May 5, 2011

Big win for families with teenagers

Federal member for Grayndler Anthony Albanese has today welcomed the Prime Minister’s announcement of major increases in payments for families if their teenage children stay on longer at school.

The upcoming budget will deliver an increase in Family Tax Benefit (FTB) Part A for 16-19 year olds with families receiving up to an additional $4,200 a year for each eligible teenager that stays in school.

“This increase in the Family Tax Benefit will be a financial boost for thousands of inner west families and will act as an incentive for more teenagers to complete their HSC” Mr Albanese said.

“A great chance in life starts with a great education, which is why it is so important that teenagers stay at school and finish their secondary education.

“This will deliver on a key Gillard Labor Government election commitment that will be good for families and good for skills in the economy in the future” Mr Albanese said.

Increase in Family Tax Benefit – Facts

• The families of around 650,000 children turning 16 over the next five years will be eligible for the substantial cash increases if their teenager continues learning.

• From 1 January next year, the new maximum rate of FTB Part A for 16-19 year olds will increase by around $160 per fortnight – an increase of around $4,200 per year.

• This will align with the 13-15 year old rate and ensure assistance for families does not drop when children turn 16.