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Budget Gives Tax Cuts; Targets Education, Childcare, Aged, Environment

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.

Full Budget Details

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