Personal income tax relief
This budget includes personal tax relief worth $31.5 billion over four years to reward effort, improve work incentives (particularly for lower income earners) and enhance Australia's international competitiveness.
Supporting retirement savings
The Government will boost superannuation savings by putting an extra $1.1 billion into the superannuation accounts of lower income earners through a doubling of the co contribution paid for eligible contributions made in 2005-06.
Realising Our Potential
This budget includes a comprehensive investment in Australia's education sector which will:
- provide a perpetual source of funding for universities for capital works and research facilities through a new $5 billion Higher Education Endowment Fund
- assist universities to specialise and better respond to student demand
- provide additional support for VET
- focus on improving the quality of teaching in our schools and student learning outcomes.
Child care assistance
From 1 July 2007, the Government is increasing the rates of Child Care Benefit by 10 per cent and ensuring more timely assistance by providing the Child Care Tax Rebate as a direct payment shortly after the end of the financial year. This will assist more than 700,000 families.
Transport and water infrastructure
Funding of $22.3 billion will be provided over the five years from 2009-10 for Australia's road and rail infrastructure. The Government will also invest $10 billion over 10 years to conserve and sustain Australia's water supply.
Major economic parameters(a)
1 2007‑08 Budget Overview