Securing Australia's Recovery
In the face of COVID‑19, Australia achieved world-leading health outcomes, with fewer infections, hospitalisations and deaths than most other countries.
The Government’s emergency support provided a crucial lifeline to the economy during Australia’s first recession in almost 30 years.
The economy has recovered strongly and is set to return to pre-pandemic levels nine months earlier than expected last Budget 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.
This Budget builds on this success to secure Australia’s recovery.
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.
It does this with:
- 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.
This will secure Australia’s recovery and drive the unemployment rate down.
Creating jobs and rebuilding our economy
- An additional $7.8 billion in tax cuts for low- and middle-income earners, worth up to $1,080 for individuals or $2,160 for dual income couples
- Extending temporary full expensing and temporary loss carry-back to provide an additional $20.7 billion in tax relief over the forward estimates to support business investment and create jobs
- An additional $15.2 billion over ten years to fund infrastructure commitments
- Extending the HomeBuilder construction commencement period and the New Home Guarantee
- Investing in the settings and skills to grow Australia’s digital economy
- Supporting our worst hit sectors and regions, including $1.2 billion for aviation and tourism support
Guaranteeing the essential services
- Protecting Australians’ health by extending the COVID-19 health response and further investing in the COVID-19 vaccination program
- Supporting people with disability by fully funding the NDIS with an additional $13.2 billion
- Providing $17.7 billion to fund aged care reforms and ensure older Australians are treated with respect, care and dignity
- $2.3 billion for improved and expanded mental health care and suicide prevention
- Investing in our preschools
Improving women’s safety and economic security
- Addressing violence against women and children
- Ensuring Australian workplaces are free from sexual harassment
- Improving the accessibility and quality of women’s health services
- Strengthening women’s economic security by improving the affordability of child care and supporting employment and women’s financial security
Building a more resilient and secure Australia
- Keeping Australians safe by investing in our national security and law enforcement capabilities
- Helping the agriculture industry achieve its goal of increasing farm gate output to $100 billion by 2030
- Keeping energy secure, affordable and reliable;
- Driving medical and biotech innovation
- Unlocking the potential of our regions
- Supporting communities affected by natural disasters