The Australian economy is sound, but we will not be immune from the global slowdown. That’s why the Rudd Government has taken decisive and early action. 

The Rudd Government announced its $10.4-billion Economic Security Strategy to strengthen the Australian economy in the face of the worst global financial crisis since the Great Depression.

The Rudd Government’s $10.4-billion Economic Security Strategy contains 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 2008-09.
• Accelerate the implementation of the Government’s three nation building funds and bring forward the commencement of investment in nation building projects to 2009.

The Economic Security Strategy includes delivering for more than 50,000 people here in Page, a large number of them carers, disability support and aged pensioners, seniors and veterans.

Pensioners

Pensioners have received a payment of $1400 to singles and $2100 for couples as a down payment on longer term reforms.

These payments 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 Allowance;
• 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 also receive $1000 for each eligible person in their care.

These payments are intended to provide additional support in the period between now and when long-term reforms are introduced from the beginning of the next financial year.

Help for families

Families receiving Family Tax Benefit A have received immediate financial support with a one-off payment of $1000 for each eligible child in
their care.

It is vital that in times of global fi nancial crisis these Australians have our support.

Most families received their full payment automatically in the fortnight beginning December 8. These payments will be completed by December 19.

Families who receive their family payments as a lump sum at the end of the financial year will receive their additional payment when they make their claim. Or they can elect to contact Centrelink to change to a fortnightly payment so they can receive the lump sum payment earlier.

These payments are tax exempt and not included for income-testing purposes. This is good news as well for our local retailers because
people will have extra cash in their pockets before Christmas.

For first home buyers

There’s also good news for first home buyers, with grants up from $7000 to $14,000 for those buying existing homes, and up to $21,000 for those buying new houses.

The Rudd Government will invest around $1.5 billion in the national housing market over 2008-09 and 2009-10 through this initiative.