2018 Budget Blues: Here Are All the Changes Young People Are Going to Want to Hear

The government has announced the 2018 budget for the next year. How do you fare?

Palms were sweaty, knees weak and arms were heavy when Australia's Treasurer, Scott Morrison, told Australia how the government will spend the taxes it has collected for the next financial year.

Yes, it's that time of year again when everybody seems to be talking about the budget, but the natural response is to block any posts about it and play a few rounds of Candy Crush.

But, as always, the budget affects young people pretty significantly, so we've rounded up a very brief (we promise) summary of all the changes you need to hear, so you don't get a rude shock at some point down the track.

1. Yes, you will most likely get more tax back next year.

Probably one of the most exciting things to be announced is that low to middle-income earners will receive more of their tax back in the next financial year. If you're earning less than $37,000 a year, your tax bill will reduce by $200. If you're earning $90,000 a year (and we'll just go ahead and assume that's the case for most students), then you'll receive up to $530 a year back in the taxes you pay.

That only equates to about $10 (maximum) more a week, but hey, that difference could mean public transport tickets for a few days or a sneaky burger after class.

2. Managing your superannuation might become a whole lot easier.

If you've had a few casual jobs in your working life, there's a good chance you also have a few superannuation accounts lying around you might not even be aware of. Previously, it was up to you to merge all your super from these different accounts, but from July next year, the Australian Tax Office will be able to do it for you.

Goals.

3. The Great Barrier Reef will get extra funding (but climate change targets are staying put).

While this change doesn't directly affect you now, climate change will most likely affect your future, with issues like rising sea levels, changing weather patterns and unstable environments. So, what the government does now is very important.

The government has announced $500 million to help save the Great Barrier Reef, after it was revealed 30 per cent of the reef's coral died in 2016's nine-month heatwave. However, they're still planning on installing huge fans (can you get these from K-Mart?) to cool down the GBR, so maybe that's not necessarily a complete win for the government

Morrison also announced to Parliament that the government doesn't plan on trying harder to reduce pollution because it might increase energy costs.

"We will maintain our responsible and achievable emissions reductions target at 26 – 28 per cent and not the 45 per cent demanded by the opposition," he explained.

4. Youth Allowance might become a bit easier for you to receive.

For regional students, your parents' income threshold (which stops you from receiving Youth Allowance) will be increased to $160,000 (that's the combined income of both your parents). Your parents are also allowed to earn an additional $10,000 for every additional child they have before you're ruled ineligible for Youth Allowance.

There's also a solid $28 million being put towards helping regional and rural students get Sub-Bachelor degrees (like a certificate or diploma) that lead to Bachelor degrees, and another $14 million to create new regional hubs where students can study Bachelor courses.

5. You won't be eligible for Centrelink student payments if your course isn't eligible for a HELP loan.

University students will only be eligible for Youth Allowance, AbStudy and AusStudy if they are completing a course that's eligible for a HELP loan (a.k.a. HECS). This rule was initially changed last year for VET and TAFE courses after some dodgy private colleges ripped off their students. The government is now enforcing the rule for uni courses too.

It essentially means that, if the course you decide to undertake can't be paid with a HELP loan, you won't be eligible for any student payments from the government.

There was also no increase to youth welfare payments overall.

6. Mental health care funding will receive a huge boost.

There will be a further $338 million given to mental health funding, which will focus on suicide prevention and research. Of this amount, $92.4 million will be given to mental health services like Lifeline and beyondblue to help provide support and crisis management for young Australians.

Phew, there you go. Just because these proposals were announced, however, doesn't mean they'll automatically become law. They'll have to go through the House of Representatives and the Senate to enter our lives, so keep an eye out to see whether they go through.

Now, go enjoy the next 360 or so days until the next budget is announced.

Photo: NBC