Budget will hit renters hardest says Monash MP

Federal Monash MP Mary Aldred claims regional Australia is being continually ignored following this year's Federal Budget.

Ms Aldred said the lack of investment in the region would lead to lower living standards and higher costs for residents.

"The Budget means higher taxes, more debt, lower living standards and fewer homes for locals," Ms Aldred said.

Ms Aldred said all people in Monash, especially young people, deserved the opportunity to own their own home and Labor's higher taxes would hit younger residents the hardest.

She said the Budget was forecast to reduce housing supply by 35,000 homes across the country in the next decade and leave typical mortgage holders $32,000 a year worse off.

"Unfortunately, renters will be hit hardest because every tax hike has consequences," she said.

"Higher taxes on landlords means higher rents for tenants."

But Federal Treasurer Jim Chalmers said the Budget would help build more houses, make renting more affordable and help Australians buy a home.

Mr Chalmers said the Budget was about one goal.

"More Australians in a home, whether they own or rent," he said.

"We're backing this plan with a serious investment, lifting our total housing commitment to a record of over $47 billion."

In response to the Budget, Ms Aldred said the Coalition had released a plan of their own to restore home ownership and put Australians first, with small business investment one of seven key measures.

Ms Aldred said 98 per cent of Australian businesses were small business, claiming that the Coalition would back small business in Monash with a $50,000 boost in an instant asset write-off.

Any business with a turnover of less than $10 million would be able to deduct assets costing up to $50,000 on a permanent basis.

"This will help tradies buy tools, farmers buy equipment, cafes upgrade kitchens and small businesses invest with confidence," Ms Aldred said.