Wise With Money

Kevin Rudd’s stimulus package was today approved to go-ahead by The High Court of Australia, after Barrister Bryan Pape had challenged the Government and their position to give out such tax-funded payouts under the Australian Constitution.

For the past week, many Australian Citizens have been concerned that they may miss-out on the bonus payment, which was handed out to families in February.

Pape’s arguments were overturned, and Chief Justice Robert French said that the Tax Bonus for Working Australians Act was “supported by one or more constitutional heads of power and that there had been a valid appropriation of the consolidated revenue fund”.

The cheque bonus payments will be sent out starting Monday 6th April 2009, with the hope that the money will be spent in the economy and stimulate spending activity, particularly in the retail sector.

For more information, refer to the Australian News Website

The federal government bonus was passed onto eligible families last week in Australia, as part of the Australian Government’s Economic Stimulus Package.

One can only imagine that it is a much needed help for families in need during these tough times, and  those families will be either saving their money gifted to them by Kevin Rudd, or conservatively spending it on the essentials.

The next stage of the stimulus package, or the “Kevin Rudd Handout” as some are calling it, is being released to single tax payers in April, and it will be interesting to see if the money will be used toward spending, as the government intended to circulate some much needed money in the retail industry, or if people such as myself will be wise with that money and use it to pay off debt, or put in the bank to save for a rainy day.

Certainly with the economic crisis on everyone’s minds, people are being a lot more conscience of their spending decisions, and I for one will be putting the money towards necessities, reduce debt or saving the money.

For information on the Australian Government Tax Bonus Payment, visit the Australian Tax Office Website