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Daily Mail
04-05-2025
- Business
- Daily Mail
Cash boost coming for millions of Australians after Anthony Albanese wins the election: What you will be getting
Aussies are set to get a cash boost following Labor's resounding election victory. Increasing its majority in parliament with a resounding victory, Labor has gained a second term with a plan to enable all first-home buyers to get into the property market with a five per cent mortgage deposit - regardless of their income. Anthony Albanese,also won the youth vote by promising to cut university student debt by 20 per cent. The government had also campaigned to to enable professionals to claim up to $1,000 worth of work-related items without needing a receipt. Labor went to voters too with a plan for $268 a year in income tax relief, which the Coalition opposed under defeated leader Peter Dutton. Under a re-elected Labor government, voters won't get to experience some hip-pocket benefits until July 2026, proving good things come to those who wait 14 months. Here's what you will get following the Albanese government's landslide election victory. Income tax cuts: Up to $2,030 for the average worker earning $72,000 The Albanese government is giving Aussies income tax relief as part of a $17billion plan. From 1 July 2026, the 16 per cent tax rate for workers earning $18,201 to $45,000 will be reduced to 15 per cent – leading to tax relief of $268. And from 1 July 2027, the tax rate will be reduced to 14 per cent – bringing relief of $536 over two years. That means every Australian taxpayer earning above $45,000 will get an extra tax cut of $268 in 2026-27 and $536 from 2027-28. This will cover those on the minimum, full-time wage of $47,627 and the average, full-time income earner on $102,742. Combined with the stage three tax cuts introduced last year, a worker with a middle income of $72,592 will receive a total tax cut of $1,762 in 2026-27 and $2,030 annually from 2027-28. First-home buyers: From January 2026, any first-home buyer can buy with just a 5 per cent deposit – no income cap From January 2026, all first-home buyers will be able to get a mortgage with a five per cent deposit regardless of their income. That means they will be able to buy the typical house in their preferred city and not just a small unit or property in a far, outer suburb with a five per cent mortgage deposit. A property newcomer would be able to buy a Sydney house for $1.5million - the city's median price - instead of $900,000 under the existing limit. The limit in Brisbane is $1million, up from $700,000. In Melbourne, it's lower at $950,000, reflecting the decline in Victoria's home prices during the past year, but it's an improvement from $800,000 previously. Perth has a limit of $850,000, up from $600,000, compared with $900,000 in Adelaide, also up from $600,000. The limit in Hobart is $700,000, up from $600,000, while in Canberra it will be $1million, up from $750,000. The Northern Territory limit is unchanged at $600,000. Taxpayers would guarantee the balance of the 20 per cent deposit so they are spared from having to pay costly lenders' mortgage insurance. Labor's plan to slash student debt by 20 per cent helped the government shore up the youth vote. Mr Albanese went to the election with a $16billion plan to reduce student debt by 20 per cent or an average of $5,520 from their Higher Education Contribution Scheme liabilities. Labor also campaigned to lift the repayment threshold from $54,000 to $67,000, calculating it would save someone earning $70,000 about $1,300 a year in repayments. This was on top of another $3billion plan to reduce student debt by indexing the interest on that debt it to the wage price index or the consumer price index, whichever is lower. Mr Dutton had vowed to scrap Labor's student debt relief if the Coalition wins Saturday's election, arguing its unfair on tradies who didn't go to university. The Coalition had also lost the election vowing to axe fee-free TAFE, a Labor policy that debuted in January 2023, because only 100,000 people had completed the courses. Labor will give two further $75 reductions to power bills in the last two quarters of the year. Labor has already made it law that any family earning up to $533,280 a year will get at least three days of cheaper childcare each week. Labor is setting aside $2.6billion to give 60,000 aged care nurses a pay rise, and has also asked the Fair Work Commission recommending a real wage increase for three-million minimum wage and award workers. Cash for tradies Apprentices who work in residential construction will get a $10,000 cash bonus - with the government set aside enough for just over 60,000 apprentices. Employers hiring in priority trades may be eligible for a $5,000 incentive under the Priority Hiring scheme. Solar power rebate Households can access up to $4,000 in rebates for solar battery installations under a Labor program open to everyone, regardless of income. You'll be able to claim up to $1,000 in work-related expenses on your tax return without needing to keep receipts From July 1, 2026, Australians will be able to $1,000 a year on their tax return without a receipt. The government says this will benefit 39 per cent of taxpayers - adding up to 5.7million workers. Under existing rules, Aussies can claim up to $300 in work-related expenses without needing receipts but that rises to $1,000 for the 2026-27 financial year when annual returns are submitted to the Australian Taxation Office. The instant tax deduction change, from $300 to $1,000, will cost the Budget $2.4billion over three years with Labor arguing it would save the average Australian $205 a year on their tax bill. Jenny Wong, the tax leader for CPA Australia - representing Certified Practising Accountants - fears Australians will miss out on tax deductions under the proposal. 