Budget 2024: From babies to Boomers, what’s in the budget for you

Harriet Lowrie, who works for a start-up and is saving to buy a home in Sydney before starting a family, says every little bit of help is welcome. She applauds the government’s commitment to pay superannuation on paid parental leave – a previously announced measure allocated $1.1 billion in the federal budget – although she is disappointed it won’t come into effect until next July.“I’ve stopped going to the hairdresser, and we’re trying to reduce our grocery spend as much as possible.

Financial advisers and policy experts agreed that this was an obvious candidate for reform, but the budget included no measures to change the date indexation is applied.However, the budget does include $23 million in funding to pay about 73,000 eligible nursing, midwifery, teaching and social work students

Middle-income earners will be up to $804 better off, but higher income earners will get $4546 less than announced in 2019.The budget continues last year’s power bill relief with $3.5 billion to give everybody a $300 rebate. One million small businesses will get a bit extra . Chalmers says the government will help with grocery bills by empowering the competition watchdog to “hold supermarkets accountable”. Consumer group CHOICE has also been tasked with publishing quarterly supermarket price transparency and comparison reports. “More competition means more choices, lower prices, better services and better jobs,” the budget says.

Allen-Rhodes has been renting for the past decade and is still angry about the scrapping of the National Rental Affordability Scheme, which provided subsidies for people earning low and middle incomes.The scheme was axed by the Abbott Coalition government in 2014 and will be wound up completely by the end of 2026.

The deeming rate, which usually moves in line with the RBA cash rate, was frozen in 2022 in a bid to ease cost of living pressures.

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