Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion
4 years, 2 months ago

Federal Budget 2020 reveals Australia headed to record debt of almost $1 trillion

ABC  

Billions of dollars in fast-tracked tax cuts and younger worker wage subsidies underline the Federal Government's budget recovery pitch, as Australia's recession sends debt and deficits to record levels. Key points: Debt and deficits are set to hit record highs as coronavirus savages the economy Debt and deficits are set to hit record highs as coronavirus savages the economy Businesses will be offered incentives to hire unemployed people aged under 35 Businesses will be offered incentives to hire unemployed people aged under 35 The Government will fast-track $50 billion in tax cuts to attempt to stimulate the economy Treasurer Josh Frydenberg's coronavirus-delayed Budget includes $50 billion to bring forward tax cuts and $4 billion in subsidies for businesses to hire unemployed workers aged between 16 and 35. If there is a vaccine before July next year, the Budget expects economic activity could increase by $34 billion. It's expected new funding measures will be announced when the aged care royal commission delivers its findings next year.

Coronavirus Australia Tax Budget Debt Billion Businesses Tax Cuts Aged  trillion  budget  australia  debt  coronavirus  hire  headed  billion  businesses  vaccine  reveals  record  tax  economic  unemployed  federal  aged  2020

History of this topic

Labor's 'surplus' Budget is just smoke and mirrors - and Aussies should be worried... PETER VAN ONSELEN reveals the damning details that prove Australia is on the road to financial ruin
7 months ago

Labor's 'surplus' Budget is just smoke and mirrors - and Aussies should be worried... PETER VAN ONSELEN reveals the damning details that prove Australia is on the road to financial ruin

Daily Mail  

This year's Budget highlighted just how fiscally doomed we are as a nation, even if the government attempted to hide the fact in plain sight. It wasn't the surplus for the coming financial year, the year all the new spending and tax cuts are slated to start. Treasurer Jim Chalmers announced a surplus for the financial year that is ending …

Here are seven charts to make sense of the Victorian state budget
7 months, 2 weeks ago

Here are seven charts to make sense of the Victorian state budget

ABC  

The Victorian government handed down its budget for 2024-25 yesterday. When analysing these figures together, we can see Victoria's debt will reach 24.4 per cent of its economy in the next financial year. Goal to reach budget surplus by June 2026 The Victorian government not only predicts a reduction in the debt ratio — it's forecasting a budget surplus. The …

Federal budget to haul in extra cash once again, but less than in previous years
7 months, 2 weeks ago

Federal budget to haul in extra cash once again, but less than in previous years

ABC  

Next week's federal budget will once again collect more in tax than expected, raking in an extra $25 billion over the five-year budget forecasting period. The windfall is smaller than in the past six updates, prompting Treasurer Jim Chalmers to warn his third budget would be characterised by "intensifying, not easing" financial pressure to show fiscal restraint. He said this …

How raising the nation’s debt limit could reduce spending of some coronavirus relief funds
1 year, 7 months ago

How raising the nation’s debt limit could reduce spending of some coronavirus relief funds

Associated Press  

With the pandemic officially over, leftover coronavirus relief money for vaccines, public health initiatives and other programs has become a target as negotiators try to reach a budget deal to raise the nation’s debt limit. HOW MUCH IS AT STAKE The Congressional Budget Office estimates that halting the use of unobligated pandemic relief funds would result in a net spending …

What's in the budget? Here are some of the major measures we know about
1 year, 7 months ago

What's in the budget? Here are some of the major measures we know about

ABC  

Treasurer Jim Chalmers will unveil his second budget on Tuesday. The package will be spent over the next four years, and will include $1.5 billion in electricity bill relief for 5.5 million households and about 1 million small businesses. The federal government says it wants to make Australia a "renewable energy superpower" and late last week it announced a plan …

