AUSTRALIA 
Key points of the budget
Tuesday, 20 May, 2008
The treasurer has announced over 600 tax cuts and benefits in the 2008 Federal budget.
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Key points of the 2008-09 federal budget:
VIDEO: A quick wrap of the budget
VIDEO: Key facts of the budget
Key economic forecasts 2008-09
* GDP growth - 2.75 per cent
* Current account deficit - 5 per cent of GDP
* Unemployment - 4.25 per cent
* Employment growth - 1.25 per cent
* Wages growth - 4 per cent
* Consumer price index - 3.25 per cent
* $33 billion over four years, including $7 billion in 2008-09.
Tax - the good news
* Personal income tax to be reduced by $47 billion over four years.
* From July 1, person on $48,000 a year to get a weekly tax cut of $20.
* Person earning $14,000 or less to pay no tax.
* Tax thresholds to rise - 30 per cent from $30,001 to $34,001, 40 per cent threshold from $75,0001 to $80,001, 45 per cent threshold from $150,001 to $180,001.
* Medicare levy surcharge threshold to rise from $50,000 to $100,000 for singles, from $100,000 to $150,000 for couples.
Tax - the bad news
* Fringe benefits tax crackdown, to raise $1.4 billion over four years.
* Tightening of tax rules on those who use laptops for personal more than work use.
* Family tax benefit to be means-tested, only available where main earner earns less than $150,000 a year. From July 2008.
* Baby bonus to be means-tested from January 2009, so it will only go to families earning less than $150,000.
* Tax rate on luxury cars to rise from 25 per cent to 33 per cent, from July 2008.
* Tax increased on ready to drink alcohol.
Tax - the future
* Comprehensive review of tax system to the end of 2009, but there'll be no change to the GST rate or tax-free super for those over 60.
The future
* New $20 billion building Australia fund to finance roads, rail, ports and broadband.
* New $11 billion education investment fund to finance skills,TAFE colleges and universities.
* New $10 billion health and hospitals fund to finance
Source: AAP
