Federal Budget 2020: What We've Heard So Far
This year’s Federal Budget will be the biggest deficit since World War ll, with heavy focus on the job sector to aid the country in post-COVID recovery.
According to Prime Minister Scott Morrison, this budget should give people hope for the future.
Here’s what we’ve heard so far:
- There has been large discussion over the personal tax cuts expected in 2022 being moved forward to this year’s budget.
- 5 million pensioners will receive extra help to make up for an inflation-related payment rise that is not going ahead.
- HomeBuilder package is expected to be extended.
- No changes to the JobSeeker dole payments as more data on economic conditions is required
- Introduction of a wage incentive for SME’s to take on new workers
- Regional manufacturing may also receive wage incentives
- $800 million to assist in pushing business digital. Read more here.
- $53 million in funding for TV and film production under new content rules
- Extension of telehealth and e-prescription services
- Extra funding for aged care in anticipation of the royal commission report
- $9 million for research into cancer in children and young adults
- Funding to expand two NSW dams, Wyangala and Dungowan
- $53 million in a national plan for gas infrastructure
- $211 million for domestic fuel security facilities
- More flexible rules for the northern Australia Infrastructure Facility to invest
- $7.6 million for parents who experience stillborn babies or the death of a child under 12 months of age
- 700 new safe places for women and children escaping from domestic violence under the $60 million “safe places” initiative
Wondering how the Federal Budget announcements may affect you?
Now that the Federal Budget 2020 has been announced, you may be asking yourself, how will these changes affect me?
We’ve put together all of Budget information in one place, and included our live webinar recording where our experts discuss the key changes and possible implications and opportunities for you post-announcement.
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