Federal budget 2023: Winners and Losers
1 year, 7 months ago

Federal budget 2023: Winners and Losers

ABC  

Treasurer Jim Chalmers has handed down his second budget, which looks good for the government, but what is in it for you? Winner: Arts The federal government is committing $286 million over five years to support the arts, most of which will fund Creative Australia to deliver the government's arts program and establish four new arts bodies: a First Nations-led …

CM asserts that 293 of the 390 Budget announcements made last year have been implemented
1 year, 10 months ago

CM asserts that 293 of the 390 Budget announcements made last year have been implemented

The Hindu  

Dismissing Opposition allegations, Chief Minister Basvaraj Bommai on Friday asserted that 293 of the 390 Budget announcements made last year had been implemented. Replying to the debate on the State Budget in the Legislative Council, the Chief Minister said 90% of the Budget expenditure would be spent by the end of this financial year. “Going by the current tax collection, …

Federal COVID aid OK’d to pay for roads, natural disasters
1 year, 11 months ago

Federal COVID aid OK’d to pay for roads, natural disasters

Associated Press  

— State and local governments will soon gain new flexibility to spend billions of federal coronavirus relief dollars on things not directly related to the pandemic, including new roads and bridges and aid to people affected by wildfires, floods and other natural disasters. The broadened spending authority for the previously approved pandemic aid was one of many of provisions wrapped …

Federal budget 2022: Winners and Losers
2 years, 2 months ago

Federal budget 2022: Winners and Losers

ABC  

After 10 years out of government, Treasurer Jim Chalmers has delivered Labor's first budget since its election victory in May. Winner: Families One of the centrepieces of the government's budget — and its election campaign — is its $4.7 billion spend on child care over the next four years. $1.7 billion over six years will be going towards women's safety …

Victorian budget 2022 piles on debt to pump money into strained health system, education
2 years, 7 months ago

Victorian budget 2022 piles on debt to pump money into strained health system, education

ABC  

Victoria's election-year budget will pile on debt to fix the state's beleaguered health system and continue to pump money into education and transport infrastructure while it attempts to claw back a modest surplus in four years. Key points: More call-takers for the strained triple-0 service and more paramedics are key to the state's $12 billion pandemic repair plan Net debt …

Budget 2022 is impactful & visionary, says US-India trade networking body
2 years, 10 months ago

Budget 2022 is impactful & visionary, says US-India trade networking body

India Today  

Finance Minister Nirmala Sitharaman has been able to once again come up with an impactful and visionary budget which is “balanced, fiscally prudent and growth-oriented” in the midst of the third wave of Covid-19, the USA-India Chamber of Commerce said. It also paves the way for post-pandemic longer-term restructuring of the Indian economy,” Karun Rishi, president of Boston-based USA India …

Minnesota budget officials project huge $7.7 billion surplus
3 years ago

Minnesota budget officials project huge $7.7 billion surplus

Associated Press  

ST. PAUL, Minn. — Minnesota officials will release an updated budget forecast on Tuesday that’s expected to show further improvements and set the stage for the 2022 legislative session. This will be the first major revenue-and-spending forecast since projections from Minnesota Management and Budget in February, when an anticipated $1.3 billion deficit due to the pandemic swung to a $1.6 …

Improvement in budget deficit as COVID recovery provides economic boost in first half of 2021
3 years, 2 months ago

Improvement in budget deficit as COVID recovery provides economic boost in first half of 2021

ABC  

The federal government has revealed the budget deficit was $27 billion lower than forecast in the May budget. Key points: Treasurer Josh Frydenberg says lower unemployment is to thank for the improvement The original forecast was for a $161 billion deficit for the 2020-21 financial year The extended lockdowns in NSW, Victoria and the ACT are expected to increase this …

As rich-poor divide widens between nations, UN urges reform
3 years, 3 months ago

As rich-poor divide widens between nations, UN urges reform

Al Jazeera  

Developing countries could shoulder most of the cost of the coronavirus crisis, a new report from the UN warns. “The danger of a lost decade ahead remains a very real one,” Richard Kozul-Wright, UNCTAD’s director of globalisation and development strategies, told Al Jazeera. “And so far, the discussion of reform of the multilateral system, along the lines that followed the …

