1 00:00:00,520 --> 00:00:04,040 Speaker 1: Already and this is the Daily This is the Daily 2 00:00:04,120 --> 00:00:15,960 Speaker 1: ohs oh, now it makes sense. Good morning and welcome 3 00:00:15,960 --> 00:00:18,640 Speaker 1: to the Daily OS. It's Wednesday, the twenty sixth of March. 4 00:00:18,720 --> 00:00:19,800 Speaker 1: I'm Billy FitzSimons. 5 00:00:20,079 --> 00:00:21,160 Speaker 2: I'm Zara Seidler. 6 00:00:21,440 --> 00:00:25,680 Speaker 1: The Federal government released its annual budget last night. The government, 7 00:00:25,880 --> 00:00:29,000 Speaker 1: led by Prime Minister Anthony ALBERNIZI, had two big decisions 8 00:00:29,000 --> 00:00:31,680 Speaker 1: to make, what to spend money on and where to 9 00:00:31,680 --> 00:00:35,120 Speaker 1: get that money from. There were several announcements on both 10 00:00:35,159 --> 00:00:37,839 Speaker 1: of those things, from tax cuts to increased help to 11 00:00:37,920 --> 00:00:41,159 Speaker 1: first home buyers. TDA was in the budget locker from 12 00:00:41,200 --> 00:00:44,720 Speaker 1: one thirty pm yesterday with our team Harry, Emma and 13 00:00:44,840 --> 00:00:48,480 Speaker 1: Lucy in Parliament House until late last night breaking down 14 00:00:48,560 --> 00:00:52,280 Speaker 1: what was included in the budget papers. We will explain 15 00:00:52,360 --> 00:00:58,800 Speaker 1: what you need to know in today's podcast, Billy. 16 00:00:59,000 --> 00:01:02,280 Speaker 3: Somehow, budget it has come around again. We find ourselves 17 00:01:02,320 --> 00:01:06,360 Speaker 3: sitting in this studio once again talking about how, as 18 00:01:06,400 --> 00:01:08,440 Speaker 3: you said, the government is planning to spend its money 19 00:01:08,480 --> 00:01:10,360 Speaker 3: and bring in that money. 20 00:01:10,520 --> 00:01:12,839 Speaker 1: We were reflecting before. We think this is our sixth 21 00:01:12,840 --> 00:01:13,600 Speaker 1: budget together. 22 00:01:13,840 --> 00:01:15,080 Speaker 2: It's quite remarkable. 23 00:01:15,440 --> 00:01:17,680 Speaker 3: It's a lot of budgets, a lot of numbers, Thankfully, 24 00:01:17,800 --> 00:01:20,520 Speaker 3: I've never actually had to be in the lock up. 25 00:01:21,240 --> 00:01:23,800 Speaker 3: All of the heavy lifting is done by our journalists 26 00:01:23,880 --> 00:01:26,360 Speaker 3: who are locked in there, as you said, with nothing. 27 00:01:26,880 --> 00:01:30,000 Speaker 3: They just are there with their brains and a whole 28 00:01:30,040 --> 00:01:31,400 Speaker 3: bunch of budget papers. 29 00:01:31,600 --> 00:01:31,800 Speaker 2: Yeah. 30 00:01:31,840 --> 00:01:33,880 Speaker 1: So for those who don't know how it works, literally 31 00:01:33,959 --> 00:01:36,960 Speaker 1: journalists from around the country or go to Parliament House 32 00:01:37,040 --> 00:01:40,440 Speaker 1: in Canberra, they are literally locked up. They have access 33 00:01:40,480 --> 00:01:43,560 Speaker 1: to no Internet, basically no access to the outside world 34 00:01:43,600 --> 00:01:45,680 Speaker 1: except for the budget papers that are put in front 35 00:01:45,720 --> 00:01:48,240 Speaker 1: of them. There's literally hundreds and hundreds of those pages 36 00:01:48,520 --> 00:01:51,040 Speaker 1: and it's their job to decipher exactly what is in 37 00:01:51,080 --> 00:01:54,160 Speaker 1: that and then at seven thirty pm they can publish 38 00:01:54,240 --> 00:01:56,160 Speaker 1: it to all of the different publications. 