Wednesday, 12 May 2021

Securing Australia’s recovery

Australia has come a long way over the last year.

All Australians can be proud of the role they have played.

Around the world, there are currently around 800,000 new cases of COVID-19 per day.

Here in Australia, this scale of tragedy has been avoided.

Last year, the UK, French and Italian economies declined by over 8%.

Canada and Japan contracted by around 5%. Australia's economy contracted by just 2.5%.

Australia now has over 74,000 more people in jobs than we have pre-COVID.

This makes Australia the first advanced economy to have more people employed than pre-COVID-19.

The pandemic is far from over. There are many Australians doing it tough.

However, the Government's plan is working.

This year's Budget is about securing our recovery and building for our future. It includes:

- Further tax relief for over 10 million low and middle-income earners, to reward hard work and stimulate spending through our economy.

- Record investment in skills and training - including 450,000 JobTrainer places and wage subsidies to support 170,000 new apprentices and trainees.

- The expanded instant tax write off, which helps businesses invest - from tradies and farmers buying vehicles, to major manufacturers expanding production lines.

- Encouraging home ownership by expanding the First Home Super Saver Scheme, helping 10,000 more first home buyers build a home with 5% deposit and 10,000 single parents purchase a home with a 2% deposit.

- A 10-year, $110 billion infrastructure pipeline to ease congestion, improve safety and build our economic future.

- Measures to encourage more R&D and manfacturing onshore.

- New medicines listed on the Pharmaceutical Benefits Scheme to treat breast cancer, lung cancer, severe osteoporosis, severe asthma and chronic migraines.

- Nearly $18 billion in new funding to significantly improve the aged care system - including another 80,000 new home care packages (bringing the total to 275,000).

- Further mental health funding to provide more headspace centres, a new network of 40 Head to Health centres and more services through Medicare.

- Record funding for schools, hospitals, women's safety and disability support.

- Increasing the affordability of childcare for around 250,000 families, who will be better off by an average of $2,200 each year.

- Further investment in dams and irrigation projects and technologies to reduce greenhouse emissions, like clean hydrogen and energy storage.

click here to find out more about the Budget

COVID-19 is still far from over. However, Australia is on the road to recovery.

This Budget is about securing our recovery, so we can come back stronger.

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