Australia’s Federal Budget 2021/22 at a Glance

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

The Federal Budget at a Glance

* 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

* 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

* 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

* 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

* Extra $15.2 billion in infrastructure spending over the decade
* $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

* $3.5 billion National Water Grid Fund
* $414.5 million biosecurity package
* $250 million available from the Building Better Regions Fund

* $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

* $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

* $17.7 billion to fund aged care reforms, including new laws and funding model
* 80,000 extra home care packages

* $243.6 million for skills and jobs programs and improved access to remote government services

* Extra $460.4 million for veterans, including a royal commission into defence and veteran suicide

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

* 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

By Paul Osborne

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Author: AAP

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