Election 2019: How the new Coalition government will hit your wallet

Treasurer Josh Frydenberg has kept his job. (Source: Yahoo Finance/Getty)

After a stunning election that saw Scott Morrison lead the Coalition to a boilover win, treasurer Josh Frydenberg will have a new mandate to push ahead with the budget he released in early April.

Yahoo Finance has summarised all the promises the Coalition made about how your wallet would be impacted:

If you’re a parent or a childcare worker…

The Coalition has promised a $36 million package to tackle pre- and post-natal depression, and women who have hit pause on their career will get a $75 million ‘Mid-Career Checkpoint’ initiative. Another $328 million has been pledged to combat domestic violence.

If you’re a home-owner, first-time buyer, investor or renter...

Now that Liberal’s re-elected, it’s likely our housing markets would pick up by the end of the year. The market hates uncertainty, and a Liberal win would return confidence to our property markets.

If you’re a migrant or refugee...

We’ll welcome 30,000 less migrants a year. We also won’t be taking any more refugees than we already are.

If you’re a taxpayer...

Liberal’s plan is to cut personal income taxes for all individuals earning up to $126,000 each year would be worth up to $1,080 for individuals or $2,160 per year for dual-income households per year.

Looking further ahead, the Liberals also intend to make additional changes to personal taxes to come into effect in 2024-25 which could see all taxpayers on salaries of $45,000-$200,000 pay tax at the lower rate of 30 per cent.

If you want to change how our economy works...

According to Yahoo Finance economics columnist Stephen Koukoulas, the Morrison approach is, unfortunately, akin to a failing business that was slow to adapt to new technology and changed social spending patterns, and were overrun by agile and adventurous firms.

Australia needs to embrace the changes that are occurring, or ride on the coat tails of that change if need be.

Whether you like it or not, or believe in renewable energy driven by solar and wind farms, electric cars or decent levels of pay to attract workers into the workforce, there is absolutely no doubt that in a decade or two, most of electricity in the world will come from renewables, electric cars will dominate car sales (they will probably be driverless cars in any event) and that the work force will need skills and pay levels to make the economy function smoothly.

If you’re worried about your superannuation...

Australians aged 65 and 66 will be allowed to make voluntary superannuation contributions without meeting the work test.

The Coalition is also going to allow 65 and 66 year olds use the bring-forward rule of making three years’ worth of non-concessional contributions of up to $300,000 in a year. And if you’re upwards of 74 years old, you can receive spouse contributions.

If you’re a small business owner...

Morrison promises to cut taxes to 27.5 per cent for small businesses earning less than $50 million, with a view to cut that further to 25 per cent.

But for unincorporated businesses with a turnover of less than $5 million, they’ll increase the eight per cent tax discount ($1,000) to 16 per cent. The Liberals have also promised to increase and extend the instant asset write-off, help cash flow, give better access to finance and change competition laws.

If you own shares…

You’ll get to keep your excess franking credit cash refund.

If you care about climate change...

The Morrison government is committing $2 billion to a Climate Solutions Fund; it’ll build Snowy 2.0; it’ll build a second undersea power interconnector to funnel hydroelectric power generated in Tasmania to the mainland; and $22 million for community-led environmental projects.

Samantha Menzies and Jessica Yun contributed to reporting.

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