How the budget affects you
Photo: Jessica Shapiro
Families have been named the big winners in Treasurer Wayne Swan's fifth budget, which has delivered a razor thin surplus of just $1.5 billion. Here's how it breaks down:
- Increase to family tax benefit A if eligible.
- For families on maximum rate, extra $300 per year for one child, extra $600 a year for families with two or more children.
- For families on base rate, extra $100 a year for one child, extra $200 a year for families with two or more children.
- Limiting of eligibility for Family Tax Benefit A to children under 18, or children at secondary school up to the age of 19.
- Tripling of the tax-free threshold from $6000 to $18,200, as previously announced.
- From July 1, the carbon tax will lead to an average increase in household costs of $9.90 per week, but this will be offset by tax cuts and increases in support payments of $10.10 per week on average.
- $2.1 billion over five years to replace Education Tax Refund with Schoolkids Bonus.
- From 2013, eligible families will receive up to $410 per year for each primary school student and $820 per year for each secondary student for education expenses.
- $225 million over four years to help with childcare fees for parents on income support who are studying or training.
- Financial assistance will now be available for parents undertaking new courses at Certificate II or higher level.
- Access to up to 50 hours of child care per week for parents doing at least 15 hours of work, study or training and up to 24 hours of child care for activities requiring less than 15 hours per week.
- $1 billion over four years for roll-out of National Disability Insurance Scheme.
- First stage of scheme to begin in mid-2013 for about 10,000 Australians with a significant and permanent disability in up to four “launch” locations in Australia.
- From mid-2014, scheme will be expanded to bring the total number of eligible people up to 20,000.
Breakdown of funding for the NDIS:
- $342.5 million over three years from July 2013 to help with care and support for people with a disability.
- $240.3 million over four years to build and operate an NDIS information technology system.
- $154.8 million over three years to employ local area coordinators to help with one-on-one care for people with a disability.
- $122.6 million over four years to help prepare the disability sector for delivering care under the NDIS, particularly in the launch locations for the first stage of the roll-out.
- $58.6 million over three years from 2013-2014 to assess people with a disability in the launch locations to determine their eligibility for the scheme and level of care needed.
- $53 million over four years from 2012-13 to establish a National Disability Transition Agency to coordinate the care for people in the launch locations.
- $18.3 million over four years from 2012-13 to continue the Commonwealth taskforce advising the government on the development of the NDIS.
- $11.7 million over four years from 2012-13 for research into early intervention to improve support for people with a disability.
- $5.2 million over four years from 2013-14 to evaluate the scheme in the launch locations.
- States and territories that host the launch sites will have to contribute to the cost of care and support for people with a disability.
What do you think about the 2012 budget? Have your say on the Essential Baby forums.