► Labor is helping take pressure off household budgets with tax relief, better Super, and benefits for parents with kids in school.
Labor's Tax Cuts
Thanks to the Government's strong economic management, Labor has been able to deliver the tax cuts promised in the 2007 Federal Election to Lingiari households. Labor recognises the importance of extra money in your pocket every week when you've got bills to pay and family to look after. For example:
- Someone on $30,000 is paying $750 less tax than in 2007-08. That's 26% less tax.
- Someone on $50,000 is paying $1,750 less tax than in 2007-08. That's 18% less tax.
- Someone on $80,000 is paying $1,550 less tax than in 2007-08. That's 8% less tax.
Better Super Options
The Labor Government is comitted to increasing the Superannuation Guarantee (the amount your employer contributes to your Super) from 9 to 12 per cent, as well as extending the Guarantee to cover workers up to the age of 75.
In addition to this, the Government will establish MySuper, a low cost, low fee default superannuation product to give more choice to those saving for their future.
► You can read more about MySuper by clicking here.
Lowering the cost of raising kids
The Government recognises that the cost of raising kids only increases as they get older. That's why it is making up to $4,000 anually available for 16 to 18 year olds in school or an equivalent vocational course, by increasing the maximum payment rate of Family Tax Benefit Part A.
We've also helped families with the cost of childcare by increasing the Chlid Care Rebate from 30 to 50 per cent and increasing the maximum rebate from $4,354 to $7,500 a year, making it easier for parents to go to work full time while raising young children.
Paid Parental Leave
The Labor Government has delivered on Paid Parental Leave, withAustralia's first ever national parental leave scheme begining on 1 January 2011. The Scheme provides new parents with 18 weeks paid parental leave at $570 per week--that's a total of $10,260 before tax.
The Paid Parental Leave will benefit Territory families, allowing new parents to spend more time with their babies and reducing financial pressures on the household budget. It will also make it easier for women to join and stay in the Territory workforce, providing a boost to our economy.
Supporting Pensioners and Carers
The Government is helping pensioners with the cost of living, with increases to the Aged Pension of around $100 per fortnight for couples and $74 a fortnight for singles.
We've also increased the Utilities Allowance for Aged Pensioners, and extended it to Carers and Disability Support Pension recipients--from $107 to $530, a 495 per cent increase.
► You can read more about how the Labor Government is delivering for Seniors by clicking here.