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Australia - Federal Budget Overview Summary 2021

Securing Australia’s recovery

The Government’s economic plan to secure Australia’s recovery through:

● Personal income tax cuts

● Business tax incentives

● New apprenticeships and training places

● Infrastructure

● Record funding for schools, hospitals, aged care, mental health and the NDIS.

Aim to secure Australia’s recovery and drive the unemployment rate down.

Budget at a glance

Jobs and economy

● $7.8 billion in tax cuts for low- and middle-income earners, up to $1,080 for individuals or $2,160 for dual income couples.

● $20.7 billion in tax relief over the forward estimates to support business investment and create jobs through extension of temporary full expensing and temporary loss carry-back.

● $15.2 billion over ten years to fund infrastructure commitments.

● Extending the HomeBuilder construction commencement period and the New Home Guarantee.

  • Australia’s digital economy investment.

● $1.2 billion for aviation and tourism support for specific sectors and regions.

Essential services

● Extending the COVID-19 health response and COVID-19 vaccination program.

● $13.2 billion fully funding the NDIS.

● $17.7 billion aged care reforms.

● $2.3 billion mental health care and suicide prevention.

● Investing in preschools.

Women’s safety and economic security

● Addressing violence against women and children.

● Ensuring Australian workplaces are free from sexual harassment.

● Women’s health services improvements.

● Strengthening women’s economic security - child care affordability, employment and financial security.

A resilient and secure Australia

● Australians’ safety - national security and law enforcement capabilities.

● Agriculture support to achieve farm gate output to $100 billion by 2030.

● energy security, affordability and reliability initiatives.

● Medical and biotech innovation

● Regional development.

● Natural disaster support.

The underlying cash deficit in 2021‑22 is forecast to be $106.6 billion (5.0 per cent of GDP). Forward estimates: $57.0 billion deficit (2.4 per cent of GDP) in 2024‑25 and to a deficit of 1.3 per cent of GDP in medium term. Compared to the 2020‑21 Budget, the underlying cash deficit has improved by $52.7 billion in 2020-21.

Source: Federal-Budget-overview-summary-2021.pdf

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