Budget 2011 - What's in it for you!

No doubt this morning you are hearing all the wrap ups from last night's Budget 2011. Surprisingly, not as tough a budget as predicted and there are some clear winners.

A FEW KEY POINTS FOR FAMILIES

Jobs Focus

An increase focus on jobs and getting more people out there into the work force. The thinking behind this is to create less impetus for employers to increase wages which ultimately leads to inflation and a rise in interest rates. There is a focus on training and moving into a trade with the Government providing subsidies for 'tradies'.

Family Tax Benefit

An increase of up to $4,200 a year for families with teenagers who are either at school or in vocational training.

Rent Assistance

Low income families will be eligible for rent assistance.

Low income tax offset

For those families eligible for the low income tax offset, instead of waiting till the end of the financial year to receive the benefit 70% will now be provided as a weekly tax cut.

First Home Owner's Grant

No change.

First Home Saver Accounts

No change.

Discount on upfront HECS payment

The Government has cut the discount on upfront HECS payments in half, which makes the initative a little less attractive.

WHERE TO FROM HERE?

Unfortunately the Goverment doesn't have control over the rising cost of living (food and fuel prices) however the strong Aussie dollar has helped to some extent. Economists are predicting that by this time next year, interest rates will have risen by a total of 1% - meaning .5% this year and .5% next year; a tightening of the belt for those who are struggling with mortgage repayments now.

FULL FEDERAL BUDGET 2011 BREAK DOWN

NAB has put together a fantastic break down of what's in the 2011 Federal Budget for you. You can download their free PDF here:
http://nab.co/ip6HNv