A family earning $90,000 with one child in early education and care will be more than $1,100 better off under changes to the childcare subsidy.
Anne Stanley, the federal member for Werriwa, says that 96 per cent of local families with children in early education and care will be better off under the new laws introduced by the Albanese Government last week.
Childcare costs have skyrocketed, increasing 41 per cent in the past eight years.
“In our local community up to 7,800 families will be better off under Labor’s childcare plan,” Ms Stanley said.
“Cheaper childcare for Australians will be good for children, parents and good for the economy.
“It will help families with cost of living pressures and allow thousands of skilled workers do more paid work if they choose.
The changes will come into effect July 1 next year.
Ms Stanley said that the Albanese Labor Government has also delivered on its election commitment of freezing the social security deeming rates for a further two years.
The lower deeming rate will remain at 0.25 percent and the upper rate will remain at 2.25 percent until June 30, 2024.
“This means pensioners can keep more of what they earn from their financial investments without incurring any penalties or additional costs to their pension income,” Ms Stanley said.
From the start of the current financial year, (July 1, 2022) the lower rate will apply to financial investments up to $56,400 for singles and $96,600 for couples; the upper rate applies to assets above these.
“During the last term of parliament I was proud to fight for the reduction in the deeming rates of 0.75 percent and I am proud to be a part of a government that will continue the reduced deeming rates,’’ said the Werriwa MP.
“This will help protect our pensioners and retirees from the rising cost of living and inflationary pressures.’’
