The Federal Budget released last week has generated a lot of controversy. But, whether you agree with the changes or not, this budget will affect your spending.
Listed below are a few significant changes that will affect your day to day spending.
From 1 July 2015, Australians will be charged $7 to go to the doctor, even if they offer bulk billing. There will also be extra charges if the doctor bills you directly ($5 per visit) or if you go to the emergency department at the hospital and they decide you could have gone to the GP instead. However, children under 16 and those with concession cards are only required to pay for a maximum of 10 visits each year.
Increase in petrol prices
From 1 August 2014, fuel excise rates will begin to increase which will result in fuel costing an extra 1 cent a litre each year.
Increase in taxes
Those who earn about $180,000 will have to pay an extra 2 per cent tax during the 2014/2015 tax year as well as the two years after that and is expected to affect approximately 400,000 people.
The Access to Family Tax Benefit Part B is also going to be cut. The income cap of $150,000 for the main income earner will be reduced to $100,000 and the payments will also stop once the youngest child turns six. But the scheme will be frozen for the next two years.
Starting July 2016, university students with HELP debts will be required to make repayments when their income is $50,638 or more a year. This change will only apply to new students and for existing students, the current arrangements will stay until 2020.
Some university students may also be faced with higher course costs as universities will be able to set their own course fees without a cap starting from 2015.
Schoolkids Bonus scrapped
This bonus is expected to go in July 2014 may hit a lot of families with children in school hard. At the moment parents receive $820 for children in secondary school and $420 for primary school.