2020-2021 Budget

The 2020-2021 budget, announced October 6, focuses on tax relief and job creation in an effort to mitigate the effects of the COVID-19 pandemic. $14 billion will be invested in new and accelerated infrastructure projects over the next four years. The Government is delivering an additional $17.8 billion in personal income tax relief to support the economic recovery, including an additional $12.5 billion over the next 12 months. Individuals will benefit from tax cuts in Stage 2 of the Personal Income Tax Plan being brought forward, as well as a one-off additional benefit from the low- and middle-income tax offset in 2020-21. First home buyers will get extra incentives to purchase a newly built home with a deposit as low as 5%. The new JobMaker Hiring Credit incentivises businesses to hire employees between 16 and 35 years old, costing $4 billion from 2020 to 2023. The 2020-21 Budget brings the Government's overall support to $507 billion, including $257 billion in direct economic support.