39 00:01:56,520 --> 00:01:58,760 Speaker 2: And that's why you see that kind of mad rush. 40 00:01:59,000 --> 00:02:02,200 Speaker 3: Just as it hits seven if anyone has news apps downloaded, 41 00:02:02,480 --> 00:02:05,600 Speaker 3: it'll get a bunch of push notifications and certainly from 42 00:02:05,720 --> 00:02:09,000 Speaker 3: TDA you would have seen last night there were whole 43 00:02:09,040 --> 00:02:13,320 Speaker 3: hosts of posts at the same time covering every single 44 00:02:13,360 --> 00:02:15,280 Speaker 3: element of the budget, which is what we're going to 45 00:02:15,400 --> 00:02:18,840 Speaker 3: talk about today. Billy, why don't you start by just, 46 00:02:19,080 --> 00:02:21,760 Speaker 3: I guess talking about the headlines. It's sometimes hard to 47 00:02:21,960 --> 00:02:25,040 Speaker 3: understand what the big headlines of a budget are. In 48 00:02:25,080 --> 00:02:26,960 Speaker 3: this one, it seems like there's kind of one big 49 00:02:27,000 --> 00:02:28,959 Speaker 3: one and then several other small ones. 50 00:02:29,240 --> 00:02:31,639 Speaker 1: Yeah, the big one is definitely they have announced a 51 00:02:31,720 --> 00:02:34,280 Speaker 1: tax cut, which I don't think many people were expecting. 52 00:02:34,600 --> 00:02:36,760 Speaker 1: So the government has announced a tax cut for the 53 00:02:36,800 --> 00:02:40,799 Speaker 1: lowest tax bracket, which, because of how Australia's tax system works, 54 00:02:40,840 --> 00:02:43,720 Speaker 1: will mean that everyone earning more than forty five thousand 55 00:02:43,760 --> 00:02:46,720 Speaker 1: dollars will receive a tax cut of two hundred and 56 00:02:46,760 --> 00:02:49,480 Speaker 1: sixty eight dollars from the twenty twenty six to twenty 57 00:02:49,560 --> 00:02:52,359 Speaker 1: seven financial year. So that will come into effect from 58 00:02:52,440 --> 00:02:53,600 Speaker 1: July next year. 59 00:02:54,280 --> 00:02:56,320 Speaker 2: Okay, so how will that work? 60 00:02:56,840 --> 00:03:00,600 Speaker 1: So at the moment, workers pay a sixteen cent tax 61 00:03:00,720 --> 00:03:04,120 Speaker 1: on every dollar earned between eighteen thy two hundred and 62 00:03:04,240 --> 00:03:08,079 Speaker 1: forty five thousand dollars. Now that rate of sixteen cents 63 00:03:08,080 --> 00:03:11,359 Speaker 1: per dollar will drop to fifteen cents per dollar from 64 00:03:11,440 --> 00:03:14,240 Speaker 1: July next year, and then it will drop again in 65 00:03:14,240 --> 00:03:17,280 Speaker 1: twenty twenty seven to fourteen cents. So it's a tax 66 00:03:17,320 --> 00:03:20,320 Speaker 1: cut from sixteen cents per dollar to fourteen cents per 67 00:03:20,360 --> 00:03:24,520 Speaker 1: dollar in twenty twenty seven. Now, treasure Jim Chalmers was 68 00:03:24,600 --> 00:03:28,680 Speaker 1: asked by ABC journalist Sarah Ferguson on seven thirty if 69 00:03:28,880 --> 00:03:32,680 Speaker 1: this would increase inflation, and he said this announcement wouldn't 70 00:03:32,720 --> 00:03:35,480 Speaker 1: add to inflation because he argued they have got the 71 00:03:35,520 --> 00:03:39,320 Speaker 1: balance right of providing tax relief but in a responsible way, 72 00:03:39,400 --> 00:03:41,160 Speaker 1: so not giving too much too soon. 73 00:03:41,240 --> 00:03:44,000 Speaker 3: Basically, yeah, I believe he said it was a modest 74 00:03:44,280 --> 00:03:47,560 Speaker 3: tax cut. So the government themselves trying to say this 75 00:03:47,760 --> 00:03:50,920 Speaker 3: is not life changing, This is not huge, but it 76 00:03:51,000 --> 00:03:54,040 Speaker 3: is a small step in their minds for easing that 77 00:03:54,080 --> 00:03:57,200 Speaker 3: cost of living crisis that we are experiencing. 