Some would argue that the first two listed are significantly more thrilling than the third, but, dear friends, I beg to differ.
This Federal Budget has some pretty real implications for young people so now is a good time to work out what’s what.
The Budget saw a significant focus on #innovation, #JobsandGrowth and youth unemployment there’s some stuff in there that may actually have a legit impact on your day-to-day.
Here are some of the hits and highlights from last night’s Budget reveal.
Youth Job Stuff
Federal Treasurer Scott Morrison put a significant emphasis on supporting up to 100,000 young people who are unemployed. As a response the gov have introduced the PaTH program.
The PaTH program emphasises an increase in skills training for job seekers so that while you’re searching for employment, you’re also going through a 12 week program where you learn job skills and get some legit on-the-job training.
The final part of the training looks like an ‘internship’ of sorts where you’d work 15-25 hours a week and get an additional $200 smackers a fortnight on top of your job seeker payment.
PaTH identifies that young people aren’t necessarily getting the right skills they need for work, and we’ve talked about this recently too. Check out our New Basics report to have a squizz at what those skills might be and how you might go about getting them.
Jobs and Growth
If this was on your Budget Drinking Game hitlist last night then chances are you’re feeling a bit dusty this morning. This was a big theme of Budget reveal with a significant emphasis on growth of small to medium size businesses.
The turnover threshold from small to medium business has lifted from $2 milli to $10 milli. In reality this means that if you run a business that makes between $2-$10 milli a year then you’ll have more tax incentives than you did before.
The income tax bracket that finishes at $80k a year has lifted to $87k and if you earn less than $37k per year you could get an extra $500 at tax time on the tax you’ve paid on Super.
#INNOVATION
Get your video phones charged team. The Federal Government are continuing with their focus on technology and innovation. Last night Morrison again acknowledged that Australia is in a period of transition where the age of mining economic boom is ending and Australia needs to move towards an ‘innovation’ economy. Practically, this will mean investments in Start-Ups. At FYA we’ve been investing in young entrepreneurs for a while now, you can check out some of the legends we work with here.
Now, we’re not here to tell you what to think about this Budget. Ultimately, we trust that you guys are smart enough (read: good enough at google) to find out the info you need to make decisions about where you stand based on the issues most important to you.
But if you do want to check out some cool resources that might help you get up to speed with how the budget impacts you here are some cool tools.
The Guardian have produced this sliding calculator that helps you see where your taxes will go based on earnings.
The official Budget website allows you to put in some details and customises a response to let you know how the budget will impact you.
Some of our mates at the Australian Council of Social Service will be releasing Budget responses as they arise. As will the team over at Social Ventures Australia
Finally, make sure you check out this really average DJ Megamix of the Budget Announcement.
Obviously we’re all keen to hear the Opposition’s response to the Budget later today. We’ll keep you posted as things unfold and be keeping you in the know with your rights and options in the lead up to the Federal Election.
The post Everything You Need to Know About Last Night’s Budget appeared first on FYA.