Monday, May 04, 2009

$950 One-off Cash Bonus to Support Jobs

The Rudd Government today announced five key $950 one-off payments for low and middle income households and individuals.

The Government is providing these cash payments to immediately support jobs and strengthen the Australian economy during a severe global recession.

These targeted cash bonuses are a key element of the Government’s $42 billion Nation Building and Jobs Plan to support up to 90,000 Australian jobs.

To immediately stimulate the economy in the shortest possible time, five groups of one-off cash bonuses will be paid in March and April 2009.

These five key bonuses include a:

  • Tax Bonus for Working Australians of up to $950 paid to every eligible Australian worker earning $100,000 or less. This will support up to 8.7 million individuals.

  • $950 Single Income Family Bonus to support 1.5 million families with one main income earner.

  • $950 Farmers' Hardship Bonus paid to around 21,500 drought affected farmers and farm dependent small business owners receiving exceptional circumstances related income support.

  • $950 per child Back to School Bonus to support 2.8 million children from low- and middle-income families.

  • $950 Training and Learning Bonus paid to students and people outside of the workforce returning to study to help with the costs of education and training.

To support jobs in the middle of a severe global recession the Government must stimulate the economy in the most immediate manner possible.

That is why one off cash bonuses to people and families who are doing it toughest are a key part of our Nation Building and Jobs Plan.

These one off cash bonuses reflect the weight of economic authority – including the advice of the International Monetary Fund – that targeted one off payments rather than generalised tax cuts spread over a lengthy period are more likely to be consumed, and thus provide a more effective economic stimulus and provide more support for Australian jobs.

There will be no quick fixes, but the Government is determined to act swiftly and decisively to support Australian households, growth and jobs.

These cash bonuses will stimulate consumption quickly, supporting economic activity and jobs until our nation building initiatives have an impact.

This $12.7 billion package is a major economic initiative to deal with these extraordinary economic times and is in addition to the Economic Security Strategy that the Rudd Government delivered in December 2008.

1 comment:

Mark said...

Why not donate some or all of your stimulus bonus to charity?

You can immediately assist the disadvantaged without impacting on your regular income, and donations over $2.00 are tax deductable.

Find out more at: