KEEPING OUR ECONOMY STRONG
The Federal Labor Government has kept the economy strong through the global financial crisis and natural disasters.
Nothing is more important for local residents than having a job with a decent wage to support their family.
That is why the Federal Labor Government acted decisively to keep 200,000 Australians in work during the global financial crisis – and delivered lower unemployment and lower debt than any of the major advanced economies.
Recent instability on global financial markets has understandably left some people anxious about the outlook for the global economy.
In Australia we need to remember our economic fundamentals are strong.
Australia has very low public debt, low unemployment, AAA credit rating, a massive pipeline of investment and we expect to bring the budget back to surplus by 2012-13.
RETURNING THE BUDGET TO SURPLUS
The Government is committed to the objective of returning the Budget to surplus in 2012‐13 – well ahead of any major advanced economy.
SUPERANNUATION
Around 8.4 million Australians will benefit from the increase in the Superannuation Guarantee from 9% to 12% in 2013‐14 as part of the Federal Labor Government’s Mining Resources Rent Tax.
This means more Australians will be able to enjoy a higher standard of living in retirement.
A 30 year old on full time average weekly earnings can now be around $108,000 better off.
The Government is also increasing concessional caps for over 50 year olds from $25,000 to $50,000 when balances are below $500,000.
SUPPORTING SMALL BUSINESS
The $3.7 billion Small Business and General Business Tax Break.
From 2012‐13 small businesses will get a $5000 upfront tax break, as well as an instant tax write off of the first $5000 of any car purchased.
For example, a tradesman on a 30 per cent marginal tax rate buying a new $33,960 utility would receive an extra tax benefit of $1,275 in the year they purchased the vehicle.
This new tax relief will be available to all of Australia’s 2.7 million small businesses.
Cash‐flow relief through a reduction in PAYG installments for 2009‐10; guaranteed on‐time payment for small business contracts with Government; and $100 million to ATO to assist businesses experiencing financial distress.
EMPOWERING BUSINESS THROUGH THE NBN
DELIVERING INCOME TAX CUTS
Those earning $50,000 are paying $1,750 less tax than in 2007-08.
Those earning $100,000 are paying $1,900 less tax than in 2007-08.
REDUCING TAX ON BUSINESSES
The Federal Labor Government will reduce the Company Tax Rate to 29% by 2013, helping Australian businesses remain competitive in a globalised economy.
The reduction in the company tax rate will lead to more investment, driving long-term economic growth. This will mean more jobs and higher wages for working Australians.
BANNING MORTGAGE EXIT FEES ON NEW LOANS
Mortgage Exit Fees for new home loans taking effect from July 1, 2011 are now banned following the Federal Government's banking reforms. This will allow home buyers to shop around for the best possible deal on their home loan.