What does the budget mean for the ACT?

The federal budget will be tough on the ACT, but here are a few positive points to note.

• The budget does include $26.8 million for a new office block for the Department of Social Services (DSS) in Tuggeranong.
• There is $8.6 million for safety improvements for the Barton Highway, and a re-announcement of funding for the   Majura Parkway.
• Women earning up to $100,000 a year to receive paid parental leave.
• Company tax to be cut by 1.5 percentage points for 800,000 businesses.
• A $20 billion dollar medical research future fund to be established.
• Spending to be increased to 2% of GDP.
• The income thresholds determining the Private Health Insurance Rebate and Medicare Levy Surcharge will not be indexed for three years, starting on 1 July 2015.
• First home saver accounts will be abolished from 1 July 2015. New accounts opened from Budget night 2014 will not be eligible for concessions. The government co-contribution will cease from 1 July 2014. Account holders will be able to withdraw their account balances without restriction from 1 July 2015.
• People who make non-concessional (after-tax) super contributions from 1 July 2013 that exceed the cap will have the option to withdraw the excess amount plus earnings on the excess.
• On top of existing support available, from July 1 if you’re learning a trade, the Government will provide concessional Trade Support Loans of up to $20,000 over a four-year apprenticeship.
• For mature age workers (over 50) the government will introduce a wage subsidy at the cost of $304 million over four years from July to incentivise employers to hire you and keep you.