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The Winners and Losers of the 2009-10 Budget
Wednesday, May 13, 2009
There weren't too many surprises in Wayne Swan's second Federal Budget speech. It seems to be hailed as the 'budget of spin' as Swan glossed over the deficit specifics focusing rather on his 'nation building' initiatives.
We take a closer looks at how the budget will affect you. Are you a winner or a loser?
THE WINNERS
- Retirees - Pensioners are the budget's biggest winners. They pocket an extra $32.49 per week for singles, while couples will get a $10.14 a week increase.
- Infrastructure - $22 billion will be spent on major road and rail projects.
- Unemployed - $1.5 billion on jobs and training to help the jobless become employed
- Tax Cuts - already on the cards will go ahead from 1 July. The tax savings will range from almost $3 per week on a salary of $30,000 up to a weekly saving of $10.58 for someone earning $100,000 a year.
- New Parents - 18 weeks of government-paid parental leave for those earning less than $150,000 from the start of 2011
- First Home Buyers - First home owners grant boost to be extended for another six months, but at a reduced rate after three months. From October until December this year the grant will be reduced from $14,000 to $10,500 for established homes, and from $21,000 to $14,000 for newly built homes.
- Carers - will receive a $600-a-year supplement, per person under care
- Small Businesses - will get a $2.7bn temporary tax break
- Environmentalists will support the $4.5bn clean energy initiative
THE LOSERS
- Pensioners born after 1952 - These retirees will be the first affected by the pension qualifying age increasing by two years to 67. The qualifying age will increase in six monthly increments between 2017 and 2023.
- Workers - unemployment is expected to reach 8.5 per cent, or about one million Australians in 2011
- The Government - who faces a $210 billion fall in revenue due to the collapse in the mining boom and the global financial crisis.
- High-income earners and health - access to the 30 per cent private health insurance rebate will be means tested with the level tapering down for singles earning more than $74,000 and combined family incomes of $150,000 a year.
- The Wealthy - Medicare levy surcharge increases
- Super concessions - The caps on superannuation concessions will be lowered from $50,000 to $25,000, and from $100,000 to $50,000 for over 50s.
- Pregnancy and IVF - The Government will introduce a cap on Medicare benefits payable under the Extended Medicare Safety Net for a range of items with excessive fees including all obstetric items, IVF and some ultrasound items related to pregnancy.
- Yahoo News
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