Federal Budget 2021 breakdown: What we know so far | Ralph Lauren

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Treasurer Josh Frydenberg is set to unveil the big spending Federal Budget this evening — and we already have a pretty good idea of what’s in it. Here’s what we know so far.

Mental Health

Infrastructure

Aged Care

  • $17.7b over the next four years to improve aged care.

Childcare

  • 1.7b into childcare to give parents with more than one child more fee relief.

Women’s Health

  • $354m for women’s health and at least $680m to combat domestic violence.

Tax Cuts

  • Australians earning between $36,000 and $126,000 will get another tax cut next financial year. Rebate of up to $1080 up for grabs for incomes between $48,000 and $90,000.
  • The cuts will cost the Government $7b.

Housing

  • Single parents able to buy a home with deposit as low as 2 per cent.

Tourism and Travel

  • $1.2b to fund the 800,000 half-priced flights and provide payments to retain airline staff.

Brewers and distillers

  • $225m tax relief for brewers and distillers, with the excise relief cap trebled from$100,000 to $350,000.

Energy

  • $27.5m to develop four more hydrogen production hubs, including one in the Pilbara.
  • $263.7m to develop carbon capture and storage projects.
  • $566m for research partnerships with other countries for new technology, soil carbo and green steel.
  • $100m for clean-energy projects under the Australian Renewable Energy Agency.

Natural Disasters

  • $600m to create the National Recovery and Resilience Agency.
  • $210m to create an Australian Climate Service that will inform planning for infrastructure, housing and other services.

Defence

  • $747m to upgrade military bases in the NT.

Budget Repair

  • Despite debt being forecast to reach $1 trillion, Mr Frydenberg says budget repair cannot begin until unemployment is under 5 per cent.



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