The federal treasurer delivered his 2024 budget in parliament on May 14, likely to be Labor’s last budget before the next election.
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00:00 This is a budget for the here and now and it's a budget for the decades to come.
00:05 It's a responsible budget that helps people under pressure today and invests in the promise
00:10 and potential of the more prosperous future that we can make together.
00:16 Our main priorities are helping with the cost of living, building more homes for Australians,
00:22 investing in a future made in Australia and the skills and universities we'll need to
00:28 make it a reality, strengthening Medicare and the care economy and responsible economic
00:34 management which is set to produce another surplus and help fight inflation.
00:39 Our new tax cuts for middle Australia are the biggest part of the cost of living relief
00:44 in this budget.
00:46 From July 1 all 13.6 million taxpayers will get a tax cut and for 84% of taxpayers and
00:54 90% of taxpaying women a bigger tax cut than they would have under the previous government.
01:01 This is about rewarding the hard work of our nurses and teachers and truckies and tradies
01:07 and the 2.9 million people earning $45,000 a year or less who would have received nothing.
01:16 The average benefit is $1,888 a year which is $36 a week.
01:23 Our tax cuts are better for families and communities, women and young people.
01:27 They are better for business and they are better for the economy.
01:32 In 2022 Russia's invasion of Ukraine triggered the biggest shock to global energy prices
01:38 since the 1970s.
01:40 We know Australian families and businesses have felt this pain and that's why we've
01:44 stepped in to help.
01:47 Electricity prices would have risen 15% in the last year if not for our efforts.
01:52 Instead they rose an average of 2%.
01:55 And tonight I assure Australians that more help is on the way.
02:00 This budget delivers $3.5 billion in new energy bill relief for everyone.
02:07 Just as every Australian taxpayer will get a tax cut, every Australian household will
02:12 get energy price relief.
02:15 From July 1 Australians will receive an energy rebate of $300 and 1 million small businesses
02:21 will get a little bit more.
02:23 The ABS has shown how cutting energy bills directly cuts inflation too, keeping the lights
02:29 on for families and businesses and keeping downward pressure on inflation.
02:35 Going to university can be a life-changing opportunity.
02:38 For 35 years now our student loan system has supported millions of people who study hard
02:44 to chase their dream.
02:46 But spikes in inflation have exposed a flaw in this system and put young people under
02:51 unfair pressure.
02:53 We are fixing that and we are changing that so that it won't happen again.
02:57 We're capping indexation of student loans to either the consumer price index or the
03:02 wage price index, whichever is lower.
03:06 And backdating it to the middle of 2023 will cut indexation from last year in half.
03:12 It will wipe $3 billion in student debt for over 3 million Australians and save the average
03:19 person around $1,200.
03:22 Violence against women is a national shame and it requires our national action.
03:27 We're delivering $925 million to establish the Permanent Leaving Violence Program, which
03:33 takes our total investment to address violence against women to $3.4 billion.
03:39 But we know that there is more work for all of us to do.
03:43 And we are very proud, Mr Speaker, that this budget extends superannuation to parents on
03:49 paid leave.
03:50 When it comes to these first months of your child's life, you can't put a price on being
03:54 there and you shouldn't pay a price for being there.
03:58 That's why we've provided $1.1 billion to pay super on government-funded parental leave.
04:05 This will make the super system fairer, it will reduce the gender gap and it will benefit
04:10 180,000 families a year.
04:14 And we're providing another $56 million to improve access to women's health services
04:19 and $19 million to support carers to better choose how and when they work.
04:24 [END]
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