Post by ppyenews on May 8, 2007 20:06:36 GMT -5
Welcome to ‘Talkback Topic’ – I’m Phillip Pye.
Peter Costello must be sitting back in his Canberra Office thinking of that old song by ‘The Tremeloes’ – “Silence is Golden” because the day after he delivered his twelfth budget that’s about how it’s been with any comment from opposition parties. Maybe they are ‘Gob-smacked’ and quietly back on the shadow treasurers Abacus conjuring up a plan of action headed ‘Hard Act to Follow’. Peter Costello’s twelfth budget doesn’t excite everyone but goes a long way in pleasing most with promised Tax Cuts emerging for the fifth time. There is also increased spending in Child Care that should be a sizeable vote lurer from a good sized chunk of the voting sector. The Federal Liberal Government had to though as after all, it is an Election year and the Rudd/Gillard Team have been showing a sizeable increase in presence in the polls.
The Tax package is interesting to say the least. There is a personal tax relief total of $31.5 billion over four years, and the Government is putting an extra $1.1 billion into the superannuation accounts of low income earners who made after tax contributions in 2005-06, by doubling the co-contribution paid, to a maximum of $3,000. The income tax rates of 30 per cent, 40 per cent and 45 per cent. haven’t changed but from July 1 next, the 30 per cent rate threshold will increase from $25,000 to $30,000. The low income tax offset will increase to $750 per year. For the person on average wages, the tax cut adds up to around $16 a week Tax cuts for middle and high income earners will flow through in 2008 with the 40 per cent rate threshold increasing from $75,000 to $80,000 and the 45 per cent threshold from $150,000 to $180,000.
Child Care has received a boost to around 700,000 families with The Treasurer announcing changes to the child care system, to assist families to balance work and parenthood, also encouraging mothers to take part in the paid work force. The child care benefit will increase by 10 per cent on top of indexation and the child care tax rebate will be available as a direct payment shortly after the end of the year. This means families who have used child care over the past two financial years will receive two rebates over the coming year. The maximum payment is just over $4,000 but the average rebate per child is just over $800.
The ever increasing public concern about climate change, has also been included with the Treasurer announcing $741 million for "practical climate change initiatives", such as a doubling to $8,000 of rebates for the installation of solar panels by households, incentives for deforestation, a $10 billion dollar plan for water security, and incentives for schools and community organisations to adopt water saving initiatives. The Defence Forces are to receive an extra $2.1 billion over 10 years to encourage recruitment and retention plus $4 billion over 10 years for maintaining and operating equipment such as the Collins class submarines, Black Hawk helicopters and Hercules aircraft. $702 million has also been budgeted for national security initiatives, including better e-security, to safeguard against terrorism.
Now Mr Rudd, how can you beat that?
I’m Phillip Pye.
Peter Costello must be sitting back in his Canberra Office thinking of that old song by ‘The Tremeloes’ – “Silence is Golden” because the day after he delivered his twelfth budget that’s about how it’s been with any comment from opposition parties. Maybe they are ‘Gob-smacked’ and quietly back on the shadow treasurers Abacus conjuring up a plan of action headed ‘Hard Act to Follow’. Peter Costello’s twelfth budget doesn’t excite everyone but goes a long way in pleasing most with promised Tax Cuts emerging for the fifth time. There is also increased spending in Child Care that should be a sizeable vote lurer from a good sized chunk of the voting sector. The Federal Liberal Government had to though as after all, it is an Election year and the Rudd/Gillard Team have been showing a sizeable increase in presence in the polls.
The Tax package is interesting to say the least. There is a personal tax relief total of $31.5 billion over four years, and the Government is putting an extra $1.1 billion into the superannuation accounts of low income earners who made after tax contributions in 2005-06, by doubling the co-contribution paid, to a maximum of $3,000. The income tax rates of 30 per cent, 40 per cent and 45 per cent. haven’t changed but from July 1 next, the 30 per cent rate threshold will increase from $25,000 to $30,000. The low income tax offset will increase to $750 per year. For the person on average wages, the tax cut adds up to around $16 a week Tax cuts for middle and high income earners will flow through in 2008 with the 40 per cent rate threshold increasing from $75,000 to $80,000 and the 45 per cent threshold from $150,000 to $180,000.
Child Care has received a boost to around 700,000 families with The Treasurer announcing changes to the child care system, to assist families to balance work and parenthood, also encouraging mothers to take part in the paid work force. The child care benefit will increase by 10 per cent on top of indexation and the child care tax rebate will be available as a direct payment shortly after the end of the year. This means families who have used child care over the past two financial years will receive two rebates over the coming year. The maximum payment is just over $4,000 but the average rebate per child is just over $800.
The ever increasing public concern about climate change, has also been included with the Treasurer announcing $741 million for "practical climate change initiatives", such as a doubling to $8,000 of rebates for the installation of solar panels by households, incentives for deforestation, a $10 billion dollar plan for water security, and incentives for schools and community organisations to adopt water saving initiatives. The Defence Forces are to receive an extra $2.1 billion over 10 years to encourage recruitment and retention plus $4 billion over 10 years for maintaining and operating equipment such as the Collins class submarines, Black Hawk helicopters and Hercules aircraft. $702 million has also been budgeted for national security initiatives, including better e-security, to safeguard against terrorism.
Now Mr Rudd, how can you beat that?
I’m Phillip Pye.