Sydney's COVID-19 outbreak may cost Australia $7 billion, Cue boss urges harder lockdown
3 years, 5 months ago

Sydney's COVID-19 outbreak may cost Australia $7 billion, Cue boss urges harder lockdown

ABC  

While many retailers are bemoaning Greater Sydney's extended lockdown, some are calling for tougher restrictions to help control the outbreak more quickly as the economic damage quickly mounts. "My estimate is that it’s costing the NSW economy, and therefore by definition the national economy, about $1 billion a week," AMP Capital's chief economist Shane Oliver said. He also said the …

SA Budget 2021: Here are the Winners and Losers
3 years, 6 months ago

SA Budget 2021: Here are the Winners and Losers

ABC  

While South Australian Treasurer Rob Lucas described his final state budget as "responsible" and not a "pre-election spending splurge", there are more winners than losers, with infrastructure and mental health among the areas most heavily targeted. Winner: COVID-19 relief Treasurer Rob Lucas said the coronavirus pandemic would continue to "smash" the state's finances over the coming years, and that this …

South Australian state budget spends big on health, construction and education, records $1.78 billion deficit
3 years, 6 months ago

South Australian state budget spends big on health, construction and education, records $1.78 billion deficit

ABC  

Big spending on construction, a mental health plan to try to address an overflowing public health system and a cost for the new Women's and Children's Hospital are key features of this year's pre-election state budget. Key points: $1.95 billion has been allocated for the new Women's and Children's Hospital The completion of the North-South Corridor will cost $9.9 billion …

How Australia's budget is designed to win votes ahead of federal election
3 years, 7 months ago

How Australia's budget is designed to win votes ahead of federal election

Daily Mail  

Barista Szilvia at work at Madisons cafe on the Gold Coast When the coronavirus pandemic hit Australia in March 2020, about 900,000 Aussies lost their jobs as restaurants, pubs, and shops were shut down to stop the deadly disease from rapidly spreading throughout the nation. The October budget backed up these large-scale programs by bringing forward permanent tax cuts for …

'Australia is coming back': Read Treasurer Josh Frydenberg's full Federal Budget 2021 speech
3 years, 7 months ago

'Australia is coming back': Read Treasurer Josh Frydenberg's full Federal Budget 2021 speech

Daily Mail  

Mr Speaker, I move that this Bill now be read a second time. 'In this Budget, a further $1.9 billion is allocated for the roll out of vaccines' Securing the recovery and creating jobs Mr. Speaker, our first priority is to keep Australians safe from COVID. 'In this Budget, we are making a further and targeted $1.7 billion investment in …

Decade of budget deficits ahead as government spends billions to recover pandemic-hit economy
3 years, 7 months ago

Decade of budget deficits ahead as government spends billions to recover pandemic-hit economy

ABC  

The Treasurer has declared Australia's economic engine is "roaring back to life" as he unveiled tens of billions in new spending in a budget that could be the Coalition's last before a federal election. Key points: The deficit this financial year is expected to be $161 billion, falling to $106 billion in 2021-22 The government has forecasted an unemployment rate …

Treasurer Josh Frydenberg delivers federal budget with child care, aged care and employment among key targets — as it happened
3 years, 7 months ago

Treasurer Josh Frydenberg delivers federal budget with child care, aged care and employment among key targets — as it happened

ABC  

By Inga Ting Since concerns over the AstraZeneca vaccine threw the government's COVID-19 inoculation strategy into disarray, the government has studiously avoided announcing new rollout targets. "Rather than set targets that can get knocked about by every to and fro … we're just getting on with it," Prime Minister Scott Morrison told reporters in April. Just five months ago, the …

Australia's COVID-19 vaccine supply is still patchy. But will other vaccines help fill the void?
3 years, 8 months ago

Australia's COVID-19 vaccine supply is still patchy. But will other vaccines help fill the void?

