June 10, 2016: Australia’s leading financial comparison site, RateCity.com.au, has developed a first-of-its-kind financial calculator which helps voters understand how some of the key election issues could hit their hip pocket.
The RateCity.com.au Vote Calculator turns dry, often abstract policies into real-life questions that people can weigh up before voting.
Sally Tindall, money editor at RateCity.com.au, said the calculator was an innovative way to raise awareness of the issues that will directly affect household finances.
“The Vote Calculator is a unique way of visualising how each of the three main party’s policies could affect you,” she said.
“For example, if you have two young children in day care, you could be as much as $5000 ahead under a Labor Government as opposed to a Coalition Government, at least until 2018.
“Alternatively if you’re hoping to negatively gear an existing property in the future, then a Coalition government could potentially mean you’ll be able to write off more on tax.
“The calculator focuses on areas where there are significant differences between the three parties in areas such as tax, education, child care and superannuation, but we’ve also added in things like the tobacco excise where you’ll far better off quitting regardless of who wins,” she said.
“In some cases, it’s near impossible to tell the parties apart so we’re hoping to help clarify some of the confusion out there.
Tindall said that the calculator was designed to be a fun, engaging way to get people thinking about their own personal finances.
“We’re not out to tell you how to vote. Rather we’re looking to contextualise the financial issues ahead of polling day, because ultimately what’s going to affect you day-to-day are policies with financial implications attached,” she said.
To view the calculator, click here.