What the new Labor government means for your finances – RateCity

May 26, 2022 By admin

Mark Bristow
23 May, 2022
Fact Checked
With a new Labor government being sworn in following the 2022 federal election, many Australians may be wondering what the election result means for their finances, now and in the future. Several new Labor policies are expected to supplement existing federal government programs to provide Australians with economic support.
Labor came to the election with an assortment of policies, including plans to tackle the following issues:
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2.55
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1.86
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3.93
2.14
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2.14
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$1,292
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3.93
Product data updated on 26 May 2022
While the government has changed hands, several of the programs put in place by the Coalition are set to continue.
For example, under a Labor government the National Housing Finance and Investment Corporation (NHFIC) is set to be renamed Housing Australia, but it will continue to provide the following home buying assistance schemes:
Additionally, in the lead-up to the election, Labor promised to offer similar tax relief as the Coalition, through legislated tax cuts to benefit everyone with incomes above $45,000, and to also increase the low-and-middle income tax offset by $420 this year.
For more information on the new government's plans for the future, visit the ALP website for policy details.
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Fact Checked
This article was reviewed by Mia Steiber before it was published as part of RateCity's Fact Check process.
Mark Bristow
Personal Finance Editor
Mark Bristow is RateCity's Home & Personal Finances Editor, and an experienced analyst, researcher, and producer. Focused primarily on Australian mortgage and home loan expertise, he has been a journalist and writer in the financial space for over ten years, previously researching and writing commercial real estate at CoreLogic. In the years since, Mark has worked for the Winning Group, Expedia, and has seen articles published at Lifehacker and Business Insider.

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