This year’s budget has undoubtedly been affected by COVID-19. Here are some key points for you.
The environment
- $1.9 billion to deal with climate change, support renewable technologies and low emissions
- $156 million for farmers and communities hit by drought
- $233 million will be invested in protecting our national parks
- $67 million protecting our oceans
- $250 million invested in modernising Australia’s recycling infrastructure
- Banning the export of plastic, paper, tyres and glassware
Young people
- Single people will receive a tax cut on their income which will be back dated to 1 July. Overall 7 million Australians will $2,000 or more in tax relief this year
- 100,000 new apprenticeships will be made available, and a further 450,000 new jobs for people aged 16-35
- $1 billion will be invested into the JobTrainer program, which is aimed at those employed in apprenticeships and traineeships, plus those school leavers looking for work
- Additional $326 million available to fund 12,000 undergraduate spots at university
- $550 million available for universities to provide 50,000 new higher education short courses in agriculture, health, IT, science and teaching
- $9 million to fund child and young adult cancer research
- JobKeeper to end on 28 March 2021, no change to JobSeeker rate
Families
- There will be tax cut on the income of single parent and dual income families for this financial year, with it being back dated to 1 July. Overall 7 million Australians will receive $2,000 or more in tax relief this year
- Welfare recipients can expect two $250 payments in December 2020 and March 2021 to help stimulate the economy
- 450,000 new jobs for people aged 16-35
- $17 billion in super savings over the next decade
- JobKeeper to end on 28 March 2021
- $60 million for Domestic Violence “safe places”
Retirees
- Those on government payments including age pension and carer allowance can expect two $250 payments in December 2020 and March 2021
- 23,000 additional home care packages worth $1.6 billion to support older people.
- $750 million for aged care homes to manage COVID-19
Businesses
- $800 million to help businesses transition to working online, including $29.2 million for 5G access
- Full asset write off for 99% of all businesses until June 2022
- A JobMaker hiring credit will be paid at the rate of $200 a week for 12 months for hiring anyone under aged 30. $100 a week credit will also be available to hire someone between 30-35 years old. All businesses aside from the major banks can take advantage of this.
- A 50 per cent wage subsidy will be available for every apprentice a business hires
- JobKeeper to end on 28 March 2021
The information on this page has come from the following sources:
