Swan: new cuts will help families budget BY Ben Packham 30/06/08
NEW tax cuts will be a big help to families, despite concerns they have already been eaten up by rising prices, Treasurer Wayne Swan says.
From tomorrow, average families will reap an estimated $53.12 a week from tax cuts and family support measures.
Mr Swan said households would get substantial relief from July 1 as they battle with rocketing petrol and grocery prices.
Many families will still be worse off than they were last year, with rising costs carving a huge chunk from weekly budgets.
Mr Swan admitted families were under huge pressure.
"Petrol is up 30 cents a litre this year alone," he told the Nine Network's Sunday.
"That certainly has a significant impact.
"When inflation hits a 16-year high, that does have a significant impact."
Mr Swan said the Government was delivering tax relief, despite warnings it shouldn't proceed with the cuts because of inflation concerns.
"It is because we understand the importance of the family budget that we proceeded with these tax cuts," he said.
Other measures coming in tomorrow include education expense rebates of $375 for primary school children and $750 for secondary students.
The Government is urging parents to save receipts for items such as computer equipment, textbooks and stationery so they can claim the rebates.
A 50 per cent rebate on childcare costs up to $7500 will also come into force tomorrow, while the baby bonus will be means tested at $150,000
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