May 8, 2012

Inner West to share in the benefits of the boom

The 2012-13 Budget will deliver much-needed cost of living relief to thousands of households in the Inner West.

This Budget is all about making sure all Australians share in the benefits of the mining boom and our strong economy – not just the fortunate few.

I know many people in our community feel like this is somebody else’s mining boom.

That’s why the budget will spread the benefits of the mining boom to help everyday Australians with cost of living pressures.

  • Delivering a new cash payment to 4450 local families with kids in schools. Parents will receive $410 for each student in primary school and $820 for each high school student, as part of the new School Kids Bonus.
  • Increasing family payments by up to $600 for more than 7000 local families. Flowing from July next year, this extra support will be made to families currently receiving Family Tax Benefit Part A payments.
  • Providing extra money to help pay the bills to 8022 local young people, single parents and the unemployed currently receiving Youth Allowance, Parenting Payment or Newstart. Singles will receive a $210 yearly lump sum payment while couples will receive $350.

We’re also returning the budget to surplus, on time, as promised. Returning to surplus gives the Reserve Bank maximum flexibility to cut interest rates further – just like they did last week.

Interest rates are now lower than at any time under the previous Government, and a family on a $300,000 mortgage is now paying around $3000 a year less in repayments.

The Gillard Labor Government is also finding room to deliver major reforms for a stronger community and a fairer society. This includes the milestone National Disability Insurance Scheme, and big new investments in Dental Health and Aged Care reform.