ABC  

Wind your mind back to early February. In a big announcement, Health Minister Greg Hunt said the government — which at the time was still three weeks away from conducting its first jab — had worked “quietly, behind the scenes” to secure an extra "10 million doses" of the Pfizer vaccine. "We now have access to over 150 million vaccine …

Highlights: Budget will drive economic revival post Covid-19, says India Inc
3 years, 10 months ago

Highlights: Budget will drive economic revival post Covid-19, says India Inc

Hindustan Times  

Finance minister Nirmala Sitharaman presented her third Budget, the Budget which was like never before, in Parliament on Monday. This was the first digital Budget presentation, where the finance minister read out the speech from a tab, made in India. The Budget allocated ₹35,000 crore for Covid-19 vaccines Prime Minister Narendra Modi, defence minister Rajnath Singh, home minister Amit Shah …

Budget 2021 will be starting point for economic recovery after COVID-19 pandemic, say experts
3 years, 10 months ago

Budget 2021 will be starting point for economic recovery after COVID-19 pandemic, say experts

Firstpost  

New Delhi: Finance Minister Nirmala Sitharaman on Monday will deliver her promised Budget like no other that is expected to provide relief to the pandemic-hit common man as well as focus more on driving the economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours. Higher capital expenditure outlay for the National Infrastructure Pipeline programme …

Budget 2021: Vaccine cess coming this year? Here's what former finance secretary has to say
3 years, 10 months ago

Budget 2021: Vaccine cess coming this year? Here's what former finance secretary has to say

India TV News  

The 'never before-like' Union Budget is just a couple of days away. India TV Digital spoke to Former Finance Secretary CM Vasudev, who advocated a one-time vaccine cess this year. He also spoke at length about various budget aspects, including generating new employment opportunities, tax relief to the salaried class, fiscal deficit and more. All Eyes on Nirmala Sitharaman's Budget …

Budget 2021: Are you expecting big income tax relief this year? ’You will be disappointed’
3 years, 10 months ago

Budget 2021: Are you expecting big income tax relief this year? ’You will be disappointed’

Live Mint  

Finance minister Nirmala Sitharaman has promised a Union Budget like "never before" in 2021. In the view of rising inflation, the salaried Indian middle class taxpayers are expecting some relief from Union Budget 2021 amid COVID-19 pandemic. "The salaried class could be disappointed if it’s expecting for reduction in tax rates," said Divakar Vijayasarathy, founder & managing partner, DVS Advisors …

Budget 2021: Centre may introduce new 'Covid-19' cess. All you need to know
3 years, 11 months ago

Budget 2021: Centre may introduce new 'Covid-19' cess. All you need to know

India Today  

All eyes are on the government’s upcoming budget announcement for 2021-22 as India looks to get back into growth territory after a devastating economic blow due to the coronavirus pandemic in 2020. In view of the additional expenditure towards Covid-19 and mass vaccinations, the government is believed to discussing a plan to introduce a coronavirus cess or surcharge, reported The …

WA's built a big budget surplus amid the COVID-19 pandemic, now the question is how to spend it
4 years ago

WA's built a big budget surplus amid the COVID-19 pandemic, now the question is how to spend it

ABC  

In the coming days Western Australia will predict a surplus of $2.2 billion in 2020-21, almost double what was anticipated when the state budget was handed down just three months ago. End public sector wage cap, doctors say Western Australia's medical community has called for the surplus to be used to help end the $1,000 cap on public sector wage …

Global economic bailout is running at $19.5 trillion. It will go higher
4 years, 1 month ago

Global economic bailout is running at $19.5 trillion. It will go higher

CNN  

London CNN Business — Governments and central banks have promised to shell out $19.5 trillion since the coronavirus erupted to “put a floor under the world economy,” according to the International Monetary Fund. While coronavirus vaccine candidates point to improved prospects for the global economy next year, they won’t help countries much in the immediate future. In the United States, …

