Speaker 1: I want to talk about the budget, the federal budget.
Speaker 1: We've got to get excited about it. Jason, are you excited?
Speaker 2: Not really?
Speaker 3: I don't understand. There's a lot in it for you.
Speaker 1: Luckily, I've got someone standing by who can explain at all,
Speaker 1: and he does it very well on his Instagram.
Speaker 3: Have you seen his Instagram? Yes, five hundred and thirteen
Speaker 3: thousand followers. What about that?
Speaker 2: Not bad?
Speaker 1: Chris Cola joins, it's my colleague and nine News finance editor.
Speaker 1: Good morning to you, Chris.
Speaker 2: Morning, guys, there you going.
Speaker 4: We're good. How had you been sore? You celebrate last night?
Speaker 4: Budget night for a finance guy will be big.
Speaker 1: Yeah.
Speaker 5: No, Famously, the nerds kind of let their hair down
Speaker 5: after the budget is wrapped up. You work till about
Speaker 5: ten and then a couple of beers. But no, I
Speaker 5: think it was pretty tame. Everyone behaved himself.
Speaker 3: Does the treasurer let his hair down?
Speaker 2: It's a good question. I don't know.
Speaker 5: I mean, you don't want to be caught smoking cigars
Speaker 5: or anything like that anymore.
Speaker 3: Joe got a cigar out? Did he post budget like
Speaker 3: I've done it?
Speaker 2: Yeah?
Speaker 3: I done the man. I am the big, big money man.
Speaker 4: He sort of looked like the monopoly man as well. Hey, Chris,
Speaker 4: break it down for us, Like a lot of the time,
Speaker 4: we hear we're going to save here, and we're going
Speaker 4: to we're going to get more money back in our
Speaker 4: pocket here and there. Is it money this year we're
Speaker 4: going to have to apply for or is it more
Speaker 4: just going to affect our tax returns in a year's time.
Speaker 5: Yeah, that's certainly the show piece of this one, Jason.
Speaker 5: I mean, the whole kind of secret with this budget
Speaker 5: was these new tax cuts that we're going to be getting. Now,
Speaker 5: when people hear about tax cuts, they want to know when,
Speaker 5: they want to know how much. Unfortunately, the news on
Speaker 5: those fronts is not that great. We're talking about them
Speaker 5: being phased in from mid next year, and once it's
Speaker 5: all fully up and running, we're talking about twenty dollars
Speaker 5: a month for the average earner. So while it sounds
Speaker 5: pretty good when you stay at is you know, five
Speaker 5: hundred and thirty six dollars in your back pocket next
Speaker 5: year or the year after. I think for most people
Speaker 5: it's going to be just a little bit of help.
Speaker 3: To keep it in mind, we've just had a tax cut, have.
Speaker 5: We not yes we have, and the federal government's very
Speaker 5: keen to talk to you about the Stage three tax
Speaker 5: cuts that were coming in. They were implemented in first
Speaker 5: place from the Coalition and they just sort of roll
Speaker 5: on through, so people have been saving money. This was
Speaker 5: a bit of a sweetener. This is an election budget,
Speaker 5: this a do no harm budget, right, Yeah, so look,
Speaker 5: the tax cut through a big one. The other thing
Speaker 5: they really wanted to talk about was non compete clauses,
Speaker 5: which is something that we hadn't really been thinking that
Speaker 5: much about. But it turns out apparently people like hairdressers,
Speaker 5: hospitality staff and tradees three million Australians have had these
Speaker 5: clauses in their contract that stop them looking for better
Speaker 5: paychecks at a competitor. Government wants to make that completely illegal.
Speaker 5: So that was another thing we weren't really expecting.
Speaker 3: Yeah, right, just back on the if it applies to
Speaker 3: radio non compete cause.
Speaker 4: We're not leaving. We're happy where we are weaving. We
Speaker 4: ain't leaving, We're not coming through that. Again, you mentioned
Speaker 4: how we won't really see this till mid next year,
Speaker 4: right and correctly if I'm wrong, does that mean they
Speaker 4: could come out this time? Say if Albo gets voted
Speaker 4: back in. Right, they could come out next year in
Speaker 4: the budget and totally change what they're promising again, couldn't they.
Speaker 4: So what they're actually telling us we're going to get
Speaker 4: now we may never see.
Speaker 2: Look, they will stick by this.
Speaker 5: The coalition, on the other hand, says that they're not
Speaker 5: going to do this tax cut. So it's very much
Speaker 5: a vote for us, and you get you know.
Speaker 3: Because they get a reply, They get a budget reply.
Speaker 2: Don't they. That's right?
Speaker 5: So Angus Taylor is going to be handing that out
Speaker 5: pretty soon. He came out very hard last night saying
Speaker 5: that this is a terrible budget. Of course you'd expect
Speaker 5: him to say that, but interestingly he said we're not
Speaker 5: going to match these tax cuts, which is a bit
Speaker 5: of an odd move, some would say, in the.
Speaker 3: Least use in their back pocket.
Speaker 2: You would think.
