Federal Member for Chifley, Roger Price has welcomed the Rudd Government’s announcement of a $10.4 billion Economic Security Strategy to strengthen the national economy in the face of the worst global financial crisis since the Great Depression.
“This $10.4 billion strategy will strengthen the national economy and support Australian households, given the risk of a deep and prolonged global economic slowdown. The Australian economy is strong, and remains better placed than most nations, but Australia is not immune from the global financial crisis.”
Under the Economic Security Strategy, the Rudd Government will implement five key measures:
- $4.8 billion for an immediate down payment on long term pension reform;
- $3.9 billion in support payments for low and middle income families;
- $1.5 billion investment to help first home buyers purchase a home;
- $187 million to create 56,000 new training places in 2008-2009;
- Accelerate the implementation of the Government’s three nation building funds and bring forward, the commencent of investment in nation building projects to 2009.
“The strategy will be entirely funded from the budget and will provide some assistance to Australia’s four million pensioners, carers and seniors in the lead up to a comprehensive reform of the pension system.”
The $4 billion down payment for pensioners will be made available through a lump sum payment of $1,400 to single pensioners and $2,100 to pensioner couples which will benefit: Age Pensioners; Disability Support Pensioners; Carer Payment Recipients; Wife and Widow B Pensioners; Partner, Widow and Bereavement Allowees; Veterans’ Affairs Service Pensioners; Veterans’ Income Support Supplement recipients; Veterans’ Affairs Gold Card holders eligible for Seniors Concession; Those of Age pension age who receive Parenting Payment, Special Benefit or Austudy; and Eligible Self Funded Retirees holding a Commonwealth Senior Health Card (CSHC).
People who are receiving Carer Allowance will also receive $1,000 for each eligible person under their care.
Those who hold a Commonwealth Seniors Health Card or are Veterans Gold Card holders eligible for Seniors Concession Allowance will receive a payment of $1,400 if they are single or $2,100 to couples.
These payments will be made from 8 December 2008 and are intended to provide additional support in the 9 months between now and when long-term reforms are introduced from the beginning of the financial year.
“The Government took the tough decisions in the Budget to build a strong surplus to act as a buffer in an economic slowdown. This is now providing the flexibility to respond to deterioration in the Australian economy,” Mr. Price concluded.
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