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Date Published : Thursday, May 15, 2008
As the dust settles on Wayne Swan's first Budget as treasurer, many consumers now know how it will effect them.
Changes to taxation, health insurance and the housing market were all pre-election promises made by Kevin Rudd made before November's election and all made it into Mr Swan's statement.
At the end of it all, average wage earners will be $20 a week better off thanks to tax cuts announced as part of the Budget.
It might not seem like a huge amount but it could help to pay off credit cards or other debts, or even cut months or years off the term of a loan.
Putting the extra money aside for mortgage repayments may seem like a sensible idea, with interest rates at a 12-year high and monthly repyments increasing, it makes sense.
Warren O'Rourke of Mortgage Choice told news.com.au putting an extra $20 a week onto an average 30 year mortgage of $250,000 with an interest rate of 9.46 per cent would shave just over five years off the term of the loan and would save around $105,320 in interest.
Meanwhile, the extra bucks could also come in handy to cover the cost of rising fuel and food prices.
Karen Grogan from the South Australian Council of Social Service told the ABC the Budget has been very positive for low income Australians.
"We are also very welcoming of the doubling of the financial counselling resources; it's been a very tiny fund and an area that has significant unmet need, so we're happy to see that being doubled."
However you spend it, spend it well.
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