Speaker 5: So, we haven't heard any detail on that, but he
Speaker 5: says that this is not enough. I mean, the big
Speaker 5: thing for the federal government is that they don't want
Speaker 5: to get in the way of interest rate cuts. We've
Speaker 5: got potentially up to three more rate cuts coming before
Speaker 5: the end of the year. I mean that could be
Speaker 5: worth two hundred and seventy dollars a month. The last
Speaker 5: thing the government wants to do is spark plation, kick
Speaker 5: the whole thing off again.
Speaker 3: Hey Chris, what about power bills?
Speaker 2: Yep, there's going to be some energy rebates. They're going
Speaker 2: to roll that out further.
Speaker 5: That means another one hundred and fifty dollars off your
Speaker 5: power bill this year, and they're going to keep that rolling.
Speaker 5: That's going to be helpful for households and small businesses.
Speaker 5: So certainly that's a big part of it. Bulk billing
Speaker 5: incentives was another one that's being boosted. So more free
Speaker 5: trips to the doctor.
Speaker 4: Oh yeah, we're trying to find it. Sorry to cut
Speaker 4: you off for trying to find a doctor of bulk
Speaker 4: bills though, that's the challenge.
Speaker 2: Well, that's the thing.
Speaker 5: So they're trying to broaden this so that more doctors
Speaker 5: will be incentivized to do it. The problem is you
Speaker 5: can't find anyone who kills. That's just think that the
Speaker 5: government's trying to address.
Speaker 3: What about childcare?
Speaker 4: Because I know, I mean in our little circle of friends,
Speaker 4: and to be honest, we're sort of at this point
Speaker 4: as well. My wife wants to go back to work
Speaker 4: and we'll work. We're working it all out, and we're like,
Speaker 4: sometimes it's actually not worth going back to work because
Speaker 4: the money you're pulling away in childcare.
Speaker 5: Yeah, they're deliberately targeting that one too. Jas they're saying
Speaker 5: secondary workers should be able to go back to work
Speaker 5: and not dump all of their money into child Yes,
Speaker 5: so they're trying to boost that subsidy and broaden it
Speaker 5: as well, which is already quite big. They're trying to
Speaker 5: make it sort of better. I suppose they're trying to
Speaker 5: sort of tweak it around the edges to make sure
Speaker 5: that it actually works and his stip for purpose.
Speaker 2: So that's another big one for sure, because.
Speaker 4: It's an issue that comes up. I mean, we've had
Speaker 4: three kids and we've we've jostled with this every time.
Speaker 4: And I know a lot of friends are in the
Speaker 4: same boat that you know, like my wife for a
Speaker 4: mental health wants to get out of the house and get.
Speaker 2: Back to work. But it's sometimes it's not worth it.
Speaker 4: You see there going, what do we make fifty bucks
Speaker 4: at the end of the week by the time we
Speaker 4: paid for It's crazy.
Speaker 5: Absolutely, the whole income goes and then the problem is
Speaker 5: you spend time out of the workforce because you say
Speaker 5: it doesn't matter, and then by the time you've you've
Speaker 5: entered back in when the kids are a little bit older,
Speaker 5: you lose time in the workforce, you lose super It's
Speaker 5: not a good result. So the government's definitely trying to.
Speaker 1: Chris is in the trenches himself now a dad for
Speaker 1: a second time, just a few weeks back.
Speaker 3: Congratulations mate, thank you very much.
Speaker 2: Yeah.
Speaker 5: Look, you know I was in the lock up while
Speaker 5: they were going down last night and my wife, my
Speaker 5: wife was the one in the trenches, so she did
Speaker 5: very well to get everybody down.
Speaker 1: Chris, you're you're old man, of course, a wise man.
Speaker 1: ABC finance editor for many, many years.
Speaker 4: Does he still fund Christmas at your fos?
Speaker 3: Chris, who is following in his father's footsteps? Was it?
Speaker 1: Was it what he was doing on the telly that
Speaker 1: inspired you?
Speaker 3: Yeah?
Speaker 5: I grew up watching him. I mean I grew up
Speaker 5: watching which is a bit of a weird one. But look, yeah,
Speaker 5: he's done a lot of budgets in his time. My goodness.
Speaker 5: He wrote for newspapers, you know, back when they were
Speaker 5: doing it on on typewriters, so things have changed a
Speaker 5: little bit.
Speaker 4: But imagine playing Monopoly at that family house. Don't buy
Speaker 4: park later, it's a bad investment.
Speaker 3: You never swindled any cash from the bank.
Speaker 4: Oh god, no, absolutely, Chris. We appreciate your time this morning, mate.
Speaker 4: We know it's busy, but thanks for breaking it down
Speaker 4: for us.
Speaker 2: Anytime.
Speaker 3: Chris Colin News on Instagram hit him up. He's very popular.
Speaker 3: He is very popular.
Speaker 4: A lot of mums in the Burbs trying to save
Speaker 4: a bit of coin on let Me Tell.
Speaker 6: You, Lauren wake us feeling good one hundred and Lauren
Speaker 6: oly Go on Socials
Speaker 1: Mhm