BUDGET 2024: DELIVERING FOR NEWCASTLE

The Albanese Labor Government has handed down the 2024 Budget, providing cost of living relief to Newcastle families and ensuring workers earn more and keep more of what they earn.

Like our first two budgets, the 2024 budget is responsible, affordable and suited to the times. We know people are under pressure and that's why our wages policies and tax cuts for every taxpayer are so important. This is all part of a big focus in the budget on helping to ease cost of living pressures.

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 - and saving an average 300 energy rebate, and there's an 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 students undertaking mandatory work placements with 7.70 for their PBS medications for the next 5 years, thanks to the Albanese Government's commitment to delivering cheaper medicines. No one in Newcastle will pay more than 10 million of Australian Government funding for Critical Renewable Energy Zones Road Infrastructure (Port of Newcastle to Renewable Energy Zone)
An additional 112 million of Australian Government funding for M1 Pacific Motorway Extension to Raymond Terrace

This Budget locks in progressive increases to local roads funding. This brings the total five year investment in Roads to Recovery funding for in the Newcastle electorate to 40 million in competitive grant funding over three years from 2024-25.

We will invest 10.8 million in 2024-25 for a one-year National Road Safety Education and awareness campaign, and 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 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 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; and
We're investing 1 billion to get homes built sooner, with funding for states including to provide roads, services and parks, essential for additional housing supply.

Providing 9.3 billion National Agreement on Social Housing and Homelessness with 2.5 billion increase in the liability cap of Housing Australia, and an additional 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.