Budget Breakdown
Illawarra Mercury
Wednesday May 14, 2008
? Forecast cash surplus $21.7 billion - the biggest amount in GDP terms in nearly a decade. ? Cost savings of $33 billion over four years, including $7 billion in 2008-09. ? $41 billion put into three major new "future" funds for infrastructure, education and health. ? Income tax cuts totalling $47 billion over four years. ? Tax cuts worth $20 a week for someone on $48,000 a year. ? Medicare levy surcharge threshold up from $50,000 to $100,000 for singles, from $100,000 to $150,000 for couples. ? Family tax benefit to be means-tested. ? Baby bonus to rise to $5000 from July, but will be means-tested from January 2009. ? Child care tax rebate to rise from 30 per cent to 50 per cent, paid quarterly. ' This money is not ours - it belongs to the Australian people.' - Wayne Swan
© 2008 Illawarra Mercury
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