Budget 2021: Australians WILL receive another $ 1,080 compensation if the main tax break is extended

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WINNERS

Small Business – Incentives to innovate and grow

Taxpayers – Comprehensive exemption for low and middle income people

Elderly – More home care packages and a radical overhaul of the aged care system

Women – Steps to greater safety and respect in the workplace

People with mental health problems – Great focus on new types of services

LOSERS

Unemployment – Almost no mention of underemployment as a problem

Recreation and culture sector – Financing will decrease by 19 percent in real terms over the next four years

Sports sector – Expenditure down 42 percent in real terms over four years

National Parks – Spending down 19 percent in four years

Rural Assistance – Decrease by 39 percent in real terms in four years

Air Transport – 75.6 percent reduction in costs over four years

SUMMARY OF THE FEDERAL BUDGET

ECONOMY

* Budget deficit of $ 106.6 billion in 2021/22

* The deficit will decrease to $ 99.3 billion in 2022/23, $ 79.5 billion in 2023/24 and $ 57 billion in 2024/25

Commonwealth’s net debt rises to $ 617.5 billion by 2021/22 before reaching $ 980.6 billion by 2024/25

* Economic growth to increase by 4.25 percent in 2021/2022, before slowing to 2.5 percent in 2022/23

* Unemployment rate from 5 percent in 2021/22, to drop to 4.75 percent the following year

* Inflation as measured by CPI is 1.75 percent in 2021/22

TAX

* Additional $ 7.8 billion in tax cuts for low and middle incomes, worth $ 1080 for individuals or $ 2,160 for two-income couples

* $ 25.1 billion in announced personal tax cuts will flow to households in 2021/22

COMPANY

* Extension of temporary full releases for an additional year until June 30, 2023.

* Temporary loss relief extended with income year 2022/23

* Both measures will deliver an additional $ 20.7 billion in tax relief for businesses over four years

* Small businesses are given an easier way through the Administrative Appeals Tribunal to interrupt or change the tax recovery action

* $ 16 billion in tax cuts for small and medium businesses by 2023/24

* $ 1.2 Billion Aviation and Tourism Sector Package

* $ 1.5 billion modern manufacturing strategy

HOUSING

* Extension of the start period of the construction of HomeBuilder

* Another 10,000 places under the new home guarantee for first-time homebuyers

* As of July 1, 10,000 four-year warranties will be made available to single parents to build a new home or buy an existing home with a deposit of just two percent

* Effective July 1, 2022, the maximum voluntary contribution amount under the First Home Super Saver Scheme will increase from $ 30,000 to $ 50,000

INFRASTRUCTURE

* Additional $ 15.2 billion in infrastructure spending over the decade

* $ 215.4 million to support investments in dispatchable power generation

* $ 1.2 billion over 10 years for low-emission technology

EDUCATION

* $ 2 billion over four years for early childhood education, supporting access to at least 15 hours per week for all children in the year before school

* $ 289 billion in recurring funding for schools over the decade

* 5,000 additional short course places at non-university higher education institutions by 2021

THE BUSH

* $ 3.5 Billion National Water Grid Fund

* $ 414.5 million biosecurity package

* $ 172.5 million will be allocated from the Future Drought Fund for projects such as climate and soil data collection

* Additional $ 250 million from the Building Better Regions Fund

* Northern Australia reinsurance pool backed by a $ 10 billion government guarantee

* $ 189.6 million for ‘Our North, Our Future’ five-year plan

* National Recovery and Resilience Agency and Australian Climate Service established in response to Royal Wildfire Commission

DIGITAL ECONOMY

* $ 100 million to build digital skills

* Digital game developers get a 30 percent refundable tax credit

* $ 200 million to overhaul the MyGov online system

WOMEN

* $ 1.1 billion to support victims of violence, including financial and legal assistance and emergency shelter

* $ 20.5 million to implement the Respect @ Work report from Kate Jenkins, Commissioner for Sexual Discrimination

* $ 26.2 million for online safety initiatives

* Additional $ 1.7 billion for childcare, increasing the subsidy for the second and subsequent children

* Removal of the $ 450 per month retirement threshold

* $ 38.3 million women’s leadership program

* Subsidized treatments for certain types of breast cancer

HEALTH

* $ 2.3 billion for improved and expanded mental health and suicide prevention

* Mental health plan includes new adult mental health centers, Medicare lists, suicide prevention services, and workforce enhancement

* Further investment of $ 1.9 billion in vaccine roll-out, expanding the number of doses to 170 million

* Research on local production of mRNA vaccines

* Patent box to be introduced, which provides a tax benefit for Australian patent income in the medical and biotechnology sectors

ELDERLY CARE

* $ 17.7 billion to fund aged care reforms

* New financing model will start in October 2022

* 80,000 additional home care packages

* Additional 33,800 training places to boost elder care staff

NATIVE

* $ 243.6 million indigenous budget, including skills and job programs and improved access to government services in remote areas

VETERANS

* Additional $ 460.4 million for veterans, including a royal commission on defense and veteran suicide

ENVIRONMENT

* $ 29.3 million in first response to environmental protection law reform

INCAPACITY

* Additional $ 13.2 billion for the National Disability Insurance Scheme over four years

PENSIONS

* Extension of the retirement loan plan, allowing a single person to receive a lump sum payment of up to $ 12,385 per year or $ 18,670 for a couple

* Withdraw work trial to give Australians aged 67 to 74 more flexibility to contribute to their retirement

* Minimum age of the retirement contribution lump sum will be lowered from 65 to 60, allowing for an after-tax contribution of $ 300,000 per person when selling the family home

SAFETY

* $ 1.3 billion over 10 years for ASIO

* $ 467.7 million to strengthen domestic detention options

* $ 747 million to upgrade four military training areas in the Northern Territory

– Australian Associated Press

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