8:14p.m. 13th May 2008

Families and low to middle-income earners are big winners in the latest budget, with Treasurer Wayne swan announcing tax cuts totalling almost $47 billion over four years.

Tax thresholds have been increased across all income brackets, and part-time workers will be able to earn up to $14,000 before paying tax.

The baby bonus will also rise to $5000 but will now be means-tested, the child-care rebate will increase from 30 to 50 per cent, and parents will get refunds on education expenses.

Mr Swan, who announced a surplus of $21.7 billion, said the 2008 budget would to “tip the scales in favour of working families”.

“For too long, working families have watched the proceeds of the boom directed elsewhere, in the form of tax cuts skewed to those already doing very well,” he said.

The government has axed two regional development funds, but will set up a new $176 million Better Regions Program to fund facilities such as community and sporting centres, as well as transport initiatives.

Other key features of the budget include an extra $3.2 billion earmarked for public health over five years, more money for carers with disabled children and higher allowances for seniors.

A total of $2.2 billion has been allocated to improve housing affordability, along with $5.9 billion in education funding and $2.3 billion over four years to tackle greenhouse gas emissions and climate change concerns.