Nobel UN food agency warns 2021 will be worse than 2020
4 years, 1 month ago

Nobel UN food agency warns 2021 will be worse than 2020

Associated Press  

UNITED NATIONS — The head of the World Food Program says the Nobel Peace Prize has given the U.N. agency a spotlight and megaphone to warn world leaders that next year is going to be worse than this year, and without billions of dollars “we are going to have famines of biblical proportions in 2021.” David Beasley said in an …

Government borrows more than a billion pounds PER DAY during coronavirus crisis
4 years, 2 months ago

Government borrows more than a billion pounds PER DAY during coronavirus crisis

Daily Mail  

The crippling impact of coronavirus on the public finances was laid bare today after new figures showed the government borrowed more than £208billion over six months. Another £36.1billion was borrowed in September - the third-highest month on record and compared to just £7billion a year ago - as tax revenues slumped and the Treasury poured out bailout money. Another £36.1billion …

Budget 2020 has been a gamble for the Government — and it could backfire
4 years, 2 months ago

Budget 2020 has been a gamble for the Government — and it could backfire

ABC  

If ever there was a "forgive and forget" Budget, this is it. That is, the unprecedented nature of the disruption caused by a global pandemic makes most of the Budget's forecasts — things like the deficit and growth forecasts — not much more than a "pin the tail on the donkey" exercise. In that context, the Budget's two most important …

Federal Budget tax cuts — will they help our coronavirus recovery?
4 years, 2 months ago

Federal Budget tax cuts — will they help our coronavirus recovery?

ABC  

Presented with the challenge of trying to get more cash rolling through the economy, there's talk the Government bring forward its planned tax cuts in today's budget. Planning self vs doing self Professor Baddeley, who is also the Associate Dean of Research at UTS, said while it was well proven that stimulus or tax cuts were readily spent by low …

Government braces for massive deficit as tax cuts, spending set to be outlined in coronavirus Budget
4 years, 2 months ago

Government braces for massive deficit as tax cuts, spending set to be outlined in coronavirus Budget

ABC  

The Federal Government is preparing to hand down one of the most consequential budgets in living memory, with tax cuts, infrastructure spending and a record deficit expected to be outlined when Treasurer Josh Frydenberg speaks in Parliament this evening. Key points: Fast-tracked tax cuts are set to put billions in the pockets of Australian workers Fast-tracked tax cuts are set …

Federal Budget 2020: Winners and losers
4 years, 2 months ago

Federal Budget 2020: Winners and losers

ABC  

These are some of the winners and losers in Josh Frydenberg's 2020 Budget, which has been inevitably defined by the coronavirus pandemic. The Security Statement outlines $240 million of funding measures for the next four years that focus on increasing jobs for women in male-dominated industries like construction, more co-funded grants for women-founded start-ups, a focus on encouraging girls and …

Federal Budget will bring forward tax cuts as part of coronavirus response
4 years, 2 months ago

Federal Budget will bring forward tax cuts as part of coronavirus response

ABC  

Millions of Australians will have more money in their pockets within weeks, as the Federal Government plans to bring forward and supercharge tax cuts in Tuesday's Federal Budget. Key points: The Budget will bring forward income tax cuts scheduled for 2022 The Budget will bring forward income tax cuts scheduled for 2022 The plan will cut taxes for anyone earning …

WA to deliver surplus budget despite pandemic payments on back of iron ore price rise
4 years, 3 months ago

WA to deliver surplus budget despite pandemic payments on back of iron ore price rise

ABC  

The WA Government has reported a $1.7 billion budget surplus for 2019-20 despite the economic toll of the COVID-19 pandemic, with the State Opposition labelling it "unacceptable" and urging the Government to spend more to help struggling households. Key points: WA will spend $5.5 billion on a COVID recovery plan However a higher-than-expected iron ore price boosted the budget It …

The 2021 budget: The impact of coronavirus, news, views and reactions
4 years, 3 months ago

