Speaker 1: Hello, my name's Santasha Nabananga Bamblet. I'm a proud Yr
Speaker 1: the Order Kerni Whaltbury and a waddery woman. And before
Speaker 1: we get started on She's on the Money podcast, I
Speaker 1: would like to acknowledge the traditional custodians of the land
Speaker 1: of which this podcast is recorded on a wondery country,
Speaker 1: acknowledging the elders, the ancestors and the next generation coming
Speaker 1: through as this podcast is about connecting, empowering, knowledge sharing
Speaker 1: and the storytelling of you to make a difference for
Speaker 1: today and lasting impact for tomorrow. Let's get into it.
Speaker 2: She's on the Money, She's on the Money.
Speaker 3: Hello, and welcome to She's on the Money. The podcasts
Speaker 3: for people who want to understand what the federal budget
Speaker 3: actually means without having to read three hundred pages of
Speaker 3: economic jargon, because you know your finance Best DVD is
Speaker 3: just going to do it for you. Maybe you want
Speaker 3: to know if your heck step is going to shrink.
Speaker 3: Maybe you're wondering if rent relief is coming, or whether
Speaker 3: your energy bill is finally going to stop giving you anxiety,
Speaker 3: or maybe you just want someone to tell you what
Speaker 3: the heck is going on with tax cuts, housing, childcare,
Speaker 3: and in a way that actually doesn't make you completely
Speaker 3: glaze over. My friend. If that is you, you are
Speaker 3: in the right place. I'm Victoria Devine and this is
Speaker 3: a special bonus episode. I'm recording straight from my hotel
Speaker 3: room in Canberra. I literally just got back from Parliament House,
Speaker 3: and I am breaking down the twenty twenty five federal
Speaker 3: budget in a way that is clear, practical, and hopefully
Speaker 3: in a way that you actually find interesting. Because while
Speaker 3: it might not be glamorous, the federal budget affects nearly
Speaker 3: every single part of your financial life, whether you're renting
Speaker 3: or trying to buy a home, or raising a family,
Speaker 3: or studying, or your simply just trying to keep up
Speaker 3: with the rising cost of living. What was announced this
Speaker 3: week actually matters to you, my friend. It's not going
Speaker 3: to come as a surprise. I have done the reading.
Speaker 3: I've pulled out the headlines that actually affect your day
Speaker 3: to day, and I'm bringing you a little bit of
Speaker 3: a wrap that you can listen to, maybe while cleaning
Speaker 3: the house or walking the dog, or procrastinating something that
Speaker 3: you probably should be doing. This more important, So let's
Speaker 3: get into it, because I have made a lot of
Speaker 3: notes and I have a lot to say. Let's start
Speaker 3: off on the right track, though, What the heck is
Speaker 3: the federal budget? Well, I'm glad you asked. It's basically
Speaker 3: the government's plan for how it wants to spend money
Speaker 3: and where that money is going to come from over
Speaker 3: the next financial year. It gives us a really clear
Speaker 3: look at what the current government's priorities are right, what
Speaker 3: they care about, and what they want to fund, and
Speaker 3: who they are planning on helping. The federal budget is just,
Speaker 3: in my opinion, as political as it is economic. It
Speaker 3: outlines exactly what the current government wants to do, but
Speaker 3: it is not locked in. These announcements are proposals and promises.
Speaker 3: They are not guaranteed outcomes. Now, if the Labor government
Speaker 3: is not re elected in the upcoming election, the incoming
Speaker 3: government can actually choose to change, delay, or scrap any
Speaker 3: of these measures. That means the hextet relief, energy build discounts,
Speaker 3: housing investments, and changes to childcare might actually not happen.
Speaker 3: A new government will bring its own budget priorities, which
Speaker 3: could look completely different. I'm going to talk about their
Speaker 3: budget counter at some point in the very near future.
Speaker 3: When I get my hands on it. The important thing
Speaker 3: to understand is what each party is actually offering before
Speaker 3: we vote the budget. It gives us a really clear
Speaker 3: look at what Labour plans to do, but whether any
Speaker 3: of that actually happens is going to depend on who
Speaker 3: is in charge after the election happens. But here is
Speaker 3: what is really important for you to remember. A federal
Speaker 3: election is going to be called within the next six weeks,
Speaker 3: and my friend, that matters because everything in this budget
Speaker 3: is still just a proposal. None of it is guaranteed
Speaker 3: unless it passes through parliament. If we get a change
Speaker 3: in government, there is every single chance under the sun
Speaker 3: that some of these promises will change, be delayed, or
Speaker 3: completely disappear altogether. And that is why now is the
Speaker 3: perfect time for you to finally start engaging with politics.
Speaker 3: I don't mean becoming an expert, you don't have to
Speaker 3: do that. I mean knowing what each party stands for,
Speaker 3: how their politics are going to affect your life, and
Speaker 3: where they sit on issues that actually matter to you most.
