Key Initiatives for Each of the Economic Goals of Australia and LITO

[bodriagin]

I'm having a little trouble finding 3 key initiatives for each of the 5 economic goals so could anyone help me out by listing 3 for each goal?

Also, could someone please explain what LITO is and what the bringing forward up to $300 from LITO into pay packets means? I thought it was essentially an increase in the tax-free threshold but apparently it's slight different.

Any help would be greatly appreciated. Thank you.

[soldier_on16]

I'm assuming by 'Key initiatives' you mean Budgetary Policies? If so, look up the budget overviews for the past two years and group various policies into whichever suits each E goal specifically (although many of them cross over, there are a few which are distinct to each goal)

http://www.budget.gov.au/2010-11/content/overview/html/overview_key_initiatives.htm

http://www.budget.gov.au/2011-12/content/overview/html/overview_key_initiatives.htm

For example, this years most recent budget has taken a less exmasionary stance as the government has found various means by which to save, eg reforms on car fringe benefits which increases government receipts. This can help lower NFD which in turn assists in achieving the goal of External Stability (the explanation was a bit bare I know, but you get the idea).

Low Income Tax Offset? It's a rebate to low income earners where on 1 it provides individuals earning less than $30,000 with a tax rebate of $1,500. The full offset is reduced by 4c for every dollar of taxable income above $30,000, meaning incomes greater than $67,500 do not receive any benefit. Therefore it is essentially an increase in the tax free threshold, however I don't really know about the bringing foward up to $300.

^^ N.B. due to the induction of the Carbon Tax next year and the subsequent compensation package, there will be a significant reduction in the LITO provided to low income earners since the tax free threshold will be increased to $18,200