Australian Federal Budget 2020-2021 Overview
Treasurer Josh Frydenberg handed down Australia’s federal budget on Tuesday detailing steps to boost the economy reeling from the impact of the COVID-19 pandemic.
IN BRIEF:
The budget provides a long, debt-ridden road to recovery as the government announces spending measures to keep people employed and businesses functioning.
The government forecasts a record $213.7 billion deficit and predicts net debt to peak at $966 billion (44% of GDP) by June 2024.
Unemployment is expected to peak at 8% in December 2020, keeping the government focused on creating jobs. It expects unemployment to fall to 6.5% by June 2022.
Australia’s Coalition government showed its willingness to spend to stimulate business investment and encourage the creation of new jobs in Tuesday’s budget, the first delivered in a recession in 30 years. Describing the path to recovery as “monumental”, Treasurer Josh Frydenberg said personal income tax cuts, infrastructure spending and incentives for businesses would create jobs and boost consumer spending.
We know you’re busy so we’ve provided an infographic of key facts and figures below from the Chartered Accountants Australia and New Zealand.
Federal Budget Overview
Government is spending big on infrastructure, job creation, asset write-offs and personal tax cuts.
Federal Budget Insights Report 2020-21
Thomson Reuters 'Special Issue - 2020 Federal Budget Report'.
Full Budget Papers
If you want to know what the Federal Budget proposals mean for your business, access the full budget papers at www.budget.gov.au
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