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:

Individuals

• 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

Business

• 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

Health

• 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

Infrastructure

• 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

Welfare

• $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.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.