Budget 2018 will be released at approximately 7.30pm (AEST) on Tuesday 8 May 2018 by Treasurer Scott Morrison.
UPDATE: CLICK HERE TO SEE THE LATEST ON BUDGET 2018
According to Treasury figures, the Aussie budget has improved enough for the government to increase spending in several areas.
Here are three things we can expect from Budget 2018, according to media reports:
1. LITO Increase
The low-income tax offset (LITO) is expected to increase and provide extra benefits of around $10 per week to low and middle-income households.
The income range to receive LITO looks set to increase to an upper cap of $90,000 from its current $66,667 and the maximum offset will be boosted from $445 to $1,000.
2. Pension Improvements
Rumours are circulating that a scheme will improve the ability of people above the pension age to borrow money against the value of their home.
The government will also increase funding for thousands of more home care packages. Pensioners will also be able to earn more without their pension being affected.
3. Melbourne’s Infrastructure Boom
Melbourne is a big winner in an infrastructure bonanza.
It’s estimated $5 billion will go towards a rail line to Melbourne Airport.
A further $475 million will be used for a rail link to Monash University, one of Australia’s largest and most prestigious universities, and $225 million to extend the Frankston line to Baxter — a further two stops.
What Else?
We expect to get more than this in tonight’s Budget because the government of the day likes to keep something back as a surprise. Either way, household budgets appear to benefit from the expected announcements.
Did you know it’s free to join The Rask Group’s Investor Club Newsletter? It’s a regular (usually weekly) news and educational update on financial markets, investing and unique strategies. Join today and get ready to laugh and learn.
Click here to join The Rask Group’s Investor Club Newsletter Today
