Updated May 09, 2012 09:14:09
Federal Budget 2012 ABC News
Treasurer Wayne Swan has handed down his fifth federal budget at Parliament House in Canberra.
Here is a snapshot of the winners and losers fromthis year’s budget:
- $1.8 billion from July 2013 so 1.5 million families can receive increase to Family Tax Benefit A, with nearly half taking home an extra $600 a year
- $1.1 billion over four years to create new Supplementary Allowance of up to $210 a year for students, jobseekers and parents with young children on income support
- About 1 million households claiming Tax Benefit A to receive cash payment of $820 for each high school student and $410 for each primary school student under School Kids Bonus, replacing the Education Tax Refund
- $1 billion over four years to roll out the first stage of a National Disability Insurance Schemeexpected to cover 10,000 people from 2013-14 and 20,000 people from 2014-15
- $515 million to treat 400,000 people on the public dental waiting list and to help dentists relocate to rural and remote areas
- $700 million over four years to allow small businesses to “carry back” past profits to offset current losses by up to $1 million
- $475 million for 76 new health infrastructure projects to upgrade regional hospitals and doctor training support
- $3.2 billion aged care package over five years including measures to almost double home care assistance and improve pay and conditions for aged care workers
- $1,000 payment to companies for each worker they hire aged over 50 for at least three months
- $50 million to extend bowel cancer screening program so people aged 50 to 70 will be offered free tests every five years
- $3.56 billion for duplication work on the Pacific Highway in New South Wales on condition of matching state funding
- Flood levy exemption extended to victims of 2012 flooding across eastern Australia
- $6 million over four years for suicide prevention measures in Western Australia’s Kimberley
- $56 million to expand in-home tutoring program for children in up to 100 disadvantaged areas
- Government revenues down about $150 billion since start of the global financial crisis
- Around $5 billion cut from Defence, including deferral of the delivery of the first Joint Strike Fighter aircraft and scrapping of plans to equip the Army with new self-propelled artillery
- About 100,000 parents affected by cutbacks to parenting payments and shifting of single unemployed parents onto the Newstart Allowance once their children turn eight; budget saving of about $700 million over four years.
- Tax rate on superannuation contributions doubled from 15 to 30 per cent for people earning more than $300,000 a year
- Around 3,000 public service jobs already gone under increased efficiency drive
- Tax cuts for small business promised under the mining tax redirected to households because measures unable to garner enough support to pass Parliament
- $2 billion saved by not proceeding with standard tax deduction on work-related expenses that was due to begin in July 2013
- Commitment to lift spending on foreign aid to 0.5 per cent of gross national income to be met a year later than promised
- Around $1 billion could be saved by crackdown on living-away-from-home allowance for executives interstate or overseas
- Tightening of Pharmaceutical Benefits Scheme and some natural therapies to be removed from private health insurance coverage
- $2.5 billion saved by changes to Medicare levy surcharge and means-testing of private health insurance rebate;
- $923 million saved over forward estimates by scrapping of 50 per cent discount on interest income
- Recipients of Family Tax Benefit A & B and disability support to have payments cut if they travel overseas for more than six weeks a year
- Planned tax breaks for green buildings will not proceed, saving $405 million over the forward estimates
- 80 per cent cut to inbound duty free allowance reduced to 50 cigarettes or 50 grams of tobacco; $600 million saving over forward estimates
- Passenger movement charge up $8 to $55 from July 1, 2012
- Reduction in tax breaks for golden handshakes to save $196 million over forward estimates
- Phasing out of mature age worker tax offset to save $255 million over forward estimates
- Increased heavy road user charge to raise $166 million in 2012-13; almost $700 million over forward estimates
With the current global economic situation in the EU, the US, Japan and Chinese economies, one would think that the current Australian government would be a little wiser with their spending and put aside for a rainy day…
Umbrellas out people….the storm is around the corner!
I find it interesting how the Government would put funds in on one side of the ledger…only to take it right away again from the other. For example: Family Tax Benefit A and Supplementary Allowance in…Carbon tax, a rise in petrol prices, electricity, water, rent, mortgage repayments, potential job losses (don’t be fooled by the recently released unemployment figures either)…right out again!
And I noticed:
* Tightening of Pharmaceutical Benefits Scheme and some natural therapies to be removed from private health insurance coverage.
If you’re dosing yourselves and your children up with pharmaceuticals, they have just removed “natural therapies” from private health insurance. That makes sense…the Government makes “nadda” from natural therapies, but a bucket load from the poison. Remedy – remove it from health insurance. Watch for natural medicines and vitamins to be next on the hit list.
Take from this budget what you will, but know a global economic collapse is eminent. Heck, America is talking about potential civil war in the coming weeks/months. One only needs to imagine what effects another civil war in the US will have on an already crippled global economy.
And this time, the Australian economy will not be spared. This Government is spending money it doesn’t have. Don’t be sucked in with the so-called “extra funds” in our bank accounts, because it won’t be sitting in your accounts for too long – that’s for sure!
- grow your own herbs and veges (at least you know what you’re eating)
- pay down your existing debt (as much as you can afford)
- think twice about buying a house (refrain from committing to any more debt)
- start putting away some extra food and water (while food prices are still affordable)
- fill up your gas tanks (at least over half way at all times)
- keep an eye on your superannuation investment options – (growth option – high interest – higher RISK)
- dust off your resume and begin to look at upskilling yourself
- always keep extra cash on your person or in your home somewhere (can’t always rely on your bank – another computer glitch could leave you short)
- Don’t always believe what you see or read on mainstream media – do your own research. It’s FREE.