Budget 2025-26: What does it mean for you?

The longer version?

1. Tax cuts – from July 2026 the 16% tax rate drops to 15% and from July 2027 it drops again to 14%. This will net $268 for each taxpayer in year one and $536 a year from July 2027.
2. Medicare levy thresholds dropped – to reflect the increase in inflation the threshold at which you don’t have to pay the Medicare Levy has dropped by 4.7%.
3. HELP debts – have been cut by 20% and the repayment threshold has been increased to $67,000.
4. Energy bill relief – most households and eligible small businesses will receive further energy bill relief in the form of a $150 rebate (this brings the total to $800).
5. Ban on non-compete clauses – it will be unlawful to include non-compete clauses in employee contracts where the remuneration for the employee is under $175,000.
6. ATO payday – the ATO has been given (a lot) more money to pursue tax compliance activities with a particular focus on individuals.
7. Foreign property owners – foreigners have been banned, temporarily, from buying existing housing stock and the government is going to go after foreign investors who are land banking.

And what wasn’t mentioned?