The Federal Government has brought down the Budget that will take it to this year’s election.
- Listen to Peter Costello Deliver the 2007-08 Budget (31m)
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.