Paul Osborne
(Australian Associated Press)
THE FEDERAL BUDGET AT A GLANCE
KEY FORECASTS
Budget deficit of $213.7 billion for 2020/21 (11 per cent of GDP)
Economic growth to fall by 1.5 per cent
Unemployment to average 7.25 per cent
Inflation to average 1.75 per cent
Wage growth of 1.25 per cent
Net debt to rise to $703 billion
TAX
$17.8 billion in tax relief
About 95 per cent of taxpayers to have 30 per cent or lower marginal rate in 2024/25
BUSINESS
Businesses with a turnover up to $5 billion will be able to deduct the full cost of eligible depreciable assets of any value in the year they are installed.
Loss carry-back will also be available to around one million companies
Small and medium businesses can access up to 10 tax concessions
HOUSING
Extra 10,000 places under the First Home Loan Deposit Scheme to buy a new home or newly-built home
$1 billion increase of the government guarantee to the National Housing Finance and Investment Corporation to support more affordable housing
INFRASTRUCTURE
Boost in infrastructure spending to $110 billion over the decade
THE BUSH
$328 million to help agricultural exporters and the recovery from drought, bushfires and COVID-19
$550 million regional package to support tourism, rural health workforce, manufacturing and technology
YOUNG WORKERS
JobMaker hiring credit of up to $200 a week to support around 450,000 people aged between 16 and 35 get into work
$1 billion JobTrainer fund will support up to 340,700 free or low-fee training places
WOMEN
$240.4 million package to deliver job opportunities, support parents and increase participation in STEM industries
HEALTH
$4.9 billion in health measures to deal with the coronavirus pandemic, including support for hospitals, protective equipment and vaccines and treatments
PENSIONERS
$2.6 billion for two additional payments of $250 to pensioners and other eligible recipients
ENVIRONMENT
$249.6 million over four years to modernise recycling infrastructure, reduce waste and recycle more
SUPERANNUATION
Ability to keep your superannuation fund when you shift employers, effectively “stapling” the fund to the worker
SECURITY
Extra $201.5 million to deliver a cyber security strategy, with new investment in training and countering cyber criminals
Source: Treasury