The Federal Government recently handed down its yearly budget, which shows where it will spend money in the next 12 months and beyond. Eden Fiske explores a few highlights that may help young Mob, students and professionals.

The most recent Australian Government budget is a mixed bag. While there are concerns that it doesn’t go far enough in addressing the needs of all people, there are still several positive aspects that can help us build a solid financial foundation. So, I’ve broken down how some of these changes can benefit us, particularly for young Mob, students and professionals.

Firstly, one of the key highlights of this budget is the increased funding for education and training. This includes some support for unis. For First Nations students, increased funding for scholarships and support services can make a big difference. Access to higher education is crucial for opening up opportunities and creating a path towards stable employment and financial independence. This budget has allocated more resources to ensure that more students can pursue their studies without being held back by financial constraints. Something that will really help communities and to help individuals follow their dreams.

In addition to education, the budget has also focused on job creation and training programs. For young professionals, especially those just entering the job market, this is a critical area. The government has announced funding for apprenticeships and training, which can help bridge the gap between education and employment. These initiatives are designed to equip us with the necessary skills to thrive in a competitive job market, ensuring that we are not only job-ready but also able to secure meaningful and sustainable employment.

Healthcare is another area where this budget offers support. While there are still gaps that need addressing, the additional funding for mental health services is a step in the right direction. Access to mental health support is crucial for our overall well-being and productivity. For young people, especially those dealing with the stresses of education and early career challenges, having accessible mental health services can make a significant difference in maintaining a healthy balance between personal and professional life.

Housing affordability has been a persistent issue, and this budget includes measures aimed at making housing more accessible. In the Northern Territory, $4bn is being spent on creating 270 new homes for young First Nations people, while more money is being put into Centrelink rent assistance and domestic violence crisis accommodation. Beyond these measures, the full package for young people doesn’t do enough to combat the constant increase in rents and the scarcity of housing. However, the introduction of incentives for first-time homebuyers and investment in affordable housing projects are positive steps. For young professionals and families, these measures can help make the dream of owning a home more attainable. Stable housing is a cornerstone of financial stability, providing a secure base from which to plan for the future. So, we really do need to see more progress here, but for now it’s important to understand the changes that the government says it’s making.

One of the inclusions in this budget is the focus on supporting small businesses and entrepreneurship. For many of us, starting our own business is a pathway to financial independence and community development. The budget provides tax relief and grants for small businesses, encouraging innovation and growth. This support can be particularly empowering, allowing us to create opportunities not only for ourselves but also for our communities.

While these measures are positive, it’s important to acknowledge that the budget does fall short in many areas. For instance, more could be done to address the cost of living pressures and provide adequate support for those struggling to make ends meet. Additionally, while there is increased funding for certain areas, the distribution of resources may not fully address the disparities faced by all communities.

Despite these shortcomings, we can leverage the positive aspects of the budget to build a solid financial foundation. By taking advantage of the educational opportunities and job training programs, we can equip ourselves with the skills needed to succeed in a dynamic job market. Utilising the mental health services available can help us stay resilient in the face of challenges, and the support for small businesses can foster a spirit of entrepreneurship and innovation within our communities.

Furthermore, for young families, the measures aimed at improving housing affordability can provide a stable environment to raise children and plan for the future. It’s about making the most of the opportunities provided, even as we continue to advocate for more comprehensive support and resources.

In conclusion, while the budget may not address every issue we face, there are tangible benefits that can help us move towards a more stable and prosperous future. By focusing on education, job training, mental health, housing, and small business support, we can build a foundation that supports our growth and success. It’s about seizing these opportunities, supporting each other, and continuing to push for the changes we need.