I don’t want to big note myself – after all, this Federal Budget’s not only just about me – but my word, I was spot on about it yesterday.

So rather than re-write that stunningly precognitive essay-list of all Frydo’s tweaks and tricks, I suggest you head over and read Stockhead’s major resource on resources, Josh Chiat’s stunning evocation of Truman Capote and Hunter S. Thompson but from a fiscally-aware, West Aussie resource rich P.O.V.

On this page, alas, we’re gonna do the budget version of Budget 2022: The bargain brass tacks version.

Right. So. Does it matter that there’s cash handouts ahead of an election? I say hell no. But that’s well above my lower-to-middle-income tax thingy (LMITO) pay grade.

What we do know is a stupendously fortunate budget windfall has given the government the opportunity to both spend more and cut the deficit – what AMP Capital’s Dr Shane Oliver calls “a magic election pudding”.

The 2022-23 budget deficit is expected to be $78bn, down from the $100bn forecast back in December, thanks to a budget boosted by faster growth, more jobs and higher commodity prices which fills the Treasury coffers with stronger tax collections and lower welfare spending.

What’s in it for me (…and you, I suppose)

As presaged by Stockhead – about 10 million battling wee Aussies pulling in under $126,000 are set to pocket a few hundred dollar-bucks of bonus tax relief.

We thought it would come in the form of a replacement for the Lamington, but heeding our advice, it looks like the Lamington not only stays, it gets bigger.

Injection of sweet, sweet sugar

So with Stockhead’s in-house certified accountant up all night crunching the numbers, we can confirm Aussie workers already up for the Lamington the will now be in line for a freshly engorged chocolate-dipped cube of spongy, hearty goodness worth up to $1500 while couples will receive (checks figures) as much as $3000.

Sam says that Lammo’s in the post, after you’ve lodged your tax return for this year.

There’s funnier stuff on Twitter, but they made the effort, so:

Yes, the government is cleaving-in-twain the fuel excise for the next six months. The hope here is voters with a car will pocket 22 cents for every litre they spend at the bowser.

Sam says the cut will save a family with two cars about $30 a week, or (refers to notes…) $700 over the next six months, if they fill up once a week.

That starts today, Wednesday, although the flow through won’t arrive in petrol-land for a few weeks.


Two-fitty off the price of life

A one-off, tax-free, two-fitty ($250) cash payment is also in the post for next month to help income-support recipients get on with the cost of living.

It’s no Lammo, but it is sweet and it does arrive in the account of your nominated bank a few weeks before the federal election.
The Treasurer says that’s good for about six million more Australians – covering those on JobSeeker, aged pension, disability support pensions, parenting and youth allowance and for those fortunate to be touting a seniors health card.


Home sweet home-buying

This one was telegraphed yesterday, with 35,000 extra spots laid out for first-home buyers under an expansion of the existing First Home Guarantee scheme.

This is where the government underwrites ‘firsties’ mortgages so they can build a new home with only a 5% deposit, which HIA managing director Graham Wolfe says is the biggest barrier to home ownership.

The Family Home Guarantee will offer government loan guarantees to a further 5000 single parents so they can buy a home laying out only a 2% deposit.

Also good to go, now regional house prices are going burko too – the Regional Home Guarantee.

This one gives 10,000 loan guarantees to anyone who’s not owned a home for five years. The rider is to buy a new place outside a major city with just a 5% deposit.

There’s more but I’ve lost interest.