Speaker 3: That is, my friend, financial empowerment. Your vote directly shapes
Speaker 3: the system that you are currently trying to succeed in. So,
Speaker 3: my friend, make it count. Let's start with the issue
Speaker 3: that is affecting nearly every single person that I know,
Speaker 3: and that is the cost of living. Inflation is currently
Speaker 3: sitting at two point four percent. That's a big drop
Speaker 3: from the seven point eight percent peak in twenty twenty two,
Speaker 3: which honestly sounds promising. But let's be real, Prices are
Speaker 3: still going up. They're just going up a little bit
Speaker 3: more slowly. According to the ABS, households are still spending
Speaker 3: more than nine percent on essentials like rent and food
Speaker 3: and transport and health compared to last year. We I
Speaker 3: would say, are still in a squeeze when it comes
Speaker 3: to tax cuts. From July twenty twenty six, the tax
Speaker 3: rate on income between eighteen thousand, two hundred dollars and
Speaker 3: forty five thousand dollars will drop down sixteen cents per
Speaker 3: dollar to fifteen cents. Then from July twenty twenty seven,
Speaker 3: it will drop a gain to fourteen cents. This means
Speaker 3: if you earn over forty five thousand dollars, you'll see
Speaker 3: a tax cut of around two hundred and sixty eight
Speaker 3: dollars in the twenty twenty six twenty twenty seven financial year.
Speaker 3: It's not huge Let's be honest, but it is a
Speaker 3: small win for a lot of working Australians. In the
Speaker 3: budget there was energy bill relief information. From July. All
Speaker 3: households will receive two automatic seventy five dollars discounts on
Speaker 3: their electricity bills, one for each quarter. That's one hundred
Speaker 3: and fifty dollars in total. You don't need to apply,
Speaker 3: it's actually just going to appear as a credit for you.
Speaker 3: Around one million small businesses are also going to benefit. But,
Speaker 3: and this is important, there is nothing in the budget
Speaker 3: that stops energy companies from raising their prices. So while
Speaker 3: the relief is absolutely helpful, it is still worth checking
Speaker 3: your plan and your provider and using a government comparison
Speaker 3: site to see if you can save even more. Let's
Speaker 3: talk about Medicare and medications. The government is putting an
Speaker 3: extra eight point five billion dollars into Medicare to increase
Speaker 3: bog billing rates. Their goal is to make ninety percent
Speaker 3: of GP visits free by twenty thirty. They are also
Speaker 3: reducing the maximum cost of medications on the PBS from
Speaker 3: thirty one dollars and sixty cents down to twenty five dollars.
Speaker 3: This honestly, could make a very big difference and a
Speaker 3: very real difference for women who are managing chronic health
Speaker 3: conditions or families who need ongoing medication. Let's talk about
Speaker 3: hex and Help debt. A lot of you are here
Speaker 3: for this now. This got a lot of attention in
Speaker 3: the media this week student debt. The government has promised
Speaker 3: to wipe twenty percent of all outstanding hex and Help
Speaker 3: debts from the first of July twenty twenty four. That
Speaker 3: sounds very sexy. Keep in mind that is only if
Speaker 3: they are re elected. If your debt is paid off
Speaker 3: before that day eight Unfortunately, you are not going to
Speaker 3: receive the discount. It only applies to what you still
Speaker 3: have owing on the first of July this year. The
Speaker 3: change is expected to remove around sixteen billion dollars in
Speaker 3: student debt across the country. They are also changing how
Speaker 3: indexation on it works, so from now on it will
Speaker 3: actually be calculated based on whichever is lower inflation or
Speaker 3: wage growth, which should stop your HEX from growing faster
Speaker 3: than your salary. And I love to see it. This
Speaker 3: is new and something I didn't care so much about
Speaker 3: historically personally, that is childcare. This budget includes a major
Speaker 3: investment in childcare. Families earning up to five hundred and
Speaker 3: thirty thousand dollars a year combined can access three days
Speaker 3: of subsidized care per week. This costs the government approximately
Speaker 3: fifteen point four billion dollars by mid twenty twenty five,
Speaker 3: and it's actually expected to rise to eighteen point four
Speaker 3: billion every single year from twenty twenty eight. For families
Speaker 3: who are already using childcare. This could actually lower out
Speaker 3: of pocket costs for parents who are returning to work,
Speaker 3: especially women. This kind of support is going to make
Speaker 3: a huge difference. Let's go to a really quick break,
Speaker 3: because I am yapping and I want to pop an
Speaker 3: ad in here so that I can keep bringing you
Speaker 3: the content that you know and love. All right, welcome back,
Speaker 3: my loves. I hope this hasn't been too bland so far,
Speaker 3: but even if it has, I have very much been
Speaker 3: enjoying sharing this more than I care to admit. Housing
Speaker 3: and renting, let's talk about it now. This is huge
Speaker 3: since the pandemic. House prices have risen by thirty eight
Speaker 3: point four percent, and rent you're not surprised here, is
Speaker 3: up thirty seven percent. If it feels harder than it
Speaker 3: ever has before to get ahead. That's because it is
Speaker 3: According to the Census, home ownership among Australians aged thirty
Speaker 3: to thirty four has dropped to fifty percent. In nineteen
Speaker 3: seventy one, it was sixty four percent. This budget includes
Speaker 3: an extra one billion dollars to housing, bringing the government's
Speaker 3: total commitment to thirty three billion dollars. Their target is
Speaker 3: to build one point two million new homes by twenty thirty.
