Breaking down what the 2021-22 Federal Budget means for Australians

Treasurer of the Commonwealth of Australia, Josh Frydenberg and Minister for Finance, Simon Birmingham announce Federal Budget for 2021-22

 

ON Tuesday 11 May 2021, the Federal Government announced the 2021-22 Budget surrounding the title concept ‘Securing Australia’s Recovery’.

Since the onset of the COVID-19 pandemic, economic recovery for the government is more essential than ever.

The Federal Budget announcement includes tax relief in the form of additional tax cuts to more than ten million low and middle income earners seeing these earners benefit by up to $1080 for individuals or $2160 for couples.

Hawks Nest Golf ClubAdvertise with News of The Area today.
It’s worth it for your business.
Message us.
Phone us – (02) 4981 8882.
Email us – [email protected]

Simon Birmingham, Minister for Finance in the Morrison government said, “This is a Budget that keeps Australia safe from COVID, safe in their jobs, and safer throughout their lives.

“It’s a Budget framed against a global pandemic.”

Temporary full expensing and loss carry back measures announced in the 2020-21 budget will be extended for another year to support job creation.

The JobTrainer Fund will be doubled supporting 163,000 new training locations, whilst funding for more than 170,000 new apprenticeships and traineeships has been approved.

An Agri-Business Expansion Initiative has also seen an additional $87.7 million to help small businesses and farmers expand and diversify export markets.

Notably, a twelve month extension of the HomeBuilder construction commencement period for existing applicants has been granted to boost the rate of home ownership.

Aged Care also received a boost.

“Tonight, we commit $17.7 billion in practical and targeted new funding to significantly improve the (aged care) system.

“We are committed to restoring trust in the system and allowing Australians to age with dignity and respect,” said Treasurer Of The Commonwealth Of Australia, Josh Frydenberg whilst addressing the Parliament of Australia.

A total of 275,000 home care packages will be available, whilst an additional payment of $10 per resident per day will be paid to nurses and carers.

The support of $2.3 billion will be spent as a commitment to mental health care and suicide prevention, particularly in the 18-24 age range.

Various other support packages included $2 billion for preschool funding, $1.1 billion for women’s safety, more than $110 billion for infrastructure and a further $1.9 billion allocated to the COVID-19 vaccine roll out.

 

By Tara CAMPBELL

Leave a Reply

Top