Labor’s budget will benefit the young – but does little to woo voters drawn to One Nation

The federal budget reduces the earnings of the richest households by $1,500 a year, while the poorest are better off by a few hundred dollars. Photograph: Mick Tsikas/AAP

Labor’s fifth budget will do what it says on the tin: it will benefit the young and the poor at the expense of the older and the rich.

This is the most obvious takeaway from distributional analysis conducted by Ben Phillips, an associate professor at the Australian National University’s Centre for Social Policy Research.