Federal budget seem as expectantly unfavourable to many Australian this year. I think, it is a bit too late to post this article as the budget already over and discussed for some months ago.
I guess, for those who intend to migrate or considering retire in Australia. There are few factors below can take into consideration before you make any decision.
1. Retirement age: Increasing the qualifying age for pension to 67 in 2023 (at current pension age is 65 for male and 63 for female). The new changes will affect for those who is currently below 51. However, pension rate was revised as the maximum assistance for single pensioners will increase from around $304.19 per week to $336.68 per week and for pensioner couples from around $497.36 per week to $507.50 per week.
2. Testing private health insurance rebate: Private health insurance rebate available (for single income more than 75k/yr and double income 150k/yr) will be cut and means tested. Medicare surcharge will rise to 1.5% for high income earner for those who do not have private health insurance.
3. Family: From 2011, parents will have access paid leave up to 18 weeks at minimum wages or around $504/week. In option for the plan, mum or dad forfeit right to receive baby bonus or certain family tax benefit.
4. First home buyer boast will be extended until 31 Dec09. From then, it will be halved to $10,500 for existing homes, and $14,000 to new homes.
5. There $8.453bn was allocated for nation infrastructure building on road, rail and port. It also mean that more professionals on civil industry will be needed to run on various national project in decade ahead.
Detail from TheAustralian
http://www.theaustralian.news.com.au/specials/0,,5017014,00.html
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