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The Government will spend $3.5 billion over five years on child care assistance including a new child care subsidy, from 1 July 2017, based on family income.

Single parent families receiving Family Tax Benefit Part A will receive a new $750 annual allowance.

Families earning $65,000 or less will receive a subsidy of 85% of their child care fees (up to an hourly cap).

New childcare subsidies from July 1, 2007, will provide the biggest benefit to households with an annual income of $80,000, according to the Government calculations.

Small business owners will benefit from instant tax deductions for items under $20,000 and from tax cuts and discounts from July 1, 2015.

For those persons earning $180,000–plus, your tax rate will drop 2 cents from July 1, 2017.