Winners and Losers of Federal Budget 2019

Yesterday the liberal government delivered its 2019 budget. So we have decided to put a quick list of who are the winners and who are the losers this year.

Winners

1. Low and middle income earners

Immediate income tax relief of up to $1,080 for singles and $2,160 for dual income families.

2. Small business

The instant asset write-off has been increased to $30,000 per asset. This has also been extended to the 30th June 2020. This means businesses will be able to claim even more expensive assets as deductions to get an immediate tax relief

Small businesses once again a huge winner from the results of the budget

3. Households

In responsive to rising electricity prices, an energy assistance one off payment of $75 for singles and $125 for couples has been proposed.

4. Infrastructure

Ever-worsening traffic woes are big concern of the Coalition and have proposed a massive investment of $100 billion into fixing Australia's roads.

40km/h traffic restrictions coming to a freeway near you!

Losers

1. Tax dodgers

More than $1 Billion will be spent boosting the ATO's tax avoidance task force, a histroically under financed division of the tax department.

2. Banks

With the memory of the Royal Commission into the banking industry still fresh in everyone's minds, the government as proposed $400 million for ASIC and $152 million for APRA to oversee financial institutions, to make sure they are providing the safe and responsible service to their customers.

The banks will once again have the microscope on their activities

3. Motorcycle gangs

$337 million spent on drug prevention strategy. Crackdown on motorcycle gangs and their drug supply chains.