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New tax cuts announced in $74.6b splurge
By Latika Bourke
Treasurer Josh Frydenberg says consumer sentiment is at its highest level in 11 years and that more Australians are in work than ever before.
“Australia’s economic engine is roaring back to life,” he says, as MPs cheer.
Treasurer Josh Frydenberg delivers the budget.Credit:Alex Ellinghausen
He’s announcing new tax cuts, which is a surprise.
He says these cuts, worth $1090 for individuals or $2160 for couples, will be for low- and middle-income workers.
Read more from chief political correspondent David Crowe: Spending splurge to create 250,000 jobs in two years, more money for aged care and mental health
Budget predicts exodus of more than 170,000 Australians
By Latika Bourke
Australia will welcome 174,000 fewer migrants than it was expecting six months ago.
The budget also expects 96,000 Australians to leave the country this financial year alone, followed by another 77,400 in 2021-22.
As Shane Wright and Lisa Visentin report, this is far higher than originally expected.
Read more: Border closure to cost country 174,000 new migrants
Asked on 730 how the economy can fill vacant jobs without opening the borders to migrant workers, Josh Frydenberg conceded this it was a real issue, particularly for seasonal workers in the agriculture sector who are needed to pick fruit and vegetables.
But he pointed to the extra funding for the JobTrainer scheme and said the government was trying to reskill Australians to help move them into new jobs or sectors.
Treasurer tells ABC that vaccine assumptions are cautious
By Latika Bourke
Treasurer Josh Frydenberg has made his way to the press gallery in Parliament House for live television interviews.
He is appearing on the ABC’s 730 and is being questioned about the assumption that the nation will be vaccinated by the end of the year, enabling the international border to reopen by the middle of next year.
The vaccination rollout has been plagued by delays and the government is nowhere near vaccinating the 4 million people it said would be jabbed by April.
But Frydenberg tells Leigh Sales that these assumptions are actually “cautious” rather than heroic.
Now the bad news ...
By Latika Bourke
The Treasurer was extremely bullish in his speech, which delivered a far better economic picture than expected just a few months ago.
But the costs of the pandemic are inescapable.
They include almost $600 billion in budget deficits and no sign of a surplus – this from a government that famously issued mugs declaring it was back in the black.
As our economics correspondent Shane Wright notes, Mr Frydenberg barely touched on the size of the deficit, noting the battle to protect Australia from the impact of the pandemic had left an “unavoidable cost”.
Read more: Economy faring better than expected but budget bottom line deep into the red
‘Jobs are coming back’: Frydenberg
By Latika Bourke
Josh Frydenberg has finished delivering what looked remarkably like a pre-election budget speech.
“Mr Speaker, jobs are coming back,” he said. “The economy is coming back. Australia is coming back.
“And this budget will ensure we come back even stronger, securing Australia’s recovery.”
Net zero ‘preferably’ by 2050, says Frydenberg
By Latika Bourke
Josh Frydenberg is announcing more spending for hydrogen and energy storage, claiming the government is acting on climate change.
“In this budget, we are investing a further $1.6 billion to fund priority technologies, including clean hydrogen and energy storage,” he said.
“This budget provides over $480 million in new funding for the environment, including $100 million to protect our oceans.”
The Treasurer said the government is “on a pathway” to net zero “as soon as we possibly can”, which he says the government would like achieved preferably by 2050.”
This follows huge international pressure on Australia to commit to net-zero in time for the next round of UN climate talks scheduled for Glasgow in November.
Spending on disabilities, aged care and mental health
By Latika Bourke
The Treasurer is announcing the government financial response to the royal commission into aged care.
He says spending will increase by $17.7 billion to fund 80,000 new home care package and increase time nurses can spend with residents.
The funding will also go towards training and bonuses for nurses and carers.
On mental health, the government has confirmed a $2.3 billion spending packaging targeting frontline services and suicide prevention.
The money will be spent on new Headspace centres, a new national suicide prevention office, funding for eating disorder treatments and funding to improve access to psychiatrists, psychologists and GPs through Medicare.
He has also promised that “under the Coalition, the NDIS will always be fully funded,” outlining a further $13.2 billion in funding.
Read more: A five-minute rundown of the federal budget
Spending announced so far
By Latika Bourke
Treasurer Josh Frydenberg has:
- Announced a doubling of spending on the JobTrainer fund to boost retraining to address the skills shortage.
- Re-confirmed $1.7 billion of spending on childcare.
- Said spending on infrastructure will increase by $15 billion, including $1 billion for roads.
- Made cuts to the income earned on patents – a measure aimed at boosting research and development.
He is also announcing a new visa to try and attract international talent when borders open.
“Mr Speaker, Australia’s effective management of COVID makes us an even more attractive place for the best and brightest from around the world,” he said.
“To take advantage of this, we are streamlining visas to target highly skilled individuals when circumstances allow.”
Key budget data
By Latika Bourke
Here’s some of the key data included in tonight’s budget.
- The deficit will reach $161 billion this year and is projected to fall to $57 billion in 2024‑25.
- Net debt will increase to $617.5 billion or 30 per cent of GDP this year and peak at $980.6 billion or 40.9 per cent of GDP in June 2025.
- The unemployment rate is forecast to fall below 5 per cent by late 2022.
- The economy is forecast to grow by 5.25 per cent in 2021 and 2.75 per cent in 2022.
New tax cuts announced in $74.6b splurge
By Latika Bourke
Treasurer Josh Frydenberg says consumer sentiment is at its highest level in 11 years and that more Australians are in work than ever before.
“Australia’s economic engine is roaring back to life,” he says, as MPs cheer.
Treasurer Josh Frydenberg delivers the budget.Credit:Alex Ellinghausen
He’s announcing new tax cuts, which is a surprise.
He says these cuts, worth $1090 for individuals or $2160 for couples, will be for low- and middle-income workers.
Read more from chief political correspondent David Crowe: Spending splurge to create 250,000 jobs in two years, more money for aged care and mental health
‘Australia is coming back:’ Josh Frydenberg delivers budget
By Latika Bourke
Federal Treasurer Josh Frydenberg is delivering his budget speech to the House of Representatives.
“Australia is coming back,” he told MPs as he praised the efforts of “Team Australia” during the pandemic.
He says the worst economic projections, including 2 million Australians unemployed, have not transpired.
“Today the reality is very different ... Australia has seen unemployment go above its pre-pandemic levels,” he said.
“This is remarkable because Australia’s fate could have been so much worse.”
For those inclined, you can find the budget documents here: https://budget.gov.au/
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2021-05-11 10:36:03Z
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