Wayne Swan
Wayne Swan Chrissy Harris

Families biggest winner of budget

TOOWOOMBA families are set to be the biggest winners from last night's Federal Budget.

Mr Swan said the government was scrapping company tax cuts, which had been rejected by the Opposition and Greens, in favour of an increase to Family Tax Benefit Part A payments.

In the seats of Maranoa and Groom, up to 13,000 and 12,000 families respectively are expected to benefit.

This move, which Mr Swan said was at the "core" of the package, will cost the budget $1.8 million over four years.

"More than 1.5 million families will benefit … with nearly half taking home an extra $600 a year," he said.

The package also includes the $2.1 billion SchoolKids Bonus, announced over the weekend. It will replace the Education Tax Refund, with eligible families receiving a lump-sum payment next month, then $820 for high school students and $410 for primary school students next year.

Funds from the $475million hospitals boost have been set aside for a health training and care centre, which is expected to be built early next year.

Mr Swan unveiled a $3.6 billion Spreading the Benefits of the Boom package, which he said had been designed to "share the proceeds of the mining tax with families and small business".

Forward estimates indicate the mining tax will generate $13.4 billion in revenue over four years.

An increase to the superannuation guarantee rate to 12%, to be funded by the mining tax, was also contained in the budget.

As expected, the government has set aside $1 billion over four years to fund the first stage of the National Disability Insurance Scheme and a $3.7 billion package to address Australia's aged-care crisis.

The carbon tax is forecast to bring in $7.69 billion in the 2012-13 financial year, about 2% of total revenue.

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