Workers: Workers making between $48,000 and $90,000 will receive a tax cut up to $1,080 from FY 2019-2020. Workers earning over $180,000 have avoided higher taxes proposed by Labor.
Retirees: This group will retain their ability to receive franking credit cash refunds on Australian share dividends.
Housing: The government introduced a new $500 million First Home Loan Deposit Scheme for first home buyers to get a foot in the door. This will enable 10,000 first home buyers to buy a home with a 5% deposit.
Health: The government has pledged to lift the Medicare rebate freeze by July 1. It has also promised $461 million for youth mental health and suicide prevention with added funding for adult mental health.
Share market performance: Australian shares soared to an 11-year high on Monday following the re-instatement of a Coalition Government. Equity strategists suggest that the risk of Labors tax-cut agenda was removed. The Coalition has stuck to its ‘no-change’ agenda, and the markets love stability. These are predicted to fall in coming days due to broad selling in the tech sector across Europe and New York.
We are hosting a Post-Election Workshop next Wednesday 29 May. The 90-minute session is free to attend, and will aim to address the questions small business owners and investors have under a Coalition Government. If you would like to attend, register here. If you would like to submit a question or topic you would like us to address, please do so here.