On 28 August 2013 the Federal Coalition issued a joint media release unaccompanied by any supporting documentation.
This confirmed that any Abbott-led federal government intends to save $3.7 billion by removing the Low Income Superannuation Government Contribution, $1.1 billion by abolishing the Income Support Bonus, $4.6 billion by abolishing the School Kids Bonus and $1.6 billion by deferring the scheduled Superannuation Guarantee increase.
Which means that it will be predominately those Australians who can least afford it who are expected to subsidize over 29.74% of the Liberal-Nationals Coalition’s identified ‘savings’ over the current forward estimates period.
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It would take a family over 100 years to receive $75,000 from the School Kids Bonus. Abbott plans to give that amount to parents over just six months - but only if they're already rich.
This, he assures us, is a matter of sound economic management.
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