The main points

Press, 28 July 1989, Page 1

The main points

The main points of the Budget: • National superannuation will be replaced by a guaranteed retirement income scheme from April, 1990. • The scheme will gradually reduce retirement income, funded from specifically targeted income tax. • The age of eligibility will gradually lift from 60 to 65 next century. , .... • From April, half of the income from superannuation and life insurance schemes will be exempt from the national superannuation surcharge. • Restructured duties mean a jug of beer costs 10c more from today, a 3-litre wine cask is up 60c as is a bottle of gin or vodka. • Tobacco duty changes mean 20 cigarettes cost 5c to 10c more today. , • Accident compensation will be extended to sickness and also injury from April, 1991. • A.C.C. benefits will be altered and employers’ levies reduced next year. • A new universal welfare benefit will replace the benefit structure. • The universal benefit will be about two-thirds the average wage for a couple, half that for a single. • Diesel tax will be cut 5c a litre from November. • Pre-school children at care or education institutions with charters get increased funding from February.