2009-2010 RUDD BUDGET – A $188 BILLILON DEBT BOMBSHELL!
The Member for Berowra, Philip Ruddock MP said that this Budget reveals the high price all Australians will pay for Labor’s reckless spending spree over the past 18 months.
“However, I do support the increase in the single aged pension with constituents receiving $32.49 increase per week to $336.68 while couples will have their pension increased by $10.14 a week to $507.50. There are 8,967 pensioners in the electorate of Berowra.”
“These changes also cover the disability support pension (1,834 constituents) and carer payments (214 constituents) and the veterans’ pension (1,609) including the war widows’ pension (546).”
“Whilst the Government has overhauled the pension system it comes at a cost with the Rudd Government removing the choice for people to retire at 65 from 2017 - over a six year phasing-in period to 2023, the retirement age will be 67.”
“I welcome the First Home Owners’ Scheme being extended by 6 months with applications of $14,000 for an established home or an apartment and $21,000 for a new home but next year the grants will fall back to $7,000 for all homes. This will help local constituents who want to purchase their own home in the short term.”
“However, the real hit to constituents starts with the reduction in the 30 percent private health care rebate which is a real blow for many local families. For those singles earning more than $75,000 and families on $150,000 they will lose out. There are 70,770 constituents who are covered by Private Health Insurance that relates to 77% covered affected by these changes.
“Changes to the Medicare Safety Net will have wide ranging effects on constituents trying to access essential services such as obstetrics, reproductive technology and cataract surgery. This is another clear breach of an election promise.”
“In another breach of an election commitment, the Rudd Government has also cut the superannuation co-contribution scheme by one third, thus reducing retirement savings of low and middle income earners who will now receive $1 instead of $1.50 for every $1 contributed – over 1,000 local constituents received a co-contribution in 2007-08.”
“By doing this, Labor has made superannuation less affordable and attractive for thousands of constituents, including many on modest incomes, yet it is also raising the pension age from 65 to 67.”
“In summary, the 2009-10 Budget is a classic tax-and-spend Labor exercise, but on a far more reckless scale than ever seen before. Constituents will pay a high price, in terms of higher future taxes, higher future real interest rates, higher future foreign debt and higher unemployment expecting to reach well over ONE MILLION NATIONALLY by 2010,” Philip Ruddock said.