Posted on Wednesday, October 7th, 2020
The 2020-21 Federal Budget is a road to recovery paved with cash
By comparison to many, Australia has managed the COVID-19 pandemic well, but good management isn’t enough to protect us from the $213.7 billion deficit in 2020-21. The Government has taken to heart the old adage, “You have to spend money to make money” to trade our way out of a black hole.
Key initiative include:
- Personal income tax cuts from 1 July 2020.
- A $4 billion ‘JobMaker’ Hiring Credit to encourage businesses to take on additional employees aged 16 to 35 years old.
- $110 billion in infrastructure investment over 10 years.
- Immediate deductions for business investment in capital assets.
- Changes to how companies can manage losses.
- Access to generous tax concessions for a wider range of businesses.
We have summarised and condensed information from the Budget in the following report.