78 00:03:57,400 --> 00:03:58,480 Speaker 2: Exactly I do. 79 00:03:58,640 --> 00:04:00,960 Speaker 3: Before we go on, just want to highlight, of course, 80 00:04:01,000 --> 00:04:03,480 Speaker 3: that this budget was handed down in the context of 81 00:04:03,760 --> 00:04:07,680 Speaker 3: an upcoming election, and so we are hearing and talking 82 00:04:07,680 --> 00:04:10,480 Speaker 3: about now what the government proposes to do if it 83 00:04:10,640 --> 00:04:14,480 Speaker 3: remains in power. There is of course a chance that 84 00:04:14,520 --> 00:04:17,440 Speaker 3: they will not remain in power and that, for example, 85 00:04:17,520 --> 00:04:20,880 Speaker 3: this tax cut won't happen. We know, for example, that 86 00:04:20,920 --> 00:04:24,000 Speaker 3: the Coalition have said they won't support this specific plan 87 00:04:24,080 --> 00:04:26,800 Speaker 3: that Labor has put forward, and so if the Coalition 88 00:04:26,880 --> 00:04:29,880 Speaker 3: were to win power at the upcoming election, we could 89 00:04:29,880 --> 00:04:32,040 Speaker 3: be seeing a very different kind of environment here. 90 00:04:32,279 --> 00:04:35,480 Speaker 1: Yeah, the Shadow Treasurer Angus Taylor has basically said, this 91 00:04:35,600 --> 00:04:37,440 Speaker 1: isn't a budget for the next year. This is a 92 00:04:37,440 --> 00:04:40,559 Speaker 1: budget for the next five weeks. Honestly, it depends on 93 00:04:40,720 --> 00:04:43,200 Speaker 1: exactly what happens at the election and whether the Labor 94 00:04:43,240 --> 00:04:46,119 Speaker 1: wins or the Coalition wins. But yes, very good point 95 00:04:46,160 --> 00:04:49,640 Speaker 1: that this is kind of a temporary budget, so everything 96 00:04:49,880 --> 00:04:52,280 Speaker 1: that we say comes with the caveat that it could 97 00:04:52,320 --> 00:04:52,760 Speaker 1: not happen. 98 00:04:53,080 --> 00:04:54,440 Speaker 2: Yeah, exactly, all right, Billy. 99 00:04:54,480 --> 00:04:56,520 Speaker 3: I want to move on to another area that I 100 00:04:56,600 --> 00:04:59,839 Speaker 3: know young people care deeply about it, and that is housing. 101 00:05:00,440 --> 00:05:02,760 Speaker 2: What did Labour set out in its budget for housing? 102 00:05:03,279 --> 00:05:05,920 Speaker 1: So the government announced that it is going to increase 103 00:05:05,920 --> 00:05:09,160 Speaker 1: spending to help first home buyers getting into the market, 104 00:05:09,200 --> 00:05:11,039 Speaker 1: and they're going to do that through their Help to 105 00:05:11,080 --> 00:05:14,120 Speaker 1: Buy scheme, which is their predominant policy to help first 106 00:05:14,160 --> 00:05:17,800 Speaker 1: time buyers, which is predominantly young people. So under this scheme, 107 00:05:17,960 --> 00:05:20,799 Speaker 1: the ownership of a property is split between the government 108 00:05:20,880 --> 00:05:23,400 Speaker 1: and a first home buyer. So I think it's something 109 00:05:23,480 --> 00:05:26,320 Speaker 1: like the government owns about forty percent of a home 110 00:05:26,440 --> 00:05:28,800 Speaker 1: and they share that equity and then the first home 111 00:05:28,839 --> 00:05:32,719 Speaker 1: buyer owns the other's sixty percent. Now, currently the scheme 112 00:05:32,880 --> 00:05:36,760 Speaker 1: is open to individuals making ninety thousand dollars annually or 113 00:05:36,920 --> 00:05:39,960 Speaker 1: couples and single parents making one hundred and twenty thousand 114 00:05:40,000 --> 00:05:43,320 Speaker 1: dollars annually. Now, what the government announced yesterday in the 115 00:05:43,360 --> 00:05:47,000 Speaker 1: budget is that they will increase those income thresholds to 116 00:05:47,120 --> 00:05:50,400 Speaker 1: one hundred thousand dollars individually or one