The 2021 budget: The impact of coronavirus, news, views and reactions

Dutch News  

The government published its 2021 spending plans on Tuesday. The king’s speech, in English Budget focus is on strengthening the economy, finance minister says The government’s 2021 spending plans are focused on keeping the economy strong now and into the future, despite coronavirus, finance minister Wopke Hoekstra told MPs on Tuesday afternoon. Criticism, optimism and wrong priorities: Mixed reactions to …

The 2021 budget: The impact of coronavirus, news, views and reactions
4 years, 3 months ago

The 2021 budget: The impact of coronavirus, news, views and reactions

Dutch News  

The government published its 2021 spending plans on Tuesday. The king’s speech, in English Budget focus is on strengthening the economy, finance minister says The government’s 2021 spending plans are focused on keeping the economy strong now and into the future, despite coronavirus, finance minister Wopke Hoekstra told MPs on Tuesday afternoon. Criticism, optimism and wrong priorities: Mixed reactions to …

World economy: What else could go wrong before 2020 is done
4 years, 3 months ago

World economy: What else could go wrong before 2020 is done

Live Mint  

The world economy’s rebound from the depths of the coronavirus crisis is fading, setting up an uncertain finish to the year. Adding 1.4 million jobs in August was “a big step in the right direction,” said Ryan Sweet, head of monetary policy research at Moody’s Analytics. But the economy needs to maintain that kind of pace, he said, and “without …

Tasmanian Premier Peter Gutwein releases economic and fiscal update showing revised coronavirus impact
4 years, 4 months ago

Tasmanian Premier Peter Gutwein releases economic and fiscal update showing revised coronavirus impact

ABC  

Tasmania's Treasury department has released a more positive overview of the state's finances than first expected, but has warned coronavirus could bring unpredicted setbacks. Key points: New Treasury figures paint a more positive overview of Tasmania's finances than expected back in May New Treasury figures paint a more positive overview of Tasmania's finances than expected back in May May's budget …

Stage 4 coronavirus restrictions in Melbourne could cost the economy $9 billion, Scott Morrison says
4 years, 4 months ago

Stage 4 coronavirus restrictions in Melbourne could cost the economy $9 billion, Scott Morrison says

ABC  

The newest measures in Victoria's harsh coronavirus restrictions could rip close to $10 billion out of the nation's economy in a matter of weeks, Prime Minister Scott Morrison says. Key points: The total cost of Victoria's lockdowns this quarter is estimated to be as high as $12 billion The total cost of Victoria's lockdowns this quarter is estimated to be …

Federal Government deficit hits record high of $86 billion as coronavirus devastates the economy
4 years, 5 months ago

Federal Government deficit hits record high of $86 billion as coronavirus devastates the economy

ABC  

Australia's budget deficit hit almost $86 billion last financial year, the biggest blow to the bottom line since World War II, Treasurer Josh Frydenberg has revealed. Key points: A forecasted $5 billion surplus for 2019-20 ended in a deficit of almost $86 billion A forecasted $5 billion surplus for 2019-20 ended in a deficit of almost $86 billion It is …

Federal Government's record coronavirus spending dwarfs assistance for previous disasters
4 years, 5 months ago

Federal Government's record coronavirus spending dwarfs assistance for previous disasters

ABC  

The Government has forked out a record amount of financial assistance during the coronavirus pandemic, but how does it compare to spending on other natural, man-made or economic disasters? While some of the COVID-19 schemes and their estimated costs are demand driven, the money spent on them still far surpasses what the Commonwealth has spent in response to other defining …

Australia is defeating coronavirus but remains at risk of losing through an 'economic own goal'
4 years, 5 months ago

Australia is defeating coronavirus but remains at risk of losing through an 'economic own goal'

ABC  

If handling pandemics was a sport, Australia has made it into the knockout stages of the coronavirus world cup. Grattan notes that in the roughly three months since the pandemic truly started hitting home in Australia, the Federal Government has announced an unprecedented $138 billion in spending measures to support businesses and households — nearly 7 per cent of the …

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