Millions of Australians to receive fast cash bonuses

Millions of people all over Australia are waiting anxiously.

Why?

Because for several days now, negotiations have been going on to decide the fate of the Rudd government's $42 billion stimulus package.

For millions of people this money injection is welcomed with open arms; however others are seeing things quite differently.

Intended as a fast cash boost for Australia's flailing economy in the face of a global recession, the stimulus package is causing a great amount of controversy amongst politicians and the general public alike.

While it will put the country on a deficit of over $20 billion, Prime Minister Kevin Rudd has retaliated with the following statement about the impending debt.

"I recognise that a temporary deficit may not be popular... but that is the global reality we face with virtually all Governments now in deficit. I cannot remove the impact of the global recession on Australian jobs. But by Government action we can reduce it."

Delays in this package being passed through government can be put down to opposition from politicians from such parties as Family First and the Greens, with demands for changes to be made if it is to go ahead.

The cash injections proposed by the Rudd government include the following:

• $950 bonus for single income families earning up to $150,000 (of which there is an estimated 1.5 million in Australia)
• $950 for low and middle income families per child aged 4 - 18 years of age to help with the costs of education.
• $950 hardship bonus for farmers and farm-dependant small business owners
• $950 training and learning cash bonus for apprentices, students, and the unemployed who undertake study.
• Free ceiling insulation for 2.7 million homes and solar hot water rebates in an attempt to reduce household energy bills (by around $200 per year, per household)
• 800 new defence homes are to built, as well as 20,000 social housing dwellings
• A building upgrade or construction will occur for all of the Australia's 9450 schools
• A '30 cent-in-the-dollar investment tax break (totalling $2.7 billion) for small businesses buying eligible assets
• $650 million towards national and local road developments
• Cash bonuses of up to $950 for those earning less than $100,000 ($950 for those earning less than $80,000, $650 for those earning between $80,000 - $90,000, and $350 for those earning $90,000 - $100,000)

In order to be eligible for the workers cash bonus, you must have lodged a tax return for the 2007 - 2008 tax year. You can still file for a tax return until the end of June 2009, however the fast money payments are predicted to be made by March - April this year, so it will pay to get it done soon if you haven't already.

The Senate is yet to see any proposed changes to the intended cash boost, however it is expected that a decision on the stimulus package will be made by midnight tonight (12-02-09).

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