hundred and sixty 117 00:05:50,480 --> 00:05:52,920 Speaker 1: thousand dollars as a couple. So that was the big 118 00:05:52,960 --> 00:05:56,200 Speaker 1: announcement for first home buyers yesterday, and the applications for 119 00:05:56,240 --> 00:05:57,719 Speaker 1: that will open later this year. 120 00:05:58,320 --> 00:06:01,200 Speaker 3: I'd be curious to understand how many more people will 121 00:06:01,240 --> 00:06:04,400 Speaker 3: now be eligible under this change by the government, because 122 00:06:04,440 --> 00:06:06,520 Speaker 3: you know, on paper moving it from ninety k to 123 00:06:06,640 --> 00:06:10,520 Speaker 3: one hundred k those people that are eligible their incomes. 124 00:06:10,800 --> 00:06:14,120 Speaker 3: I'd be really keen to understand how many more people 125 00:06:14,160 --> 00:06:17,719 Speaker 3: will be now able to access this scheme, but certainly 126 00:06:17,720 --> 00:06:19,599 Speaker 3: something that will come out in the wash over time. 127 00:06:19,839 --> 00:06:21,600 Speaker 1: Well, I think the idea with that is that they 128 00:06:21,640 --> 00:06:25,880 Speaker 1: are increasing it in line with inflation, not necessarily increasing 129 00:06:25,880 --> 00:06:27,360 Speaker 1: it by any substantial matter. 130 00:06:27,520 --> 00:06:31,040 Speaker 3: Yeah, okay, so Billy, that's housing. What about renting? 131 00:06:31,720 --> 00:06:35,159 Speaker 1: So there wasn't too much announce in this area, and 132 00:06:35,200 --> 00:06:37,400 Speaker 1: we have to keep in mind that state governments are 133 00:06:37,560 --> 00:06:41,000 Speaker 1: more responsible for renters than the federal government. But there 134 00:06:41,120 --> 00:06:44,160 Speaker 1: was the announcement that the federal government plans to implement 135 00:06:44,279 --> 00:06:47,599 Speaker 1: a framework called a Better Deal for Renters and that 136 00:06:47,680 --> 00:06:51,960 Speaker 1: will target evictions and also rental increases. Now, the way 137 00:06:51,960 --> 00:06:54,679 Speaker 1: this will be implemented is through the National Cabinet, which 138 00:06:54,800 --> 00:06:57,160 Speaker 1: is a meeting between all of the state and territory 139 00:06:57,279 --> 00:07:00,120 Speaker 1: leaders and the federal government. And so they've said that 140 00:07:00,120 --> 00:07:02,800 Speaker 1: they're going to speak to the National Cabinet to talk 141 00:07:02,839 --> 00:07:07,120 Speaker 1: about changing regulations across the country. But again, renting is 142 00:07:07,240 --> 00:07:09,600 Speaker 1: more of a state government issue than a federal one. 143 00:07:10,000 --> 00:07:10,280 Speaker 2: Yeah. 144 00:07:10,320 --> 00:07:14,480 Speaker 3: Okay, so that is housing and renting some of the 145 00:07:14,520 --> 00:07:17,200 Speaker 3: things that we heard from the budget. 146 00:07:17,840 --> 00:07:20,080 Speaker 2: I want to turn now to workers. 147 00:07:20,480 --> 00:07:24,920 Speaker 3: There was a really interesting announcement by the government pertaining 148 00:07:25,000 --> 00:07:26,000 Speaker 3: to non competes. 149 00:07:26,280 --> 00:07:26,480 Speaker 2: Yeah. 150 00:07:26,480 --> 00:07:28,960 Speaker 1: This generated a lot of conversation between us. 151 00:07:29,760 --> 00:07:30,600 Speaker 2: I certainly did. 152 00:07:31,000 --> 00:07:33,440 Speaker 1: Yeah, this was super interesting and also probably one that 153 00:07:33,520 --> 00:07:35,480 Speaker 1: not a lot of us were expecting. 