Economy
NATION: Joe Hockey says $6.5 billion hit to budget bottom line is ‘damn good deal’
*Pics: The Rage against Abbott: Crowd at anti-Budget rally, Parliament House lawns, August 30. Pic: Thomas Wakefield Photography
The Rage against Abbott: Tim Jacobson, HACSU state secretary, at anti-Budget rally, Parliament House lawns, August 30. Pic: Thomas Wakefield Photography
The Rage against Abbott: Annie Butler, Australian Nursing and Midwifery Association at anti-Budget rally, Parliament House lawns, August 30. Pic: Thomas Wakefield Photography
Treasurer Joe Hockey has hailed the agreement to axe the mining tax – which will cost the budget $6.5 billion – as a “damn good deal” for the Australian people.
The Senate voted to repeal the mining tax today after the Federal Government and the Palmer United Party (PUP) struck a deal to keep the schoolkids bonus until after the next election.
But the agreement also further delays superannuation increases for Australian workers, putting them on hold until 2021.
Mr Hockey said the deal was not the Government’s “preferred option” but added that it was the only option on the table, because Labor and the Greens had dealt themselves out of negotiations.
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The amendments include:
• Delaying any compulsory increases to employers’ superannuation contributions until 2021
• Retaining the low income superannuation contribution until June 31, 2017
• Retaining the income support bonus until December 31, 2016
• Retaining the schoolkids bonus until December 31 2016, and means-testing it to give it to families on an annual household income of up to $100,000
AND …
• Peter Whish-Wilson: Greens call on banks and other parties to back new Financial Advice Bill