The Minerals Resource Rent Tax is set to aid small businesses and superannuation funds for Sydney residents.
Superannuation will rise from 9 to 12 per cent for 61,500 members of the electorate, an increase that has been funded by the recent mining tax. “If you’re a 30 year old on average wages today, that will mean your super at retirement will be more than $100,000 extra … That’s a really big difference to your retirement income,” Ms Plibersek said.
Sydney businesses, too, will get a slice of the mining profits, with instant tax write-offs for each asset they purchase below $6,500.
Ms Plibersek also highlighted the government’s ongoing commitment to increased pension funding, with 15,500 local pensioners benefiting. “Since we have come to office the single aged pension has increased by $154 a fortnight. It’s a really, very significant boost.”
Carers and local families with school children will also receive a budget boost. At least 2,350 families will receive $410 for a child in primary school and $820 a year for each child in high school, an increase that is expected to flow through to businesses. “We’re expecting that will bring nearly two-and-a-half million dollars into Sydney,” Ms Plibersek said.
Almost 1,700 local families have just received an annual $600 carer’s supplement. In addition, those who care for a child with a disability will now receive an extra $1,000 per child.