154 00:07:35,600 --> 00:07:35,920 Speaker 2: Yeah. 155 00:07:35,960 --> 00:07:40,240 Speaker 1: So the government announced changes to non compete clauses, which, 156 00:07:40,280 --> 00:07:42,720 Speaker 1: if you don't know what they are, they prevent workers 157 00:07:42,760 --> 00:07:46,760 Speaker 1: switching jobs within certain industries. They're also known as no 158 00:07:46,920 --> 00:07:50,120 Speaker 1: poach clauses, and they just stop starf from being hired 159 00:07:50,120 --> 00:07:53,760 Speaker 1: by competitors, usually within a certain timeframe after they leave 160 00:07:53,840 --> 00:07:56,320 Speaker 1: a company. Yeah, and so what the government has announced 161 00:07:56,360 --> 00:07:59,000 Speaker 1: is that they actually want to ban non compete clauses 162 00:07:59,240 --> 00:08:02,280 Speaker 1: for most workers, or for all workers that are earning 163 00:08:02,360 --> 00:08:05,040 Speaker 1: less than one hundred and seventy five thousand dollars a year, 164 00:08:05,080 --> 00:08:08,320 Speaker 1: which is of course most workers. The government said that 165 00:08:08,400 --> 00:08:11,840 Speaker 1: this will impact millions of people who, they say this 166 00:08:11,880 --> 00:08:15,000 Speaker 1: is a quote, are handcuffed to their current job because 167 00:08:15,040 --> 00:08:17,679 Speaker 1: of these clauses, and they think that it will result 168 00:08:17,760 --> 00:08:20,800 Speaker 1: in workers who currently have this in their clause seeing 169 00:08:20,800 --> 00:08:23,680 Speaker 1: an increase to their wage by four percent a year. 170 00:08:24,520 --> 00:08:28,160 Speaker 1: The government's plan will require legislation to pass, and if 171 00:08:28,200 --> 00:08:31,600 Speaker 1: it passes, it wouldn't come into effect until twenty twenty seven. 172 00:08:32,200 --> 00:08:34,640 Speaker 3: Yeah, this is such an interesting one, and especially that 173 00:08:34,720 --> 00:08:38,920 Speaker 3: the government is positioning it as kind of economic uplift. 174 00:08:39,120 --> 00:08:43,079 Speaker 3: That there are a lot of reasons why noncompetes may 175 00:08:43,160 --> 00:08:45,400 Speaker 3: or may not be used, but here the government is 176 00:08:45,480 --> 00:08:48,960 Speaker 3: saying no, if we are to ban them for certain workers, 177 00:08:49,240 --> 00:08:52,400 Speaker 3: we will see an increase in workers' wages. It's a 178 00:08:52,440 --> 00:08:56,920 Speaker 3: really interesting argument there by them, Billy. There were obviously 179 00:08:57,040 --> 00:08:59,800 Speaker 3: a bunch of other things, both included in the budget 180 00:08:59,800 --> 00:09:03,760 Speaker 3: but also announced earlier. We reported earlier this week that 181 00:09:03,800 --> 00:09:06,840 Speaker 3: the government's going to extend an energy rebate that it 182 00:09:07,120 --> 00:09:09,400 Speaker 3: has had in place, So there will be in one 183 00:09:09,480 --> 00:09:11,880 Speaker 3: hundred and fifty dollars power build discount that will be 184 00:09:11,880 --> 00:09:15,000 Speaker 3: applied automatically. But we already knew that, so that was 185 00:09:15,200 --> 00:09:19,040 Speaker 3: included in the budget. So it measures around hex that 186 00:09:19,120 --> 00:09:24,960 Speaker 3: we've spoken about here before. Billy, what happens now now 187 00:09:24,960 --> 00:09:27,560 Speaker 3: that the government has handed down its budget, but we 188 00:09:27,600 --> 00:09:29,880 Speaker 3: are looking at a potential election coming soon. 189 00:09:30,400 --> 00:09:32,520 Speaker 1: So the thing that happens every single time there is 190 00:09:32,559 --> 00:09:35,120 Speaker 1: a budget is the budget is handed down on the Tuesday, 191 00:09:35,360 --> 00:09:37,880 Speaker 1: and then on the Thursday, the Opposition Leader of the 192 00:09:38,000 --> 00:09:41,240 Speaker 1: Day delivers their budget reply. So that will be Opposition 193 00:09:41,360 --> 00:09:44,000 Speaker 1: Leader Peter Dudden, and he will tell us what the 194 00:09:44,000 --> 00:09:48,320 Speaker 1: coalition thinks of this budget. Now, Shadow treasurer Angus Taylor 195 00:09:48,480 --> 00:09:51,120 Speaker 1: has already told us that, you know, no surprises, they 196 00:09:51,120 --> 00:09:52,040 Speaker 1: don't love this budget. 