Last night, our Treasurer Josh Frydenberg delivered the 2021-22 Federal Budget to Parliament. He emphasised that our economy has recovered strongly post COVID and is set to return to pre-pandemic levels nine months earlier than expected, with the unemployment rate’s recovery set to be five times faster than the 1990s recession.
While we are not yet out of the pandemic, we are better placed than most other countries in the world to meet the economic challenges that lie ahead. The Treasurer announced that this Budget is the next stage of the Government’s economic plan to secure Australia’s recovery. It creates jobs, guarantees essential services and builds a more resilient and secure Australia through:
• Personal income tax cuts;
• Business tax incentives;
• New apprenticeships and training places;
• More infrastructure; and
• Record funding for schools, hospitals, aged care, mental health and the NDIS.
We have drilled into the 2021-22 Budget documents to find the key points most relevant to you.
Please don’t hesitate to contact us if you would like more information about how any of these changes will apply to your circumstances.