In a pre-election Budget delivered yesterday which aimed to boost the government's flagging popularity, Australian Treasurer, Peter Costello pledged A$31.5 billion in tax cuts over the coming four years.
Personal income tax reforms put in place on Tuesday included an increase in the low income tax offset (from July 1) to $750 per year, and an increase in the 30% threshold from $25,000 to $30,000.
From 1 July 2008, Mr Costello further revealed, the 40% threshold will increase to $80,000, and the 45% threshold will increase to $180,000.
Other key initiatives unveiled yesterday included a $5 billion investment in a new Higher Education Endowment Fund to provide a perpetual source of funding for university capital works and research facilities, and $3.5 billion of additional funding for education and training.
There will also be a one-off doubling of superannuation co-contribution for eligible contributions made in 2005-06, to improve superannuation savings for low income earners by $1.1 billion. From July 1, rates of Child Care Benefit will increase by 10% on top of indexation.
Around 700,000 working families will also be eligible to receive up to A$8,000
childcare payments, in order to encourage mothers back to work.
The Treasurer also announced a $500 one-off bonus payment, to ensure older Australians
"share in the economic growth they helped create".
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