Presenting the 2020-21 Budget speech to the House of Representatives, the Treasurer, the Hon Josh Frydenberg MP, acknowledged that times are tough.
Our economy is being hit, and hit hard. In the space of just one month, more than one million Australians have lost their job or saw their working hours reduced to zero. In my home State of Victoria, millions have been in lockdown. In response, the Morrison Government has committed unprecedented support, saving lives, cushioning the blow and helping Australians remain in work.
Among measures proposed in the Budget, the Treasurer announced:
- More spending on home care packages for the elderly
- Tax cuts for middle- and high-income earners
- Payments to encourage businesses to employ young people
- Funding for apprenticeships
- $1 billion for university research projects
- Funding for 12 000 additional undergraduate places at universities
- More tax deductions for businesses
- Investment in the National Broadband Network and 5G
- Funding for COVID-19 testing and treatment and for research into a vaccine
- Investment in carbon capture technology.
The government had initially planned to introduce the Budget in May, but those sittings of parliament were cancelled as a consequence of the COVID-19 pandemic.
The federal Budget is the government’s annual statement of how it plans to collect and spend money for the coming financial year and further years. It includes details about taxation and other measures the government uses to raise funds and outlines the areas and activities where funds will be spent—for example, covering costs in the education system, welfare payments and infrastructure such as roads and railways.