The Abbott Budget in a nutshell

? Parents receiving government assistance towards the cost of raising

their kids have won a small reprieve before budget pain begins for some

from next year.

? Payment rates for the Family Tax Benefit will remain at current levels

until July 2016.

? But from 2015 the Abbott government wants families booted off part B

when their youngest turns six years old, saving $1.9 billion over five

years.

? Families with a youngest child aged six and over now will continue

receiving the payment until June 30, 2017.

? From mid-2015 there will be a new part B income test of $100,000, down

from $150,000. The measure will save $1.2 billion over four years.

? The part A income threshold will be set at $94,316.

? There will be a part A end-of-year $600 supplement and $300 for those

eligible for part B.

? From July 2015 the government is tightening the eligibility for the big

families supplement worth $313.90 for each child.

? Only families with four or more children will receive the supplement

saving the government $377.7 million over four years.

? There’s some good news for single mothers hit by welfare cuts under the

previous Labor government.

? Tens of thousands of single mothers were left $60 to $100 worse off a

week when they were pushed off parenting payments and onto the

Newstart Allowance.

? The Abbott government will deliver some relief with a new supplement

for low-income single parents worth $155 million over four years.

? From July 1, 2015 single parents receiving the maximum rate of Family

Tax Benefit part A will receive an extra $750 for each child aged

between six and 12, once their youngest turns six.

? Labor’s school kids bonus, worth $410 a year for primary school pupils

and $820 a year for high school students, is for the chopping block.

? The payment was linked to the minerals resource rent tax which the

Abbott government wants to abolish. (Source: 9News)

Updated: 06/01/2014 — 17:47:22