The Federal Budget was released last Tuesday, 11 May 2021, with Treasurer Josh Frydenberg announcing that the resilience of Australia had lead towards a road of fiscal recovery after its bounce back from the COVID-19 pandemic.
Over $17.7 billion was dedicated to aged care, $2.3 billion into mental health, an extra $1.7 billion towards the childcare sector, accessible and affordable property schemes for single parents and many more measures were introduced in the Federal Budget. A $7.8 billion extension to the low- and middle-income tax offset was also confirmed.
There were winners and losers from the announced Budget measures, with women, aged care, child care, mental health, farmers, businesses & medical startups at the forefront of the Federal Budget for 2021-22 and receiving significant consideration. Renewables, universities, international tourism and new residents were impacted by the latest cuts introduced by the government in last week’s Federal Budget.
Defying grim predictions, unemployment is forecast to drop to 4.5% in 2023-24 and 2024-25, while economic growth will hit 1.25% this financial year after a 0.2% decline in 2019-20. It’s then tipped to reach 4.25% in 2021-22, before dropping to 2.5% the following year.
International borders will begin to reopen next year though travelling will remain at low levels until the middle of 2022.