Baby Bonus will be reduced
The Baby Bonus will remain at $5,000 for the first child of eligible families and for multiple births. The payment will continue to be paid in 13 fortnightly instalments.
This measure is estimated to provide savings of $505.9 million over four years from 2012-13.
Families will continue to benefit from Paid Parental Leave, the Child Care Rebate, the SchoolKids Bonus and Family Tax benefit part A and B.