Page 2 - Byfields Budget 2024

If you're struggling to pay the bills...

Every Australian household will receive $300 in targeted energy bill relief
as part of the government's Budget commitment. Eligible small businesses
will receive $325.

The Albanese government made an election commitment to reduce
household energy bills by $275 – a promise which has not yet been
achieved.

In his Budget speech in the House of Representatives on Tuesday night, Dr
Chalmers cited international crises as the reason for soaring power prices,
but gave every voter a new promise: “More help is on the way.”

He said: “In 2022, Russia's invasion of Ukraine triggered the biggest shock

to global energy prices since the 1970s”.

“We know Australian families and businesses have felt this pain – and
that's why we have stepped in to help”.

“'Electricity prices would have risen 15 per cent in the last year if not for

our efforts – instead they rose 2 per cent.”

If you pay tax...

Mr Albanese announced in January tweaks to the former Coalition
government's Stage Three tax cuts so more relief would flow to low and
middle-income earners from July 1, 2024.

Under Labor's plan, the 37 per cent tax bracket will remain in place for
those earning between $135,000 and $190,000. Meanwhile, the 45 per
cent tax bracket kicks in at $190,000 instead of $200,000.

Labor dumped former PM Scott Morrison's legislated plan for a 30 per cent

tax bracket to apply for those earning $45,000 to $200,000, despite
backing that law from Opposition in 2019.

This Budget scraps plans to cut the number of tax brackets to four, down
from five now, for the first time since 1984 as part of a plan to raise
$28billion over 10 years from bracket creep.