COVID-19 will see our deficit reach $213.7 billion this year, falling to $66.9 billion by 2023-24.
Net debt will increase to $703 billion or 36 per cent of GDP this year and peak at $966 billion or 44 per cent of GDP in June 2024.
Australia’s economy contracted by seven per cent in the June quarter. By comparison, there were falls of around 12 per cent in New Zealand, 14 per cent in France, and around 20 per cent in the United Kingdom
JobMaker hiring credit will be payable for up to 12 months and immediately available to employers who hire those on JobSeeker aged 16 to 35.
It will be paid at the rate of $200 per week for those aged under 30, and $100 per week for those aged 30-35.
New hires must work for at least 20 hours a week.
$1 billion JobTrainer fund to create up to 340,000 free or low cost training places for school leavers and job seekers.
$2.8 billion to protect 180,000 apprenticeships and trainees.
$1.2 billion to create 100,000 new apprenticeships, with a 50 per cent wage subsidy for businesses who employ them.
50,000 new higher education short courses in agriculture, health, IT, science and teaching
12,000 new Commonwealth supported places for higher education in 2021
2,000 indigenous students through the Clontarf Foundation to complete Year 12 and pursue further education or find employment
More than 11 million taxpayers will get a tax cut backdated to 1 July this year.
Lower and middle income earners will this year receive tax relief of up to $2,745 for singles, and up to $5,490 for dual income families compared with 2017-18.
Stage Two of our legislated tax cuts by two years, lifting the 19 percent threshold from $37,000 to $45,000, and lifting the 32.5 per cent threshold from $90,000 to $120,000.
retain the Low and Middle Income Tax Offset for an additional year
Instant Asset Write Off - over 99 per cent of businesses will be able to write off the full value of any eligible asset they purchase for their business.
This will be available for small, medium and larger businesses with a turnover of up to $5 billion until June 2022.
Second Women’s Economic Security Statement, with $240 million in measures and programs
$1.3 billion Modern Manufacturing plan
Research and Development - $2 billion in additional Research and Development incentives.
$459 million in additional funding to the CSIRO
$1 billion for new research funding for our universities
$1.9 billion in new funding as part of our energy plan to support low emissions and renewable technologies
Infrastructure investment - $14 billion in new and accelerated infrastructure projects
$2 billion in concessional loans to help farmers overcome the devastating drought
$350 million to support regional tourism to attract domestic visitors back to the regions and a further round of
The Building Better Regions Fund, and $317 million for Australian exporters to continue to access global supply chains, building on the 80,000 tonnes of exports we have already helped get to market.
Wyangala and Dungowan dams with our investment totaling $567 million
Additional $1.8 billion in funding for the environment
$233 million to upgrade facilities in Uluru, Kakadu, Christmas Island and Booderee National Park
$250 million to modernise our recycling infrastructure, stop more than 600,000 tonnes of waste ending up in landfill
additional 10,000 first home buyers will be able to purchase a new home sooner under the First Home Loan Deposit Scheme
an additional $1 billion of low cost finance to support the construction of affordable housing
$150 million in the Indigenous Home Ownership Program to construct new homes in regional areas
$3.9 billion for the NDIS
doubling the number of Medicare funded psychological services through the Better Access Initiative, from 10 to 20
listing of Lynparza to help women with ovarian cancer
Aged Pensioners will receive an additional $250 payment from December and a further $250 payment from March next year
Superannuation funds will be required to meet an annual performance test under the guidance of the prudential regulator