”

Other big ticket items will include a 12-month inquiry into supermarkets, $3.4 billion to the PBS for new medicines, and $11.3 billion to build 1.2 million homes to assist women in crisis.