Key Points of Federal Budget

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As expected the recent Federal budget handed down by treasurer Josh Frydenburg was heavily focussed on stimulating growth in the face of the difficulties caused by the global pandemic.

The key points are as follows

  • As widely predicted the government has delivered tax cuts to more than 11 million Australians. Benefits will be distributed across the income spectrum with tax thresholds increasing for income tax brackets. According to government figures low income earners will be $2745 better off than compared to 2018. High income earners can expect to be $47 per week better off.
  • There is a heavy emphasis on job creation with employers being offered $200 weekly subsidies to employ young people
  • The jobkeeper supplement will be maintained for the six months up until March 2021
  • There will be two one off payments of $250 to pensioners and other eligible welfare recipients
  • Universities will receive one billion dollars worth of funding to their research sectors and funding for an additional 12000 undergraduate places in 2021
  • Small businesses have received additional tax rely in the form of full deductibility of capital expenditure for assets first used or installed prior to 30 June 2022. There are additional deductibility provisions for 2nd hand capital purchases.
  • An additional 10000 places have been allocated in the First Home Owners Deposit scheme.
  • Australians will now keep their superannuation fund when they switch employers. A superannuation comparison tool has also been released for Australians t compare the performance of their superannuation fund

The budget reflects the economic reality that the Australian economy has been dented by the pandemic and makes every attempt to shore up confidence and drive demand.

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