Luke Howarth (Petrie, Liberal Party) Share this | Link to this | Hansard source

Budget 2017 is a good budget. There has been a lot of talk about its demonstrated commitment to education, small business, infrastructure, jobs, families and seniors. But what about young people? What is in this budget for young people? There is downward pressure on the cost of living. There are big boosts for roads, particularly the Bruce Highway through Moreton Bay and Brisbane. There is also, of course, us as a government endeavouring to return to surplus so that young people are not left with this generation's debt.

The big thing for young people is the First Home Super Saver Scheme for those wanting to save for their first home. If young people are looking to buy a unit for $350,000 or a house for $400,000, there is a great way they can save some money. If they salary sacrifice $10,000 a year from their wage, from 1 July this year they will save some $5,250 in three years.

Let me explain. If you put $10,000 into a bank account, after tax of 32½ per cent you are really only left with $6,750. By putting the money into the first home super scheme, you are taxed at 15 per cent, so from your $10,000 you will be left with $8,500. Over a three-year period you will have $5,250 in your pocket instead of it being in the government's. This is a great scheme from 1 July this year.