TAX CUTS
Newcastle’s 78,000 taxpayers will receive a tax cut from 1 July – 13,000 more than would have benefitted from Scott Morrison’s plan from five years ago. On average, Newcastle taxpayers will have an extra $1,642 in their pocket.
ENERGY BILL RELIEF
From 1 July 2024, every household will receive a $300 energy rebate, and there’s a $325 rebate for about 1 million eligible small businesses.
HECS-HELP RELIEF FOR STUDENTS
We’re making HECS simpler and fairer. The Government will cut $3 billion in student debt for more than 3 million Australians backdated to 1 June 2023. This change will support 25,398 people with a HELP debt in Newcastle.
PAID PLACEMENTS
The Commonwealth Prac Payment will support students undertaking mandatory work placements with $319.50 per week during their clinical and professional placements. This will help up to 5,200 students who are enrolled in teaching, nursing, midwifery and social work at the University of Newcastle.
CHEAPER MEDICINES
Pensioners and other commonwealth concession card holders in Newcastle won’t pay more than $7.70 for their PBS medications for the next 5 years, thanks to the Albanese Government’s commitment to delivering cheaper medicines. Everyone else with a medicare card will pay no more than $31.60 per script for PBS medicines.
COMMONWEALTH RENT ASSISTANCE
We’re increasing the maximum rates of Commonwealth Rent Assistance by 10 per cent. This will benefit 7,810 households in Newcastle. This builds on the Government’s 15 per cent increase, which commenced in September 2023.
SUPERANNUATION ON PAID PARENTAL LEAVE
Eligible parents with babies born or adopted on or after 1 July 2025 will receive a superannuation payment of 12 per cent, as a contribution to their nominated superannuation fund. This will make the super system fairer, and benefit 180,000 families a year.
A DEDICATED WOMEN’S HEALTH PACKAGE
The health and care of women will be better met, with over $160 million to tailor services, tackle bias and improve access. This includes investing $49.1 million to introduce longer consultation items for patients with complex gynaecological conditions (such as suspected endometriosis, pelvic pain and PCOS) and $7 million over four years to support women and their families who have suffered miscarriage and pregnancy loss.
INFRASTRUCTURE
The Albanese Government is providing funding for infrastructure in Newcastle including:
$10 million of Australian Government funding for Critical Renewable Energy Zones Road Infrastructure (Port of Newcastle to Renewable Energy Zone)
An additional $30.6 million of Australian Government funding for Newcastle Inner City Bypass, Rankin Park to Jesmond
An additional $112 million of Australian Government funding for M1 Pacific Motorway Extension to Raymond Terrace
This Budget also locks in progressive increases to local roads funding. This brings the total five year investment in Roads to Recovery funding for the Newcastle electorate to more than $25 million.
The Regional Airports Program will be extended with an additional $40 million in competitive grant funding over three years from 2024-25.
We will invest $100 million in a new Active Transport Fund open to states and territories to fund new bicycle and walking paths across the country.
The Albanese Government’s election commitment for an Australian-flagged and crewed maritime strategic fleet has been advanced in this Budget. The strategic fleet will be established through a pilot program with three vessels.
We are providing $10.8 million in 2024-25 for a one-year National Road Safety Education and awareness campaign, and $21.1 million over four years from 2024-28 to improve the reporting of national road safety data via the National Road Safety Data Hub.
A FUTURE MADE IN NEWCASTLE
The Albanese Labor Government is building an economy that will position regions like ours to benefit from the opportunities in the decades ahead, bringing new jobs and opportunities to Newcastle.
We’re investing $3.2 billion over the next decade through the Australian Renewable Energy Agency to support the commercialisation of technologies that are critical to net zero, including through a new $1.7 billion Future Made in Australia Innovation Fund for the deployment of innovative technologies and facilities linked to priority sectors, including green metals, batteries and low carbon liquid fuel.
BUILDING A RENEWABLE ENERGY FUTURE IN NEWCASTLE
We’re investing $1.3 billion over the next decade in the Hydrogen Headstart program to provide additional support to early-movers investing in the industry’s development;
We’re implementing a Hydrogen Production Tax Incentive to provide a $2 incentive per kilogram of renewable hydrogen produced between 2027-28 to 2039-40, for up to ten years per project, at an estimated cost to the Budget of $6.7 billion over the medium term;
We’re investing $17.1 million to implement our National Hydrogen Strategy which will help Australia become a global hydrogen leader by 2030;
$27.7 million to better integrate consumer energy resources (like rooftop solar and household batteries) into the grid;
Unlocking $65 billion of renewable energy capacity through the continued roll out of the Capacity Investment Scheme.
$1.5 billion to strengthen battery and solar panel supply chains via the Solar Sunshot Program and Battery Breakthrough Initiative;
HOMES FOR MORE AUSTRALIANS
The Albanese Government is supporting the construction of more homes for home buyers and renters by:
$1 billion to get homes built sooner, with funding for states including to provide roads, services and parks, essential for additional housing supply.
Providing $88.8 million for 20,000 new fee-free TAFE places, including increased access to pre-apprenticeship programs, in courses relevant to the construction sector.
Doubling Commonwealth funding for homelessness support and building more social housing through offering a new $9.3 billion National Agreement on Social Housing and Homelessness with $423.1 million in additional funding.
Building more social and affordable rental housing with a $2.5 billion increase in the liability cap of Housing Australia, and an additional $3 billion in loans to Housing Australia to support ongoing delivery of the program.
Unlocking up to $1 billion for more homes through the National Housing Infrastructure Facility to be directed towards housing that supports women and children fleeing domestic and family violence and young Australians.
This Budget builds on the cost of living measures Federal Labor has already put in place, like cheaper childcare for families, as well as creating jobs and getting wages moving again. We know there’s more to do, and we’ll keep working every day to deliver for all Australians.