Last night Treasurer Josh Frydenberg has delivered what could be his most important Budget yet with a splash of cash to attempt to bring the country out of recession.
In 2020, Australians have been tested like never before. Flood, drought, fires, and a global pandemic.
With last night’s Budget announcement, the Government has reduced fears of a shortfall, with a variety of measures to support businesses, their workers, as well as to foster more investment in targeted areas.
Key takeaways for business owners from the Budget:
As part of further support for people not in work, the Government will offer two more tax-free payments of $250 to pensioners and others on government support.
The Budget estimates the headline unemployment rate will peak at 8 per cent between now and the end of the year. It is forecast to begin falling after that point, reaching 6 per cent in 2022-23.
The Treasurer has said the Government will not focus on reducing the debt until employment has reached that benchmark.
The Budget also predicts wages growth will remain stagnant, meaning the money you take home in pay is unlikely to rise rapidly in the near future.
If ever there was a time for a “break glass in case of emergency” budget, this was it. Coronavirus has put a wrecking ball through the economy, and that means there’s never been a more relevant budget for Australians.
Making sense of the detail can be overwhelming so please dont hesitate to contact us on 08 8211 9426 for further information.