Australian Budget 2009 Round Up
Posted May 12th, 2009
and last modified May 5th, 2011
Wayne Swan has just finished his speech to parliament. The majority of economic analysts believe the budget forecasts are ‘pessimistic’. The key points made during his speech included:
Spending, Spending and General
- Train rails, sea ports, green energy and roads: $22 billion.
- Medicare Safety Net retained for all Australians, with caps on some services.
- By 2023, the pension age will be increased to 67. This will be progressively increased by 2 months a year from 2009-2023. Single pensioners will earn up to $32.49 a week, while couples are entitled to $10.14
- $544 a week for up to 18 weeks of Paid Parental Leave
- 1st home owners grant extend for 6 months, but at a reduced rate after 3 months.
- Family tax benefits will remain unchanged for three years.
- The education sector will receive a $2.7 billion stimulus
- Budget plans will save $22.6 billion over four years.
- Internet filter and cyber safety spending to exceed $30 million.
- $5.9 million in 2010 to begin an Indigenous Healing Foundation.
Budget Forecasts
- $210 billion dollars of revenue is estimated to be lost over a span of four years.
- Budget deficit $57.6 billion for 2009.
- Unemployment estimates: 8.25% for 2009, 8.50% for 2010 and 7.50% for 2011.
- Growth estimates: -0.5% for 2009, 2.25% for 2010 and 4.50% for 2011-2013
- Inflation estimate: 1.75% for 2009.
Budget Updates & Sources
Optimist Swan tips rapid return to boom times: http://www.abc.net.au/news/stories/2009/05/12/2568531.htm
Budget 09: Wayne’s world of pain: http://www.abc.net.au/news/stories/2009/05/12/2568487.htm
Twitter #ausbudget09: http://search.twitter.com/search?q=%23ausbudget09
Twitter #budget: http://search.twitter.com/search?q=%23budget
Treasurer Wayne Swan delivers 2009 Federal Budget: http://www.news.com.au/story/0,27574,25469991-5012587,00.html
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Credit Card Offer Comparison
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
Bankwest Breeze MasterCard | A low interest rate on everyday purchases with a low balance transfer offer | 0% for 4 months (reverts to 11.99% ) | 0% for 6 months | $59 | 21.99% |   |
Citibank Clear Platinum Card | A low interest rate offer on balance transfers and purchases | 0% for 6 months (reverts to 11.99% ) | 0% for 6 months | $49 annual fee for the first year ($99 thereafter) | 21.74% | |
St.George Vertigo | An introductory offer on balance transfer and a low annual fee | 13.24% | 2.99% for 6 months | $0 annual fee for the first year ($55 thereafter) | 21.49% | |
Virgin Australia Velocity Flyer Card | Earn 1 velocity point per $1 spent, plus an introductory offer on balance transfers | 20.99% | 2.9% for 6 months | $129 | 20.99% | |
Westpac 55 Day Credit Card | No annul fee for the first year with a low rate on balance transfers and purchases | 0% for 5 months (reverts to 19.59% ) | 0.99% for 9 months with 1% handling fee | $0 annual fee for the first year ($30 thereafter) | 21.49% | |
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