Speaker 3: To speed things up, they are also funding modular and
Speaker 3: prefabricated homes that can be built up to fifty percent
Speaker 3: faster than traditional construction. Now, my first home buyers, the
Speaker 3: Help to Buy scheme is going to be getting an
Speaker 3: eight hundred million dollar boost and it will be open
Speaker 3: to even more people. I can do a podcast on this,
Speaker 3: but it's essentially a shared equity model where the government
Speaker 3: buys a portion of your home with you, so you
Speaker 3: don't need as large as a deposit or a mortgage.
Speaker 3: And I have a lot of things to say about that.
Speaker 3: Eligibility includes individuals earning up to one hundred thousand dollars
Speaker 3: a year and couples or single parents earning up to
Speaker 3: one hundred and sixty thousand dollars. Property price caps are
Speaker 3: going to vary state by state. In New South Wales,
Speaker 3: for example, homes up to one point three million dollars
Speaker 3: are going to be eligible in the cities and up
Speaker 3: to eight hundred thousand dollars in regional areas. The government
Speaker 3: is also investing seventy point nine million dollars to support
Speaker 3: First Nation's home ownership, and they are introducing a two
Speaker 3: year ban on foreign investors buying existing properties. The ATO
Speaker 3: will receive funding to enforce this, and I think both
Speaker 3: of those things are fantastic. Let's talk about renters. Renters
Speaker 3: were not forgotten, but there is still so much work
Speaker 3: to be done. The government announced a framework called a
Speaker 3: Better Deal for Renters, which aims to reduce unfair evictions
Speaker 3: and rent hikes. They don't have direct control over rental laws,
Speaker 3: but they'll be using National Cabinet to ensure stronger protections.
Speaker 3: There have also been increases to Commonwealth rent assists, though
Speaker 3: housing advocates have been pushing for more direct support. Fair
Speaker 3: Let's talk about crisis housing and homelessness. The budget has
Speaker 3: included two point five million dollars for emergency accommodation for
Speaker 3: women and children escaping domestic violence. Personally, I don't think
Speaker 3: that's enough, but that's a conversation for another day. There's
Speaker 3: another six point five million dollars that will fund research
Speaker 3: and policy advice to improve housing security for people at
Speaker 3: risk of homelessness as well. So I guess what are
Speaker 3: you thinking? What is the big takeaway here? Those are
Speaker 3: just the highlights. I would say this budget is trying
Speaker 3: to ease pressure in a few key areas, so housing, childcare,
Speaker 3: student debt, energy, and health care. There was so much
Speaker 3: more in the budget than what I have recapped, but
Speaker 3: I have just pulled out what headlines I think are
Speaker 3: really appropriate for you to understand if you're consuming Shee's
Speaker 3: on the Money content, So if that's for you, I
Speaker 3: would recommend going and checking out the Daily Os. They
Speaker 3: do a much more in depth analysis of the budget
Speaker 3: on every single facet, whereas I have really deep dove
Speaker 3: I suppose is the word into really understanding the financial
Speaker 3: side of things. What I want you to remember here
Speaker 3: is most of this is still proposal. Nothing is locked in.
Speaker 3: With an election coming very soon, this is actually time
Speaker 3: for you to start paying attention. Your money is directly
Speaker 3: shaped by the decisions that our government shapes whether you
Speaker 3: like it or not. This means that being informed. It's
Speaker 3: not powerful, it's essential. And my friend, I'm going to
Speaker 3: be here, I'll be right here breaking it down as
Speaker 3: we get closer to the election, because I think it
Speaker 3: is so flipping important that you understand this and somebody
Speaker 3: who just explains it without bias or narrative, like I am,
Speaker 3: actually not during any of this process going to be
Speaker 3: sharing with you who I vote for or what my
Speaker 3: opinions are on voting, because my job in this space,
Speaker 3: or what I think my job in this space is,
Speaker 3: is to give you every single tool and resource to
Speaker 3: make a decision that is in line with your values,
Speaker 3: not mine. So I'm going to continue to bring this
Speaker 3: information to you because honestly, I am such a politics
Speaker 3: nerd and I would love that privilege. So play along.
Speaker 3: We'll see if we can get some fun faces on
Speaker 3: the podcast for you. And that's a wrap, my friends.
Speaker 3: I hope you have a brilliant Saturday.
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Speaker 3: Your individual circumstances. She's on the Money exists purely for
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