197 00:09:52,120 --> 00:09:53,400 Speaker 3: I was going to say, we aren't going to have 198 00:09:53,440 --> 00:09:55,400 Speaker 3: to wait long to hear what the coalition thinks. 199 00:09:55,400 --> 00:09:58,400 Speaker 1: No, I mean, an opposition never really loves the government 200 00:09:58,400 --> 00:09:58,959 Speaker 1: of the days. 201 00:09:59,080 --> 00:10:03,160 Speaker 3: Budge finds an exact maybe during COVID maybe there was 202 00:10:03,240 --> 00:10:04,439 Speaker 3: like some donut. 203 00:10:06,000 --> 00:10:09,040 Speaker 1: But we'll hear in more detail exactly what they don't 204 00:10:09,120 --> 00:10:11,720 Speaker 1: like about this budget. And then, like we've mentioned, we 205 00:10:11,840 --> 00:10:15,080 Speaker 1: have an election that is due by the seventeenth of May, 206 00:10:15,200 --> 00:10:17,640 Speaker 1: so we are now just about six weeks out. I 207 00:10:17,679 --> 00:10:19,720 Speaker 1: think I don't know if my mass is exactly right there, 208 00:10:20,120 --> 00:10:23,360 Speaker 1: but we are very close to an election, and all 209 00:10:23,360 --> 00:10:25,840 Speaker 1: of the measures that the government has announced in the 210 00:10:25,880 --> 00:10:28,880 Speaker 1: budget I'm sure will come up as key election issues 211 00:10:28,920 --> 00:10:29,800 Speaker 1: in the coming weeks. 212 00:10:30,120 --> 00:10:30,320 Speaker 2: Yeah. 213 00:10:30,440 --> 00:10:32,520 Speaker 3: Look, we are hearing that it could be called as 214 00:10:32,559 --> 00:10:35,760 Speaker 3: early as Friday, so even just a day after this 215 00:10:35,840 --> 00:10:38,800 Speaker 3: budget reply, and I think that will be interesting because 216 00:10:38,800 --> 00:10:41,000 Speaker 3: it will mean that the budget and the budget reply 217 00:10:41,040 --> 00:10:45,000 Speaker 3: are almost seen as campaign measures themselves, and trying to 218 00:10:45,040 --> 00:10:49,800 Speaker 3: separate budget measures from campaign measures. It's an interesting time 219 00:10:50,320 --> 00:10:53,360 Speaker 3: to be watching and reporting on politics. So Billy, thank 220 00:10:53,360 --> 00:10:55,360 Speaker 3: you so much for explaining all of that and for 221 00:10:55,440 --> 00:10:57,600 Speaker 3: breaking down everything we need to know about the budget. 222 00:10:58,000 --> 00:11:00,680 Speaker 2: That's all for today's podcast. We'll be back later today 223 00:11:00,840 --> 00:11:04,400 Speaker 2: with a very special headlines. You'll have to tune in 224 00:11:04,440 --> 00:11:05,199 Speaker 2: to hear what it is. 225 00:11:05,400 --> 00:11:11,600 Speaker 1: See then, my name is Lily Maddon and I'm a 226 00:11:11,600 --> 00:11:16,320 Speaker 1: proud Arunda Bunjelung Kalkatin woman from Gadighl country. The Daily 227 00:11:16,440 --> 00:11:19,480 Speaker 1: oz acknowledges that this podcast is recorded on the lands 228 00:11:19,480 --> 00:11:21,719 Speaker 1: of the Gadighl people and pays respect to. 229 00:11:21,679 --> 00:11:24,360 Speaker 2: All Aboriginal and Torres Rate island and nations. 230 00:11:24,679 --> 00:11:27,600 Speaker 1: We pay our respects to the first peoples of these countries, 231 00:11:27,720 --> 00:11:28,920 Speaker 1: both past and present.