The Federal Budget at a Glance
KEY FORECASTS * Budget deficit of $106.6 billion for 2021/22 (5 percent of GDP) * Economic growth to rise by 4.25 percent in 2021/22 * Unemployment to average 5 percent * Inflation to average 1.75 percent * Wage growth of 1.5 percent * Net debt to rise to $729 billionTAXATION * Extra $7.8 billion in tax cuts for low and middle income earners, worth $1080 for individuals or $2160 for dual-income couples * $25.1 billion of announced personal tax cuts will flow to households in 2021/22
BUSINESS * Extension of temporary full expensing for an extra year to June 30, 2023. * Temporary loss carryback extended to include the 2022/23 income year * $1.2 billion aviation and tourism sector package * $1.5 billion modern manufacturing strategy
HOUSING * Extension of the HomeBuilder construction commencement period * Further 10,000 places under the New Home Guarantee for first home buyers * From July 1, 10,000 guarantees will be made available over four years for single parents to build a new home or buy an existing home with a deposit of as little as two percent * From July 1, 2022, First Home Super Saver Scheme voluntary contributions maximum amount will rise from $30,000 to $50,000
INFRASTRUCTURE * Extra $15.2 billion in infrastructure spending over the decade EDUCATION * $2 billion over four years for early childhood education, supporting access to at least 15 hours a week for all children in the year before school * 5000 extra short-course places at non-university higher education providers
THE BUSH * $3.5 billion National Water Grid Fund * $414.5 million biosecurity package * $250 million available from the Building Better Regions Fund
WOMEN * $1.1 billion for supporting victims of violence, including financial and legal help and emergency accommodation * $1.7 billion extra for child care, increasing the subsidy for the second and subsequent child
HEALTH * $2.3 billion for improved and expanded mental health care and suicide prevention * Further $1.9 billion investment in the vaccine rollout, expanding the number of doses on order to 170 million
AGED CARE * $17.7 billion to fund aged care reforms, including new laws and funding model * 80,000 extra home care packages
INDIGENOUS * $243.6 million for skills and jobs programs and improved access to remote government services
VETERANS * Extra $460.4 million for veterans, including a royal commission into defence and veteran suicide
DISABILITY * Extra $13.2 billion for the National Disability Insurance Scheme over four years
RETIREES * Extension of pension loans scheme, allowing a single person to receive lump sum payments of up to $12,385 a year or $18,670 for a couple * Minimum age of the downsizer superannuation contribution to be lowered from 65 to 60, allowing a post-tax contribution of $300,000 per person when they sell the family home
