Good morning and welcome to our continuing coverage after the government handed down its budget last night.
Treasurer Jim Chalmers said the budget would deliver $26.1 billion in net savings, most of which will come from cuts to the NDIS.
He confirmed that the new working Australians tax offset (WATO) will provide up to $250 worth of additional tax relief on top of the tax cuts announced in previous budgets.
The government estimates that 75,000 Australians will be helped to buy their first property through a major overhaul of investor tax rules, while Australians wanting to negatively gear an investment property will not be able to use the tax perk from July next year unless it is a newly built home or they have already made the investment.
For a more comprehensive recap, you can catch up with our budget coverage here:
- Winners and losers: This is who benefits from the budget, and who misses out
- The budget in 5-minutes: Quick overview of everything you need to know
- Tax changes: Negative gearing, CGT, family trusts and how this will affect the property market
- Shane Wright’s analysis: ‘The war against Iran is the dark cloud over this entire budget’
- Generational divide: Baby Boomers, Gen X, Millennials and Gen Z, this is what the budget means for you