'Allowing taxpayers to choose to claim a $1,000 instant tax deduction instead of claiming individual work-related expenses may save some workers a bit of time - but could mean they miss out on the full refund they are entitled to,' she said. But H&R Block's director of tax communications Mark Chapman said the new $1,000 threshold to make tax claims without a receipt would see more scrutiny placed on Australians who made bigger tax deductions. 'The ATO will not need to audit taxpayers who claim the standard deduction,' he said. 'This will enable them to focus on higher tax claims - including work-related deductions over $1,000 - which is sure to increase the pressure on taxpayers to make sure they have the necessary records to support their claim.' Buyers of electric cars will be given major tax incentives Electric vehicle drivers buying a car on a novated lease will continue to be able to claim the entire cost of repayments and running costs from their taxable income. This policy, introduced in 2022, means employers were spared from paying the fringe benefits tax an EV was under the luxury car tax threshold of $91,387, and a staff member bought the car through a salary-sacrificing package. The government estimated Labor's fringe benefit tax exemption on EVs would save an employer $9,000 on a $50,000 Chinese-made Tesla Model 3, while an employee would save $4,700 through a salary sacrificing arrangement. The Liberal Party had opposed this policy along with Labor's New Vehicle Efficiency Standard, designed to reduce emissions by 59 per cent over four years. Car companies that sold too many petrol or diesel cars would be penalised, which could see the price of a Ford Ranger ute rise by $6,150, based on Federal Chamber of Automotive Industries modelling.
The Guardian
01-05-2025
- Health
- The Guardian
Daily endometriosis pill approved for NHS could help 1,000 women a year
More than 1,000 women a year in England could benefit from a new pill for endometriosis. The condition occurs when tissue similar to the womb lining grows elsewhere in the body, such as the pelvis, bladder and bowel. It can cause chronic pain, heavy periods, extreme tiredness and fertility problems. According to the World Health Organization, endometriosis affects about 190 million women and girls globally. In the UK, approximately 1.5 million are estimated to have the condition. In final draft guidance published on Thursday, the National Institute for Health and Care Excellence (Nice) approved a daily tablet for adult patients of reproductive age who have had unsuccessful previous treatment for endometriosis. Linzagolix,also known as Yselty, works by blocking the hormones that contribute to the symptoms of endometriosis. It is taken once a day alongside 'add-back' low-dose hormonal therapy to help manage potential menopausal symptoms and bone loss. In clinical trials, linzagolix was shown to reduce painful periods and non-menstrual pelvic pain, compared with a placebo drug, and is already approved for treating moderate to severe symptoms of uterine fibroids. It is the second take-at-home pill for endometriosis to be made available on the NHS, after Nice approved relugolix combination therapy in March. It is estimated that more than 1,000 women a year will be eligible for the new treatment. Helen Knight, the director of medicines evaluation at Nice, said she was 'pleased' to recommend linzagolix and that it offered 'a convenient way for people with endometriosis to manage their condition and helps to ease pressure on NHS services'. Welcoming the announcement, the women's health minister, Gillian Merron, said: 'This could be a gamechanger for thousands of women battling endometriosis, which can be a debilitating and life-limiting condition.' Dr Sue Mann, the national clinical director in women's health at NHS England, said: 'This is welcome news for women with endometriosis who haven't found relief from previous therapies or surgery – it's another treatment option which will help women take control of their health and better manage the symptoms of this often painful and debilitating condition.' Emma Cox, the chief executive of Endometriosis UK, said: 'Everyone with endometriosis should be able to choose the most appropriate management and treatment for them. But there are far too few options due to historic lack of research into the disease. 'We welcome the approval of linzagolix for NHS use in England, however as it results in 'medical menopause' it will be suitable for only some with endometriosis. And as with many hormonal medications, it is not suitable for those trying for a pregnancy. We urge more investment in research to provide those with this sometimes debilitating disease, more options to help them live their lives.'
