Federal Budget 2012 at a glance

* Parents who have children in high school will get an $820 lump-sum payment next month or $20 if their child is in primary school.

* Extra $80 a week for parents of schoolchildren aged 16-19, extra $820 for secondary school students and $410 for primary school students.

* Modest tax cuts of up to $600 for people earning up to $80,000.

* An extra $600 a year for families eligible for Family Tax Benefit Part A.

* Tax-free threshold will rise to $19,400 in 2015-16.

* $19.8 billion for public hospitals by 2019-20.

* $49.7 million over four years to expand the National Bowel Cancer Screening Program.

* $346 million to get low-income earners off long public dental waiting lists.

* National Disability insurance Scheme to receive $1 billion over four years.

* $54 million to encourage students at high school and university to study maths, engineering and science.

* Higher education to get $38.8 billion over four years with extra support for students from poorer backgrounds.

* Extra $101 million for Government’s skills agenda, with $61 million to help train older workers.

* Surplus of $1.5 billion, up from $44 billion deficit in 2011-12

* Families, not companies, to benefit from the mining boom through the Minerals Resource Rent Tax

* Four years of surpluses to give the RBA room to cut interest rates.

* Nothing for the 2018 Gold Coast Commonwealth Games.

* $95 million towards 2015 Cricket World Cup and Asian Cup, including redevelopment of Sydney Cricket Ground, Adelaide Oval and Bellerive Oval in Hobart.

* In 2013, $39.2 million will go towards encouraging kids to play sport after school.

* The superannuation guarantee rate will increase from 9 per cent to 12 per cent from July 2013 to July 2019.

* Workers earning less than $37,000 will get a $500 boost to their super savings from July 1

* The maximum age limit for the super guarantee will be abolished, increasing incentives for workers aged 70 years and over to stay in the workforce longer.

* Will be able to immediately write off assets costing less than $6500 from July 1.

* Will be able to claim up to $5000 in an immediate deduction for new or used cars from July 1.

* From 2013-2014, businesses suffering from the high Australian dollar will be able to carry back their losses for two years up to $300,000 a year.

* Economic (GDP) growth of 3.25 per cent in 2012-13 and 3.0 per cent in 2013-14.

* Unemployment at 5.5 per cent over next two financial years.

* Overall government taxation down by $24 billion.

* Net debt to peak at 9.6 per cent of GDP.

* Defence cuts will boost the budget bottom-line by $5.4 billion over four years.

* Most savings come from cancelling and postponing new equipment and capital works projects.

* An additional $1.3 billion towards the cost of operations in Afghanistan.

– http://www.goldcoast.com.au/article/2012/05/09/414085_federal-budget-2012.html

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