Budget 2010: Delivering for Bankstown

Federal MP for Blaxland, Jason Clare together with Federal MP for Banks, Daryl Melham and Labor Candidate for Hughes Brent Thomas have welcomed the Rudd Labor Government’s third budget.

The Budget showed that the Australian economy is emerging from the global recession well, having outperformed every other major advanced economy.

“This is an economically responsible Budget that puts the budget back in the black three years ahead of schedule and ahead of every major advanced economy in the world,” Mr Clare said.

“The Budget shows that the actions we took during the global recession will help secure a stronger economy for working families,” Mr Melham said.

“For local residents in Bankstown it means tax cuts, more superannuation and simpler tax returns,” Mr Clare said.

Key Points

  • Reducing Tax – This Budget delivers promised tax cuts for the third year in a row. This means that if you are someone on $40,000 – $45,000 a year, will receive $1,800 in income tax cuts. (see table 1)

    “This is good news for the people of Bankstown trying to make ends meet,” Mr Clare said.

  • Increasing Superannuation – Workers in Bankstown will also receive a boost to superannuation, bringing the compulsory employer contribution from 9% up to 12% of their salary.

    “This means an extra $108,000 at retirement for a 30 year old worker on the average wage,” Mr Thomas said.

  • Tax cut on bank savings – The Budget will also encourage personal savings by providing individuals with a 50 per cent tax discount on up to $1,000 of interest income earned on savings.

    “This will help Australians boost their financial security as well as help our national savings,” Mr Melham said.

  • Simpler tax returns – From 1 July 2012, the Government will make it easier to fill out tax returns by offering a standard deduction.

    The new optional standard deduction will mean you could get $500 instead of having to claim work-related expenses in each tax return. On 1 July 2013 this will increase to $1,000.

    “Very soon you can forget about the hassle of shoeboxes full of receipts and the costs of getting your tax done at the end of each year,” Mr Melham said.

  • Better Access to GPs – The Budget will deliver a massive $1.2 billion boost to GP and primary health care including $355.2 million into building and upgrading GP Super Clinics.

    This will honour the Rudd Government’s commitment to deliver real improvements in frontline health services for patients across Australia.

    Labor Candidate for Hughes Brent Thomas welcomed the announcement.

    “Across Australia the Rudd Government will upgrade more than 400 GP clinics and primary care services to provide more health services to the community, like out of hours care,” Mr Thomas said.

  • New eHealth initiative – The Budget also contains a $467 million investment to modernise the health and hospital system through a new eHealth initiative.

    “The introduction of personally controlled electronic health records for every Australian who wants one will mean less paperwork and better services no matter where you move to through your life,” Mr Clare added.

  • Additional support and training for Nurses – The Government also announced $523 million for our nurses (including aged care nurses).

    “This funding recognises that nurses are the backbone of our health system,’ Mr Melham said.

Media contact: Chris Zogopoulos T: 6277 4903

The following table shows the increase in disposable income from income tax cuts since 2008-09.

Taxable Income  Tax cut