Australia don't owe nobody nothing

Excerpt from the 2006 budget speech just given by the Federal treasurer:



Australia has weathered some economic storms over the last decade - storms every bit as deadly as the cyclones that lashed the north of our continent in the early part of this year. We have weathered the Asian financial crisis, a global downturn, a one-in-a-hundred-year drought. We have had threats to our international tourism from new diseases such as SARS. We have had terrorist attacks and the security response has brought huge additional costs and challenges. Our military forces are in theatres of war.

With disciplined and prudent management our economy has come through these storms intact - in fact growing, in fact growing in the longest continuous stretch our nation has ever experienced. There were moments where we were vulnerable. But, through these storms, we never lost sight of our goals - to get Australians jobs, to keep inflation low, to keep home loan interest rates affordable, to balance our Budget, and to repay Labor's debt. We have now eliminated the $96 billion of net debt that Labor left the Australian Government when it left office.

Our Budget is in surplus for the 9th time in 10 years: in 2006-07 a forecast surplus of $10.8 billion. We have established a Future Fund which has begun to save for the future. With these savings the next generation will be able to meet the challenges of their time. Now the Australian Government is debt-free in net terms. We do not have to collect taxes to pay the Government's interest bill. We are saving over $8 billion per annum in interest payments.

Since 2000 we have reduced the marginal tax rates at the lower end of the income scale. Tonight I announce that from 1 July 2006 we will reduce the marginal tax rates at the upper end of the income scale. We will reduce the 47 and 42 cent rates to 45 and 40 cents. This will give Australia four marginal tax rates of 15, 30, 40 and 45 cents. In addition, we will increase the thresholds so that the 15 cent rate will apply up to $25,000, the 30 cent rate up to $75,000, the 40 cent rate up to $150,000 and the 45 cent rate will apply to income above that. Across the forward estimates, more than 80 per cent of taxpayers will have a top marginal tax rate of 30 cents. Only 2 per cent of taxpayers will be affected by the top marginal tax rate on 1 July.

Helping families is one of the highest priorities of this Government. Since 1996 we have doubled assistance to families through the Family Tax Benefit system. The maximum payment per child under Part A has increased from around $2400 to $4200 a year. Tonight I am announcing further enhancements to Family Tax Benefit Part A. Currently, families can receive the maximum amount if they earn less than $33,361. Last year I announced that we would increase this to $37,500 from July 1, 2006. Instead, we will now increase it to $40,000. This will provide additional assistance to almost half a million Australian families.... And, from July 1, parents will be eligible to receive the new Childcare Rebate. This will rebate 30 per cent of out of pocket childcare expenses up to $4000 per child per annum.

Source

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