At a glance: Budget 2009

13 May 2009, 7:55 am   -   Source: SBS
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Here are the main points announced in Treasurer Wayne Swan's budget.

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Here are the main points announced in Treasurer Wayne Swan's budget. (For more details on each point click on the links)

OUTLOOK

* Deficit to reach $58 billion this year
* Deficits to continue for 6 years
* Government revenue from tax to plummet by $210 billion
* GDP to fall by 0.5 per cent in 2009- 2010
* Unemployment rate to rise to 8.5 per cent by 2011


SPENDING

* $22 billion investment in infrastructure
* Pension to rise by $32.49 a week for singles, $10 for couples
* First homeowners grant extended for six months
* 18 weeks paid parental leave beginning in 2011
* Tax relief for small businesses (tax break increased from 30% to 50%)


CUTS

* Pensionable age to rise to 67 by 2023 (Baby boomers the biggest losers)

* Private health insurance rebate reduced for single's earning more than $70,000  or couples earning more than $150,000 (means tested)

For more details on health announcements click here

*Cuts to superannuation: reduced by half the amount that can be saved in superannuation through salary sacrificing, and reduced government contributions to lower earners who choose to save more.
 

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