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The second round stimulus package - what's in it for you?

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#1 smtm

Posted 03 February 2009 - 10:52 PM

Have you been stimulated by the big spender?

Just in case you have missed today’s headlines, the Federal Government has announced their second round stimulus package, titled ‘Nation Building and Jobs Plan’. The bold move to pump $42 billion into the Australian economy comes in an effort to starve off the effects of the global recession. Based on initial reports it looks like parents will certainly gain from the government’s drastic actions. The Nation Building and Jobs Plan package includes almost $15 billion for school infrastructure and more than $12 billion in tax and cash bonuses to low and middle-income families.

What’s in it for you? In summary…. It is estimated 8 million Australians will directly benefit; Single parents, students, working families with school-age children, farmers, single income families and workers earning less than $100,000 will be eligible for one off payments of up to $950 in March and April this year.

$6.6 billion will be made available to ease the housing affordability crisis. The national stock of public and community housing will increase by approximately 20,000 new homes;

An allowance ($3.9 billion) has been made to provide free insulation to 2.7 million homes and solar hot water rebates.

$890 million to fix regional roads and black spots, to install railway boom gates and for regional and local government infrastructure;

(Sadly it looks like pensioners could miss out, I feel for the self-funded retirees who are also haemorrhaging from the financial crisis).

Whilst the package has been welcomed by the business sector and social organisations, others fear the financial handouts will most likely be used to pay back existing debt, failing to stimulate the economy as required.

With interests dropping by a whole per cent today, I wonder whether some will take advantage of this opportunity and use the hand out to pay more off their mortgage while the ‘going is good’ or will the money be spent on goods and services? The smart saver within says ‘save the money, put it against the mortgage or in the bank, or pay off your debt and be sensible, after all that rainy day may not be far away’. On the other hand it saddens me to hear of the spate of recent job losses, I wonder given our exposure to overseas markets, if reinvesting the payments into the economy would be enough to resuscitate the life back into our economy and save jobs?

Lets here your thoughts 'how will you be spending your one off payments?'

Sonia Williams a mother of two, qualified accountant and founder of the online site Show Mummy the Money, designed to help mums, save, make and protect their money. She is the author of two books, Show Mummy the Money 2006, and Raising a Business 2007 available through all good book stores.

This information is correct at time of writing. It is general advice only and has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information.

Sonia Williams

#2 Kafkaesque

Posted 03 February 2009 - 10:56 PM

I know that this is a blog and all that but seriously do we need another thread, others have already been closed so why this one?

#3 binxcat1

Posted 06 February 2009 - 02:07 PM

I want to know why the "Back to School Bonus" for "school aged" children doesn't mean what it says... they have to have turned 4 by 3rd Feb to be eligible... but can start school if they turn 4 before 30 June.  What the?  Idiots!

#4 tanjb

Posted 06 February 2009 - 02:13 PM

I want to know why the "Back to School Bonus" for "school aged" children doesn't mean what it says... they have to have turned 4 by 3rd Feb to be eligible... but can start school if they turn 4 before 30 June. What the? Idiots!

And many 4 years old around won't be at school yet either ..... do they still apply for the back to school bonus?

Doesn't apply to me, but my DD won't be starting prep (non compulsory) in Qld till she's 5.5yrs .... so if this had been next year we'd be getting the bonus, but not have a school aged child??? Am I missing something - doesn't really make it a back to school bonus then?

#5 Aquarius~

Posted 12 February 2009 - 08:05 AM

If it all goes through today then the back to school bonus should be made as of today's date don't you think?

#6 3mummy3

Posted 12 February 2009 - 11:30 AM

well i have to say i hope all 4 yr olds get it even if they havent started school. my dd is 4 and i would love some help to pay for her 4yo kinder fees!! (we are in vic so kinder is the year before formal schooling)

#7 sj21

Posted 18 February 2009 - 08:27 PM

Hey this is from the sunrise website hope it helps.

Question: If I have a child in kindergarten or child care are they eligible for the back to school payment?

Answer:  The payment for kids going back to school is based purely on the child's age, not what kind of schooling they are attending.  So as long as they are aged between 4 and 18 they will be eligible for the $950 payment.  They must be aged 4 by February 3, which was Tuesday's date when the bonus payments were announced.  If they turned 4 on Wednesday they will miss out.


Edited by sj21, 18 February 2009 - 08:34 PM.

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