Australian can hope to get more details about the federal budget in the lead-up to its release on Tuesday. Treasurer Scott Morrison has hinted at the possibility that he would like to release the measures in the federal budget in advance.
This would allow him to concentrate on big picture vision in his federal budget speech.
According to News Corp, Morrison has already declared that small and medium businesses will be the biggest winners. He had been saying that they are the optimistic side of the economy following the wind down of the mining boom.
Another declaration was made for the middle class workers. It said that middle class workers who are earning $80,000 or more will be given the benefit to receive tax cuts.
This would be implemented on the day before the election, says The Australian.
However, this particular step has already evoked a heated reaction from Labor. Labor Opposition Leader Bill Shorten accused the prime minister of spreading cash in order to have voters “forgive and forget” the past three years of government.
Here is a list of key factors one must know about the federal budget.
The Federal Government will be gathering an extra $1.2 billion into the nations schools. They would be giving the states funding certainty until 2020.
In case of higher education, one must not expect any big changes until after the federal election.
Smokers must be ready for another hike in the tobacco excise. Labor has proposed it, saying that the the step could raise $3.8 billion over four years.
The Federal Government has indicated it is considering the option given by Labor.
Commuters have been the big winners as of now. This began when the Prime Minister announced funding for several road projects in recent weeks.
However, according to many critics, there has not been enough work on public transport. This includes Brisbane’s cross-city rail project and the Melbourne metro.
According to ABC News, the Prime Minister had offered the states an extra $2.9 billion for hospitals until 2020 at the COAG meeting earlier this year.
It is unclear whether there will be anything new in the May federal budget.
Federal budget speculation about possible changes to income tax has been the talk of the town. Middle class workers on $80,000 or more will be given benefit to receive tax cuts.