So you've read the papers to stay informed like a good Australian, but now you want to
know what Wayne Swan's new budget means for you.
You know
working familes are set to benefit and you know that all this talk of "save now, spend later" will (hopefully) keep inflation down (great for homeowners) - but how does the budget affect you?
Education and training:* An $11 billion endowment fund to improve facilities and staffing in TAFEs and universities
* Up to $10k in grants will be available to schools to encourage students to take part in vocational training programs
* $8 million will be spent to create a national Youth Forum to workshop youth issues
* Universities to receive $238.5 million to increase scholarships to more than 80, 000 by 2012
* $577.4 million over four years to improve literacy
* $5 million to launch a volunteer mentoring program for secondary students
Environment:
* $858 million pledged to low-emissions technology
* $416 million in household assistance in the form of low-interest loans (for water tanks, solar power etc) and grants to encourage landlords to insulate properties
* $240 million in business assistance to encourage greener commercial practices
Transport
* $3.2 billion dollars will be spent over the next 18 months on road and rail
* Luxury car tax rate to increase from 25% to 33%
* 17 million to road safety programs for learner drivers
For more on the 2008 Labor Budget, check out AFR.