The Federal Government has brought down the Budget that will take it to this year’s election.
The Treasurer, Peter Costello, delivering his 12th Budget, announced:
A surplus of $10.6 billion.
Tax cuts: 30% threshold rises on July 1 from an income of $25,000 to $30,000; from 2008, the 40% threshold increases to $80,000 and the 45% threshold increases to $180,000.
Simplified Income Tax Returns.
University funding increased by $5 billion for capital works; additional income support for tertiary students.
$700 tutorial vouchers for parents with children not meeting literacy and numeracy benchmarks.
$5000 bonuses for teachers completing professional development courses; extra money to ensure trainee teachers have 100 days teaching practice in schools.
10% increase in Child Care Benefit from July 1; Tax rebate to be made available sooner.
Additional money from 2009 for road and rail infrastructure.
One-off doubling of superannuation co-contribution.
$500 one-off bonus payment for older Australians; $600 and $1000 Carer Payment bonuses.
$8000 rebates for solar panel installations.
Additional drought and Exceptional Circumstances funding.
$6.1 billion over 10 years to assist Defence recruitment.
$772 million for improved detection and treatment of chronic and complex conditions.
