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First home owners were granted a tax break by the federal cabinet this afternoon that is expected to see struggling borrowers save $4 billion in four years.
Treasurer Wayne Swan told reporters that the step was a “modest long-term measure to assist more young Australians to achieve their dream of home ownership”.
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The scheme, Mr Swan explained, is expected to come into effect in the second half of 2008 and will allow low income earning first home buyers to attract a government contribution equal to a 15 per cent discount on their marginal tax rate for up to $5,000 saved.
Published: 04-02-08
