The new Budget signals a sigh of relief for Australian families struggling to meet costs, as Treasurer Swan discerned “This is a budget which tips the scale back in favour of Australian families”.
The Government has released its first Labor budget in over a decade, which will cut taxes and promote health, education and infrastructure. This is good news for working families and struggling working families and the lower income earners, while reductions to harness inflation will be aimed at the higher income earners of the Nation.
Debt Relief for Families
The changes mean average working family with two children could now be up to $51.54 a week better off with the higher child-care refunds, direct income tax cuts and education tax rebates. This comes as welcome relief to struggling families as they stretch to meet the rising living costs and soaring interest rates.
Alex Malley, president of the accountancy peak body CPA Australia said the tax cuts would give families relief “for a moment”. With the new age of debt for more and more Australians the new budget is instrumental in alleviating stress.