Rudd unveils $42b rescue plan

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Gavin Shaw
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Rudd unveils $42b rescue plan

Post by Gavin Shaw » Tue Feb 03, 2009 3:02 am

TAXPAYERS will receive a one-off $950 spending bonus within two months as part of the Rudd Government's $42 billion attempt to revive the spluttering economy.

Revealing the global financial crisis would cause a forecast $22.5 billion deficit this financial year, the Rudd Government unveiled its second stimulus package this morning in Canberra.

Two-thirds of the massive package - $28.8 billion - will be invested in job-creating infrastructure projects.

MAIN POINTS:

* Tax bonus of $950 for those earning up to $80,000, and smaller amounts for those earning up to $100,000.
* $14.7bn for school infrastructure and maintenance and trade training centres;
* $6.6bn to boost public housing by about 20,000 new homes;
* $3.9bn for free insulation to 2.7 million homes and solar hot water rebates;
* $890m for regional roads and blackspots, railway boom gates;
* $2.7bn small and general business tax break to provide deductions for some equipment purchases before the end of June 2009;
* $12.7 bn for one-off payments to working Australians, families with school-age children, farmers, single income families and for those undergoing training.

The centrepiece of this includes building works in every Australian school including more than $3 million for projects in each large school.

The package also includes black spot roads funding including rail crossing boom gates, and extra defence housing.

About 10.6 million Australians will also benefit from a direct $12.7 billion financial shot in the arm in time delivered in time for Easter.

A one-off lump sum tax bonus of $950 will be paid via a cheque in the mail or electronic transfer from April for all taxpayers earning up to $80,000.

Those earning between $80-90,000 will receive $650, and $300 will be handed out to people earning up to $100,000.

Poorer single income families will get a $950 bonus from Centrelink, and there will be a $950 back to school bonus per child for eligible families receiving Family Tax Benefit Part A, a learning bonus, as well as $950 bonus for struggling farmers receiving exceptional circumstances income support.

The Rudd Government's so-called Nation Building and Jobs Plan comes as Treasury predicts a grim year ahead for Australia with unemployment tipped to rise to seven per cent next year.

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Let the flak fest begin...
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Labbie
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Post by Labbie » Tue Feb 03, 2009 3:18 am

So I take it none of that directly helps you in any way?
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Gavin Shaw
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Post by Gavin Shaw » Tue Feb 03, 2009 3:36 am

Not sure.

Lin pays tax because she works 1 to 2 days a week in a retail store (with my brother). He got her job there when her scholarship ran out so she could get some money. Lin has scholarship lined up for her PhD, which starts in March. So in theory she should be eligible for the $950. I did some tutoring last year and got paid in this tax year and payed some tax so I may get it too (would be nice). But it does say something about paying those in training, but I think that only counts in TAFE courses not higher university.

But students don't actually get anything so we may miss out.

But if we do get it, it may go towards new computer(s). Lin would like to replace her laptop (she would like to get an Apple).
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