The 2020-21 Federal Budget is to lead to a national $213.7 billion deficit, increase debt to $703 billion and peak at $966 billion in June 2024 according to the Treasurer who delivered the news, Josh Frydenberg.
In Mr Frydenberg’s second Budget, the focus was unashamedly on creating jobs following the loss of those belonging to a million Australians’ at the onset of the international coronavirus pandemic in March this year that has brought the nation to its knees.
“Australia’s economy contracted by seven per cent in the June Quarter,” Mr Frydenberg said.
“So many Australians, through no fault of their own, are doing it tough.”
He said that among its plans to assist them, the country has a “monumental task ahead.”
To help it perform that task, the Treasurer outlined a series of economic and financial steps designed to lead the community to open its wallets and begin purchasing goods and services again.
These included tax relief for more than 11 million taxpayers backdated to 1 July this year.
“Lower- and middle-income earners will this year receive tax relief of up to $2,745 for singles and up to $5,490 for dual income families compared with 2017-18,” Mr Frydenberg said.
“The greatest benefits will flow to those on lower incomes – with those earning $40,000 paying 21 per cent less tax, and those on $80,000 paying around 11 per cent less tax this year”.
He also announced Government funding for a wide range of infrastructure projects to create jobs; incentives for businesses to employ more staff members and buy more machines; and thousands of new free training courses to make it easy for people interested in changing careers to do so.
The full script of the Budget Speech can be accessed on the Treasury website at this PS News link.
