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Key Points Record $57.6 Billion budget deficitForecasted $200 Billion revenue decline over the next four yearsUnemployment rate to rise to 8.5%Budget surplus not expected for the next five years |
Pensioners - Single pensioners will receive an extra $32.49 a week and couples will receive an extra $10.14 a week together.The qualifying age for the age pension will be progressively increased to 67 years by 2023.
First Home Buyers Extending the First Home Owners Boost for an extra 6 months First Home Owners Boost of $7000 for the purchase of existing homes and $14,000 for new homes with three months at the full rate before it is wound back.
Health New $600 a year special payment for carers. $3.2 billion in projects focused on hospitals and health infrastructure from the Health and Hospitals Fund $1.5 billion for NSW hospital upgrades. Rural doctors will receive $130 million for increased incentives of up to $120,000 each to practise in remote areas. From July 1, 2010, the private health insurance rebate will be reduced for higher income earners, with singles on incomes of more than $120,000 no longer receiving a rebate.
Infrastructure - Investment in infrastructure, including roads, rail, ports, universities and energy efficiency.
- $3.4 billion for roads
- $4.6 billion for metro rail
- $389 million for ports and freight infrastructure
- $4.5 billion for the Clean Energy Initiative, which includes $1.0 billion of existing funding and a $1.5 billion to boost Australia's solar energy projects.
- Partnering with the private sector to build the $43 billion National Broadband Network
Child Care - Paid parental leave at the federal minimum wage rate (now $543.78 a week) for up to 18 weeks from January 1, 2011.
- Families will be able to access via the internet in 2009-10 a "child care estimator" to help them make decisions about child care, including out-of-pocket costs.
Immigration A full-time ambassador for people smuggling issues post will be established. New positions dealing with people smuggling will be set up in Jakarta, Colombo, Islamabad and Kuala Lumpur. Asylum seekers will be given the right to work while their applications are being assessed and for the first time they will receive access to Medicare.
Education - $2.6 billion in projects focused on universities and research from the Education Investment Fund
- A crucial boost of $2.7 billion in funding for tertiary education, research and innovation
- $1.5 billion for the Jobs and Training Compact, providing education and services to support young people, retrenched workers and local communities
- The student income support system will be reformed with the parental income test for dependants under Youth Allowance and ABSTUDY increased from $32,800 to $42,559 (for 2009-10). This change is expected to benefit 67,800 students, who will qualify for income support.
Superannuation - Superannuation co-contribution cuts will hit mainly lower-income earners.
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