You're on the air with Jace, Lauren and Clint. This is Nova.
Treasurer Jim Chalmers has handed down his fifth budget.
Assie workers, they are the winners of this budget while investors.
Lose out the treasurer unfailing the most ambitious budget in more than a decade, balancing tax reform against cost of living relief.
Who's the winners, who's the losers? Let's go to someone a lot smarter than us, former host of Sunrise. He is the economic director for and Compare the Market and is the chairman of the Port Adelaide Football Club. Let me set the scene, ever, jac.
What a sign?
What a man?
So?
What's ago? They play that before every port game? Yeah?
Yeah, the sixty seconds to the bounds? Everyone's do you do.
You get that played when you walk into a room coffee?
No, I'd love to. I went to school with you at Excess guys, very dear to my heart. Yeah, until we went to size.
Well, we're not talking about footy today, Coshi. We need to know what is going on in the budget because it's quite overwhelming for people who don't understand finance and taxes that well. To get our heads around it. Who are the big winners. Who are the big losers?
Break it down for us, all right, I reckon the big losers is average Australian households. What the budget see, the budget is like the country's household budget for the year ahead, and what it's saying to all of us is that inflation's going to stay high. Inflation's going to although it's going to peek at five percent over the next couple of months, and for the rest of the financial year, it's not going to get really back to within the Reserve Bank's target range. So inflation is going
to stay high. The Reserve Bank is not going to be happy, so there's more likely to be more interest rate increases. And while unemployment will stay low so we'll all hopefully you have a job, wage rises won't be as much as inflation. So the household budget, the cost of living crisis is going to be around for at least another year. Wow, So prepare for that. So that
affects everybody. Yeah, and it's really tough to make ends meet and balance a family budget at the moment if you've got a cup, work, kids and you're coping with a higher petrol prices.
So Koshi, Now the government, who will be spooking this budget today in chief the Treasurer Jim Charmers will tell tax payers they're getting a two hundred and fifty dollars offset from next financial year. Now that's not real cash money, is it's it's actually an offset.
It's an offset. It comes off your taxi and act here and in the form of extra on your refund. But just last week the boss of the Reserve Bank, Michelle Bullock, they said to the government in very polite Reserve Bank speak, she said, if you give out any cash, we just got to take it away again with higher interest rates, because if you give out cash, that's just going to add to inflation and that's what we don't want.
So she was pretty blunt. Well, it's blunt as Reserve Bank governors can be in terms of threatening the government. So you've got to help us.
Is there anyone winning out of this budget?
Coss Okay. Look, they changed the tax on capital gains tax and negative gearing by far. Now the best place to invest your money is in your own house and also in your superannuation. They have come out out so much better by comparison with any other forms of investment
and putting spare cash and renters. You know, I feel for people who are renting because all of these text changes is the government saying, oh, we're going to make it easier for first home buys, but there are a lot of people who can't or don't want to own a property.
It's hard to buy first home at the moment.
Exactly anyone. What's what these changes are going to do is really piss off property investors, so they're going to say, oh, well, why the hassle of having an investment property? Property exact one hundred percent and rents are high and rising above inflation at the moment. I don't think there's going to be much relief on that.
Heykshy, good news.
Yeah, are there any winners like teachers, nurses, anyone.
Us? A lot of a lot of money is going into infrastructure for housing. Obviously the government wants more housing produced so it can bring down property prices. But it is, you know, it's tough out there. It's going to be tough for another year. And look, I was disappointed in the Reserve being put up interest rates last week because they're just crushing Australia in the household with higher petrol prices and business confidence is downside. Even the bosses are worried.
And when bosses are worried, they start going, well, we're not going to add extra stuff. We've got to be careful.
So that's pretty grim.
Can I change tech? I'm six months retired from Breakfast Television, my roll on Weekend Today. How many years out of you now from Brecky Central.
I'm three years out and do that? Three years out?
Do you miss it?
And look, I loved every single minute of it, but for twenty one years live and I want a bit more flexibility in our life. We're really enjoying it. Oh that's so nice.
It was just saying before he once had to fill in for Carl and host the Today Show while you.
Were on Sunrise alongside again.
They went head to ahead and cost you absolutely wallet.
And fifty K one morning. That wasn't good for my bottom line. I give you the red hot chip and just one last one, Goshi Zach Butter's ye is he gone?
Oh no, we're really confident that that Zach's going to stay. Well, he's playing great footy at the moment. You don't forget he's your restricted free agent. So we decide where he goes and where he goes will be We're the best is for Adelaide?
Well, could you give me some positive news? Do you think Richmond will win another game this season? Just hang up, just hang up, just one, just one would be great.
They're on the rebuild. They've got some great young talent at the moment.
It's great.
Sagurday to Alexander for us. Compare the market obviously great.
David Cosh compared the market's economic director and of course the chairman of the port Adelaid Football Club Bykshi, thanks for breaking down for us this morning. Mate, It's been good to chat on you guys.
Thanks best in the is that man he is?
Remember I mean Chris Cole is good as well, But.
I'm still confused by the budget.
What did he say?
Not very good? No one's happy, everyone's angry.
Anyone happy? I don't think so.
Lauren and Clint kept feeling good bys Flareen.
And Clum Olivia on the socials.
Yeah, I