Watch The 2017-18 Australian Federal Budget for Individuals Video

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It’s budget time in Australia, which means headaches for all and people trying to find a ‘plainspeak’ way of understanding it all.

“Taking a redundancy could see workers forced to live on minimum wage for at least six months, with the government increasing the waiting period for welfare for people with savings.

“The little-noticed budget measure will see waiting periods increased for single people with more than $12,000 in the bank seeking to apply for welfare, increasing to $24,000 for couples or a single with dependants.

“For someone with at least $18,000 in the bank, the waiting period will increase to 26 weeks. Previously, the government had capped waiting periods at 13 weeks for anyone with $11,500 or more in liquid assets, or $23,000 for couples.”

Read more at SMH

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