As the time for the federal budget announcement draws near, the anticipation rises. Who will get a bigger slice of the pie this year? To shed light on this topic, we had financial expert Elson Goh, from the School of Business and Law at Curtin University, join Jo in the studio.

The Annual Budget: What Can We Expect?

This year’s budget is projected to be in surplus, thanks to low unemployment and a commodities boom boosting government revenue. Now, the debate turns to how to use this surplus: should it be distributed as benefits or used to pay down debt? Similar to household dilemmas, it’s a question of whether to spend or save the extra funds.

While specifics await tonight’s official announcement, leaks hint at several targets. These include potential stage three tax cuts and incentives to address the cost of living crisis. Support for women is also anticipated, building upon initiatives from previous budgets.

Additionally, attention is likely to be given to easing the burden of higher education costs, with adjustments to the HEX system proposed. Other sectors, such as childcare, may also receive assistance, reflecting a broad spectrum of support anticipated in this year’s budget.

Elson’s Tips to Deal with Debt

To avoid falling into financial traps, households can adopt proactive strategies:

  1. Prioritise: Rank needs and wants to focus on essentials.
  2. Involve Everyone: Engage family members in budget discussions and decision-making.
  3. Face Debt: Address debts promptly to avoid accruing more interest.
  4. Review Spending: Reflect on past expenditures to identify areas for improvement and efficiency.

As we eagerly await the budget announcement, let’s keep these principles in mind for a more financially secure future.

Listen to the full conversation below!