Treasurer Scott Morrison handed down the 2016 Federal Budget last Tuesday with Opposition leader Bill Shorten labelling the budget as ‘mediocre and unfair’.
The budget includes a number of incentives for high-income earners and small businesses while leaving smokers, working parents and university students with the short end of the stick.
Opposition leader Bill Shorten has dubbed the budget as a plan which “favours millionaires over the battlers” during his assessment on the Today Show.
“I think there is a lot of unfairness hidden in its pages,” Mr Shorten said.
“They’ve missed a big opportunity here. The top 10 percent are getting the vast bulk of tax cuts and we think that is the wrong priority when they are cutting education and hospital funding.”
Prime Minister Malcolm Turnbull said the budget is a strong economic plan which voters could rely on, saying the budget will encourage growth, provide jobs and investment.
“Those small businesses that will enjoy, if we’re returned to government, a tax cut immediately in the next financial year, they employ more than three million Australians,” he said.
“What Scott Morrison and I and all our team will be saying to the Australian people is, ‘You see our economic plan, you see how it will encourage growth, drive growth and jobs and investment, give us the chance to deliver on that plan’.”
Australians earning more than $80,000 annually and small businesses will benefit from reduced taxes, making them the biggest winners of Scott Morrison’s budget.
Smokers, parents, university students and drinkers are among the biggest losers of the budget with smokers and drinkers having to pay more for their products.
The government has also made sure multinational companies pay their fair share with a ‘Google Tax’, with high-income earners also facing changes to their super.