Bill Shorten has released his dam wall of billions from tax reform reforms savings, via New Daily:
Childcare will be offered for “free” for working families earning under $69,000-a-year under Labor’s new plan to make daycare cheaper for nearly one million families.
Every family in Australia with a combined income under $175,000 will secure cheaper childcare under the plan, which Labor estimates will save working parents up to $2,100 for each child in childcare.
As revealed by The New Daily on Friday, the policy will deliver not only cheaper childcare for families but include a mechanism to deliver a pay raise for childcare workers.
Opposition leader Bill Shorten will announce Labor’s $4 billion early education policy on Sunday, promising to deliver “massive cost of living relief” for families.
The plan will deliver a $26-a-week saving, or up to $52-a-week, for two children in childcare.
Labor’s plan will increase the current 85 per cent rebate for families earning up to $69,000 a year to 100 per cent up to the hourly fee cap of $11.77 per hour.
“The majority of families earning up to $69,000 will get their child care absolutely free – saving them up to $2,100 per child per year,” Mr Shorten said.
But families will have to wait until next July for fee relief if Labor emerges victorious on May 18, with 887,000 estimated to be better off under the policy.
This is certainly money better spent in the national interest than on property speculators to the tune of $35bn over the next decade. It is directly productivity enhancing in an immediate lift to workforce participation, although it will be inflationary for childcare fees in the same way as first home buyer grants are inflationary for house prices.
Bubble lovers in the LNP don’t like it, like Scummo:
“Bill Shorten doesn’t know the cost of anything – and I will tell you why – because he doesn’t pay for it, you do,” he said.
And John Howard, king of the housing bubble:
Mr Howard said Labor changes to negative gearing – which stop people using the tax loophole in the future on new homes – did not make sense when the housing market is softening.
“The only real asset you have is your family home,” he said.
But let’s face it. Household debt is high enough. Houses themselves are far too expensive. And Australia wastes billions on funding this speculative ponzi scheme via concessions that distort the tax system, fairness and economic growth, handing us the us the most corrupt tax system in the OECD, via the International Monetary Fund (IMF) in 2015:
Time to pay the piper.