Next Tuesday night you’ll probably come home from work and wonder what to have for dinner, and more importantly, what to watch while you’re having dinner. Well might we suggest skipping the Netflix decision paralysis, and tuning into the federal budget announcement instead?

What is this show about you ask? The federal budget is kinda like your personal budget, but for the entire Australian economy. Instead of having ‘rent’ and ‘restaurants’ as expenses, the government has the ‘health care system’ and ‘housing affordability’’ to account for. And next Tuesday night the government is announcing where they plan to spend Australia’s money for the 2025-2026 financial year!

Don’t fall asleep! We promise there’s a reason to watch. Did you know that a large chunk of Australia’s revenue comes from personal income taxes? That’s the money that comes out of YOUR pay check… So wouldn't you like to know how it’s being spent? Plus, a big portion of government spending often goes back into supporting everyday Australians (you) through different incentives, subsidies, and making essential services more affordable! 

Interested now? Well without giving away too many spoilers, here are some key areas of the upcoming federal budget which might impact you: 

‍🍳Cost of Living Relief

• With every Australian feeling the financial heat, this will be a big focus in the upcoming budget! The Government may introduce new plans to make essential goods and services more affordable. 

‍🏠 Housing Affordability 

• Whilst it’s never stopped Aussies from enjoying their avo on toast, the cost of owning and renting property continues to be problematic for many people and the government can do stuff to help.

‍💸 Taxes and Tax Reforms

• They say the only things certain in life are death and taxes, but HOW Aussies get taxed is constantly up for debate. Last year the government made various changes to Aussie tax brackets which impacted how much you get taxed depending on your income. 

‍🩺Healthcare and Medicare

• There’s no perfect healthcare system but in Australia we generally have it pretty good, with a wide range of fully and partially subsidised medications and healthcare services. The Government has hinted at further improvements to make medication even more accessible.   

‍📚 Education and HECs debt

• Do you have any HECs debt? Well there’s potentially good news in store for you, the government is considering some juicy student debt discounts  in the upcoming announcement.

‍👶 Social Welfare and Support Systems

• We’re lucky in the land down under to have programs like pensions, unemployment benefits and childcare support. Childcare has been notoriously expensive to access for Aussies and the government is suggesting a change to that!

‍🚂 Infrastructure and Public Services 

• Part of the budget allocates money to improving roads, public transport, utilities and other public services. If you have some beef with your local commute (don’t we all), you can keep an ear out to see if there are any plans for this to change. 

Important note: all the promises being made in the upcoming federal budget will really only count if the Labour party gets re-elected in the next federal election (happening mid May). If the Labour party loses power, the new government will likely make significant changes to the budget to align with their party’s priorities.

And if all this tea STILL hasn’t convinced you to tune into the announcement on Tuesday night, keep an eye out for Flux’s federal budget winners & losers update instead!