Devil in details, but no shocks
IT IS unlikely the budget will hold any major surprises, with much of the detail already in the public arena via a series of well-placed "leaks" and announcements.
IT IS unlikely the budget will hold any major surprises, with much of the detail already in the public arena via a series of well-placed "leaks" and announcements.Among the major announcements already confirmed in tomorrow's budget are: A $515.3 million dentistry package, including $345.9 million to treat some of the 400,000 patients on dental waiting lists. The transfer of single parents from parenting support payments to the Newstart Allowance once their youngest child turns eight, saving the government about $700 million. Family tax benefits A and B to be cut if recipients travel overseas for more than six weeks from January 1. A one-off increase in the public service efficiency dividend of 2.5 per cent, on top of the existing 1.5 per cent (total 4 per cent), for savings of $1.5 billion over four years. $3.7 billion over five years to revamp aged care, including $577 million of new funds. A 6? cut to the 38? per litre off-road diesel fuel rebate, as part of a clean energy package. Funding for Commonwealth share of the mid-2013 launch of the national disability insurance scheme. Personal tax cuts for those earning less than $80,000 and tax-free threshold reductions as part of the clean energy package. Increases in pensions, allowances and family payments as part of the clean energy package. A 30 per cent minerals resource rent tax on coal and iron ore super profits to begin in July, raising $3.7 billion in 2012-13 or $11 billion over three years, to support superannuation boosts, infrastructure and business tax cuts. Small business tax to fall 1 percentage point from July 1, as part of MRRT laws. A skills package worth almost $9 billion. Stronger Futures package for indigenous communities totalling $2.6 billion over 10 years to fund health, education, community services, alcohol and drug abuse programs. More than $4 billion to be cut from the defence budget. $3.56 billion for full duplication of Pacific Highway under the Nation Building Program. Education tax rebate revamped into twice-yearly payments. Families entitled to Family Tax Benefit A receive $410 for each child in primary school, and $820 for each child in high school.
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