Budget Night – it all looks good for us

I forgot that the Federal Budget was being released this week. It’s all pretty good for people in our position. Here’s what may be of particular benefit to my family in the financial year ahead:

  • a tax cut of at least $30 a week (based on our income) – that money will help offset changes in our circumstances that will make our finances tighter from July to December (I will earn more money over the whole year, cuttng me out of some benefits, but I won’t get any of that extra money till the second half of the financial year).
  • an increase in childcare rebate from 30 per cent to 50 per cent – boosts money in our pocket over the year by at least $1500.
  • a move to pay child care rebate quarterly, instead of at year’s end. This will help with our likely cash flow difficulties projected for later in the year.
  • baby bonus of $5000 to new mothers remains in the Budget – not sure if I’ll have more children but if so this money will help. It will now be paid in 13 weekly instalments of $385, a bit like a maternity pay arrangement. There is a new means test but we are not in danger of being affected by it.

So overall I can’t complain about the Government’s plans for the upcoming year. It was reported to be aimed at helping `working families’, so I guess that’s us.


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