Wednesday, 7 October 2020

2020-21 Budget

In 2020, Australians have been tested like never before, with flood, drought, fires and a global pandemic.

COVID-19 has resulted in the most severe global economic crisis since the Great Depression.

Across the world, the equivalent of 600 million people have lost their jobs.

Australia’s economy has been hit hard.

The Morrison Government’s plan, as outlined in the 2020-21 Federal Budget, will rebuild our economy and create jobs.

A new JobMaker hiring credit will be available for employers who hire people on JobSeeker, aged 16-35.

Treasury estimates that this will support around 450,000 jobs for young people.

A new 50% wage subsidy will support 100,000 new apprentices and traineeships.

This builds on our existing 50% wage subsidy to protect 180,000 apprenticeships and trainees, and the JobTrainer fund, which will create up to 340,000 training places.

More than 11 million taxpayers will get a tax cut, backdated to 1 July. For more than 7 million Australians, our changes mean tax relief of $2,000 or more this year. This will reward hard work and strengthen our economy.

It will generate billions of dollars of economic activity and 50,000 new jobs.

To unlock investment and boost our nation’s productive capacity, we will allow over 99% of businesses to immediately write off the full value of eligible assets they purchase for their business.

This will mean a trucking company can upgrade their fleet, a farmer can buy a new harvester and a manufacturer can expand their production line.

Small businesses will buy, sell, deliver and install these assets.

Every sector of our economy will benefit, creating jobs around the country.

The Budget includes substantial backing for Australia’s manufacturing, Research and Development, digital technology and affordable and reliable energy.

Rebuilding our economy includes building more roads, rail and bridges.

Our 10 year infrastructure pipeline is already supporting 100,000 jobs on worksites.

A further 40,000 jobs will be supported by $14 billion in new and accelerated projects.

We are backing recovery in regional Australia, including: concessional loans for farmers; funding for regional tourism; and $2 billion in new funding for dams, pipelines and weirs.

The COVID-19 crisis has confirmed how vital it is to have a strong economy that can guarantee essential services. This Budget includes record funding for hospitals, schools, child care, aged care and disability services.

For more information, please call 9727 0799 or visit: www.budget.gov.au

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