This afternoon, Julia Gillard announced a special flood levy to raise an extra $1.8b to fund the relief effort for the Queensland and Victorian floods. A further $3.8b will come from spending cuts and the delaying of infrastructure projects.
The "flood tax" will be payable only for this financial year and will not be payable by flood victims or those that earn under $50,000 per annum.
How much will you pay?
You will pay nothing if you earn under $50,000 per annum. The following are estimates of the proposed amounts you will pay on each income level;
$60,000 = $50 payable
$80,000 = $150 payable
$100,000 = $250 payable
$120,000 = $450 payable
$150,000 = $750 payable
Unemployment is expected to remain low on the back of lowering immigration which is expected to keep our economy ticking along strongly, according Juliard Gillard.