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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”.
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
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