By Wes Mountain, The Conversation
The budget deficit is projected to hit $213.6 billion, a record 11% of GDP, before winding back:
Instead of falling, as predicted in the last budget, debt will climb:
There’s spending and tax cuts a plenty:
Major cuts and new spending
- $1.7 billion over the next two years to provide access to up to 84.8 million doses of the University of Queensland and University of Oxford vaccines currently in testing. 💉
- $1.1 billion this year for COVID-19 related healthcare, including $711.7 million to extend MBS item funding for detection and $170.8 million to extend funding of dedicated COVID-19 clinics. 💊
- $1.1 billion this year in additional funding to continue paying private hospitals to supplement public hospital capacity and fund state hospitals. 🏥
- $26.7 billion over the next four years in instant asset write offs for businesses with a turnover of less than $5 billion. 🖥
- $17.8 billion to move personal income tax changes up to this year, including an additional $1,080 (or $2,160 couples and families) one-off extension of the low and middle income offsets. 💵
- $3 billion over the next four years for “shovel ready” infrastructure projects – $2 billion for road safety projects and $1 billion for local roads and community projects. 🏗
- $798.8 million in additional NDIS funding over the next four years. ♿
- $1.4 billion in savings in the next four years through “streamlining” of employment services, including uncapping Youth Jobs PaTH places and encouraging the hire of ParentsNext and Disability Employment Services recipients.
It’s expected to bring about a bounce-back in economic growth:
But much depends on the assumptions, including a return to strong immigration:
READ MORE: Budget 2020: promising tax breaks, but relying on hope
Wes Mountain, Multimedia Editor, The Conversation
This article is republished from The Conversation under a Creative Commons license. Read the original article.
