Several announcements have already been made about Budget 2015, which will be officially released tomorrow.
Here is what we know so far:
- The proposed “Families Package” aims to increase workplace participation to fund for cheaper childcare, with no reward for stay-at-home parents. Only children of families with an income of $65,000 or under will continue to be subsidised for 12 hours of childcare a week.
- This $3.5 billion policy will start in mid-2017 for over four years, funded by cuts to “Families Tax Benefits” which are not yet passed in the Senate. One of the cuts is to stop payments entirely to single-income families when the child turns six.
- Hourly benchmark prices will be $11.55 (long day care), $10.70 (family day care), $10.10 (out-of-school hours care) and $7.00 (a in-home care nanny pilot program is due to begin in January 2016).
- Pension eligibility rules will also be tightened against retirees who own assets above maximum value.
We look forward to updating you with the full Budget details later this week.