2009 Budget impacts
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12th May, 2009 Record Budget deficit of $58 billion and a similar deficit forecast next year Net public debt to hit a record $188 billion and Mr Rudd has admitted that debt will blow out to $315 billion The annual interest bill paid by taxpayers on the Rudd Labor Government's debt will be $8 billion The Rudd Labor Government's debt is equivalent to $9,000 for every man, woman and child in Australia Unemployment is forecast to reach 8.5% with 1,000,000 people out of work by 2010 Government super contributions for low and middle income earners have been slashed by a third Tax relief on voluntary super contributions has been cut in half Labor has broken its promise to leave the private health rebate untouched, with reduced rebates for private health insurance for those earning over $75,000 11.1 million Australians with private health insurance will now pay more, with many forced to join already-crowded public hospital waiting rooms Changes to the Medicare Safety Net will hurt Australians trying to access services such as obstetrics, reproductive technology and cataract surgery Since the last election, Labor has introduced tax hikes worth $26 billion The age pension age to be pushed out to 67 Allocation for drought assistance reduced and to be terminated by 2011 $908 million slashed from the agriculture budget, but Labor announces a new program of $460 million to help overseas farmers Land and Water Australia abolished 312 jobs slashed from the Department of Agriculture, Fisheries and Forestry 40% quarantine inspection rebate scrapped and quarantine inspection charges doubled (some charges have increased by 1352%) $35.8 million cut from Australian quarantine and bio security programs, leading to the loss of 125 jobs Road and rail funding through Auslink cut from $31 billion announced by the former Coalition Government to $26 billion Labor’s infrastructure funding has been allocated for passenger rail projects in capital cities, rather than improving the nation’s freight network Retrospective changes to independent youth allowance rules will deny income support to thousands of students, especially from regional Australia Commonwealth Accommodation Scholarships worth $4,415 a year will be abolished and replaced with a relocation allowance worth $4,000 in the first year and only $1,000 for the following three years $23.1 million cut from the Australian Broadband Guarantee program |
