Federal Budget 2015: Good news for childcare, not so good for parental leave

By Mozo · · 2 min read
Fact Checked
Advertiser disclosure

The federal budget announced on Tuesday had some good news for parents with young children, but it is sure to disappoint couples expecting a child.        

  • Check out Mozo’s budget calculator to see where your money goes and how much you should have left over

The government announced that it will set aside $3.5 billion towards childcare over five years. According to the new system, which will begin from July 1 2017, parents will be able to access the childcare subsidy based on family income. This means that families earning $65,000 or less will get 85% of their fee subsidised. Whereas for high income families (earning $170,000 or more) the subsidy will be capped at 50%.  

The move aims to encourage parents to go back to work, so the number of childcare hours subsidised will be a factor of the amount of time parents spend working, studying or volunteering.

On the downside, new parents will no longer get the advantage of ‘double-dipping’ by taking money from their employer as well as the government. So, if you can access maternity leave schemes at your workplace, you will no longer be allowed to avail the Federal Government’s policy.

According to the previous plan, new mums were entitled to 18 weeks of pay at minimum wage, or about $11,500, in addition to payments made by their employer.


Savings account comparisons on Mozo - last updated 3 December 2023

Search promoted savings accounts below or do a full Mozo database search . Advertiser disclosure
  • Mozo Expert Choice Badge
    AMP Saver Account

    5.20% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2023 Mozo Experts Choice Award winner.

    Go to site
    Details
  • Mozo Expert Choice Badge
    Savings Account

    5.50% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

    Go to site
    Details
  • Reward Saver Account

    5.25% p.a. (for $0 to $1,000,000)

    0% p.a.(for $0 and over)

    Yes up to $250,000

    Intro bonus rate of 5.25% for balances up to $1,000,000 for the first 4 months, reverting to 3.25%. Minimum deposit of $50 and no withdrawals.

    Introductory bonus rate for balances up to $1,000,000 for the first 4 months. Minimum deposit of $50 and no withdrawals. Start your account online in under 10 minutes and earn interest on balances up to $1,000,000 (T&Cs apply). No monthly account fees, helping you save smarter and faster.

    Go to site
    Details
  • AMP Cash Manager

    No Current Offer

    4.80% p.a.(for $10,000 to $250,000)

    Yes up to $250,000

    Earn up to 4.60% p.a variable rate with AMP Cash Manager on balances from $10,001 to $250,000. Manage and access your funds while earning interest. No transaction fees to pay. Visa debit card, eftpos, and BPAY facilities. Digital wallet payments with Apple Pay, Samsung Pay or Google Pay.

    Go to site
    Details
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

    Go to site
    Details

^See information about the Mozo Experts Choice Savings Account Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.