The Government has delivered the delayed 2020-21 Federal Budget (Budget) with Treasurer Josh Frydenberg announcing it as the “jobs budget”, aiming to secure Australia’s economic recovery.
In one of the most important Budgets in Australian history, it focuses heavily on job creation, infrastructure, asset write-offs and personal tax cuts. There are also a number of supporting measures for agriculture, real estate, education, aged care and child care.
The Budget deficit is projected to blow out to $213.7 billion this financial year, or 11% of GDP, the biggest deficit in 75 years. The Coronavirus pandemic has fundamentally changed the way we do business in this country. It may be a slow climb back to surplus and out of the first recession in almost 30 years as Australian businesses start the journey towards recovery.
The major revenue measures announced in the Budget include:
The Budget also includes funding designed to create jobs and support regional Australia’s economic recovery:
AFS’s Federal Budget summary helps you navigate the details delivered in Parliament last night, covering the key impacts of the 2020 Federal Budget and what they mean for you.