How Federal Budget 2023/24 Will Affect Households
You may have heard that earlier this month the Federal Government handed down its 2023/24 Federal Budget. In order to reduce cost-of-living pressures and increase housing affordability, the federal treasurer Jim Chalmers’ budget has included a number of initiatives.
The Treasurer’s challenge was to reduce the strain on many Australians to cover rising costs without contributing to the rising inflation – that in the March quarter was at 7%.
Paul Hill Reality wants to draw attention to the key elements of the Budget that could affect you starting 1st July 2023.
The Home Guarantee Scheme, under which the Government guarantees the loans of qualified first-time buyers with deposits under 20% – has its criteria expanded. More individuals will be able to meet the requirements, the expanded criteria now include permanent residents, non-couple joint applications, and previous home owners.
The government is urging homeowners to make their homes more environmentally friendly even though electricity prices are rising. People who want to upgrade their homes’ energy efficiency can apply for one of 110,000 low-interest loans from private lenders. This could include double-glazing windows, insulation, solar panels, and more.
A lack of rental properties is the result of both rising international migration and a decline in investors. The government is altering how it taxes build-to-rent developments in an effort to boost housing supply.
It is much more typical for these developments to be owned by corporations and to occur abroad. Over the subsequent ten years, the modification to build-to-rent development taxes is anticipated to result in the addition of 150,000 rental apartments.
For those with low incomes, Commonwealth rent assistance is rising. The fortnightly payment for more than a million people will increase by 15%, to a maximum of $31. The National Housing Finance and Investment Corporation (NHFIC) will also help to increase the supply of social and affordable housing.
Cost of living relief
According to Mr Chalmers, more than 5 million households will have their power bills reduced by up to $500 in the upcoming fiscal year. This is immediately applied, so you will receive the already-reduced bill.
Families who use childcare may also see an increase in subsidies. Those households with annual incomes under $80,000 are eligible for up to a 90% subsidy, with rates gradually decreasing as income increases. People on Jobseeker will see a $40 increase every fortnight, while those in the 55–59 age range will see an increase of $92.10 per fortnight.
Additionally, $40 per fortnight will be added to Austudy and Youth Allowance. With the government raising the child’s age from 8 to 14, single parents receiving the single parenting payment may be eligible to receive assistance for a longer period of time.
Remember experienced property managers can save you time, money, and headaches.
If you are looking for a experienced property manager with your best interests at heart – look no further than Paul Hill Realty Hope Island! You won’t find a team that is more respected, reliable, and trusted in residential property management.
Paul Hill Realty office is located at Hope Island, we manage residential properties anywhere on the Northern end of the Gold Coast. Paul Hill Realty Hope Island is your best choice in property management.