Australia’s Federal Budget 2021/22 at a Glance

Treasurer Josh Frydenberg delivers the budget in the House of Representatives on May 11, 2021 in Canberra, Australia. Sam Mooy/Getty Images

Here are the key details of the 2021/22 budget, and how the various measures impact on Australians.

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 billion

TAXATION * 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