THE developer behind a proposed 1000-unit retirement village promoted by fashion legend Maggie Tabberer has bled all the $25 million raised for construction without building a single unit.

ABOUT 160,000 elderly people have won a last-minute Budget reprieve with Kevin Rudd stepping in to guarantee $120 million in nursing home funds.

GOLDMAN Sachs economists expect a total of $US500 billion ($531 billion) in residential mortgage credit losses and a renewed slowdown in economic activity after.

MORE than one million Australians will get a financial windfall thanks to a decision to revise income thresholds for the Medicare levy.

THE Budget will slash $8 billion in tax breaks and incentives as part of a dual strategy to help the RBA put a lid on inflation despite slowing growth.

NAB'S share price soared yesterday after the bank revealed its British subsidiaries were weathering the financial storm in the UK banking market.

AUSTRALIAN motorists should expect to pay $1.65 for petrol within weeks, thanks to a surge in the price of Singapore crude.

CONCERNS over rising inflation and global financial woes will ensure little joy for most Australians in Tuesday night's Budget.

KEVIN Rudd is facing claims he misled the private health insurance industry before the election about his real intentions regarding changes to the Medicare levy surcharge.