The 2021-22 Federal Budget was presented this week and as expected health, aged care and our economic recoveryplan were the main focus.
Australia has bounced back from the COVID-19 pandemic faster than expected and this has given the governmentmore money to play with than originally expected.
Australia’s unemployment rate has dropped to 5.6% from 7.5% since the pandemic started and with Australia beingthe only developed economy in the world with more people employed today than before the pandemic, it is notsurprising we are the third fastest growing economy in the world.
The main aim of this budget is to build on this success and secure Australia’s recovery from the pandemic bycreating jobs and guaranteeing essential services.
THE BUDGET AT A GLANCE
PROTECTING AND GUARANTEEING OUR ESSENTIAL SERVICES
- Protecting the health of Australians’ by extending the COVID-19 health response and investing in the COVID-19 vaccination program
- Funding the NDIS with an additional $13.2 billion to support people with disability
- $17.7 billion to fund aged care reforms and ensure older Australians are treated with respect, care and dignity
- $2.3 billion to fund improving and expanding mental health care and suicide prevention
- Investing in our preschools by providing $2 billion over four years for early childhood education
CREATING JOBS AND REBUILDING THE ECONOMY
- An additional $7.8 billion in tax cuts for low and middle income earners, worth up to $1,080 for individuals or $2,160 for dual income couples
- An additional $15.2 billion over ten years to fund infrastructure commitments
- Extending the HomeBuilder construction commencement period and the New Home Guarantee
- Supporting our worst hit sectors and regions with a $2.1 billion support package for aviation, tourism, the arts and international education providers
- Extending temporary full expensing and temporary loss carry-back to provide an additional $20.7 billion in tax relief over the forward estimates to support business investment and create jobs
- The corporate tax rate for small and medium companies will drop from 30 per cent in 2014-15 to 25 per cent from 1 July 2021
- Tax relief for around 1,000 small brewers and distillers
IMPROVING WOMEN’S SAFETY AND FAMILY ECONOMIC SECURITY
- An additional $1.1 billion funding package to be spent on violence against women and children
- Ensuring Australian workplaces are free from sexual harassment by providing $20.5 million for the implementation of the response to the Respect@Work Report
- Improving the accessibility and quality of women’s health services
- Strengthening women’s economic security by improving child care affordability and supporting employment and women’s financial security
- Providing a pathway to home ownership to single parents by creating the Family Home Guarantee to support single parents with dependents to either enter or re-enter the housing marke
SECURING AUSTRALIA AND BUILDING A MORE RESILIENT FUTURE
- Increase farm gate output to $100 billion to help the agriculture industry
- Keeping Australians safe by investing in our national security and law enforcement capabilities
- Keeping energy secure, affordable and reliable by securing supply and lowering prices
- Driving medical and biotech innovation and promoting science and technology
- Expansion of its $1 billion Building Better Regions Fund by adding $250 million for a sixth round to build stronger communities by creating more jobs, economic growth and infrastructure
- Investing in making Australians more disaster resilient by establishing the new National Recovery and Resilience Agency and enhancing Emergency Management Australia.