• About
  • Advertise
  • Contact
  • Login
NRI Affairs
Youtube Channel
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Other
No Result
View All Result
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Other
No Result
View All Result
NRI Affairs
No Result
View All Result
Home News

Highlights of the Australian Federal Budget 2021

NRI Affairs News Desk by NRI Affairs News Desk
May 12, 2021
in News
Reading Time: 6 mins read
A A
0
Josh Frydenberg budget 2022-23
136
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
Advertisements

The Federal Government says our plan to secure Australia’s recovery will create more jobs, rebuild our economy, and set the country up for the future. Here are the highlights of this year’s budget.

NRI Affairs News Desk
twitter.com/JoshFrydenberg

“Since the onset of the COVID-19 pandemic, the Morrison Government has provided $291 billion in direct economic support to keep businesses in business and Australians in jobs,” said a post-budget statement by the treasurer.

“Under our plan, the unemployment rate is forecast to fall below 5 per cent by late 2022 while the economy is forecast to grow by 5¼ per cent in 2021 and 2¾ per cent in 2022, having outperformed every major advanced economy in 2020,” reads the statement.

Here are the highlights of the Budget:

As part of the 2021-22 Budget, the Government is:

• Providing tax relief for more than 10 million hard-working Australians, to put more money in their pockets to spend in small businesses across the country helping to create jobs

• Incentivising business to invest, creating more economic activity and more jobs

• Investing in skills and training to fill skills shortages and to provide Australians with the skills they need to get a job

• Investing in more infrastructure to boost the nation’s productivity and to create more jobs

• Backing our manufacturing sector to diversify our economy and to create more jobs

• Boosting workforce participation by making child care more affordable

Tax relief

The Budget provides an additional tax cut to more than 10 million low and middle-income earners.

It will see low- and middle-income earners benefit by up to $1,080 for individuals or $2,160 for couples.

The Government will extend temporary full expensing and the loss carry-back measure announced in last year’s Budget for another year.

This will allow more than 99 per cent of businesses employing 11.5 million Australians to deduct the total cost of eligible depreciable assets of any value in the year they are installed until 30 June 2023.

Greens MP demands ‘repatriation payment’ to Australians stuck in India

It will also allow companies with turnover up to $5 billion to offset losses for the 2019-20, 2020-21, 2021-22 and now 2022-23 income years against previously taxed profits from 2018-19 or subsequent years to generate a refund.

Skills and training

The Government doubles its commitment to the JobTrainer Fund to support a different 163,000 new training places to upskill job seekers and meet skills shortages.

The Budget also funds more than 170,000 new apprenticeships and traineeships, 5,000 higher education short courses and 2,700 places in indigenous girls academies to help them finish school and get a job.

We will also accelerate digital skills training for job seekers with low reading, writing, maths and computer skills.

Women will also benefit from STEM scholarships and programs to help them to break into non‑traditional trades.

Infrastructure

The 2021-22 Budget provides $15.2 billion in additional infrastructure commitments, which is proposed to support an additional 30,000 jobs across the lives of those projects, including:

Advertisements

• $2.6 billion for the North-South Corridor in South Australia

• $2 billion for the Great Western Highway in New South Wales

• $2 billion initial investment for a new Melbourne Intermodal Terminal in Victoria

• $400 million for Bruce Highway Additional Funding in Queensland

• $379 million for METRONET in Western Australia

• $150 million for highway upgrades in the Northern Territory

• $132.5 million for Canberra Light Rail – Stage 2A in the Australian Capital Territory and

• $113.4 million for the Midland Highway Upgrades in Tasmania.

These commitments also include $1 billion for road safety upgrades and a further $1 billion for community infrastructure.

Building our capability

The 2021-22 Budget has offered a new ‘patent box’ starting on 1 July 2022.

Under the patent box, income earned from new patents that have been developed in Australia will be taxed at a concessional rate of 17 per cent.

The patent box will apply to the medical and biotech sectors, and we will consult on expanding it to the clean energy sector.

Australia: Visa conditions eased for tourism and hospitality sectors

The 2021-22 Budget also invests in measures to help small businesses and farmers expand and diversify their export markets with an additional $87.7 million in funding for the Agri-Business Expansion Initiative.

To ensure our industries remain competitive, the 2021-22 Budget also makes critical investments to deliver more affordable and reliable energy.

“This includes helping unlock Australia’s vast gas reserves in the North Bowen and Galilee Basins and investing in hydrogen-ready gas plants,” said the treasurer

“To further shore up our fuel security, the Budget helps local refineries to keep operating in Australia.”

Child care

The Government is making an additional $1.7 billion investment in child care.

The investment will add up to 300,000 hours of work per week, allowing the equivalent of around 40,000 individuals to work an extra day per week and boost the level of GDP by up to $1.5 billion per year.

The changes target low- and middle-income earners, with around half the families set to benefit from having a household income under $130,000.

The Government will:

• Increase the child care subsidies available to families with more than one child aged five and under in child care, benefitting around 250,000 families

• Remove the $10,560 cap on the Child Care Subsidy, benefitting around 18,000 families

For those families with more than one child aged five and under in childcare, the level of subsidy received will increase by 30 percentage points to a maximum subsidy of 95 per cent for their second and subsequent children.

Follow NRI Affairs on Facebook, Twitter and Youtube.

Share54Tweet34Send
NRI Affairs News Desk

NRI Affairs News Desk

Related Posts

Patna Declaration: Women’s rights activists call for gender equality
News

Patna Declaration: Women’s rights activists call for gender equality

February 3, 2023
US visa application can now be submitted using Dropbox
News

US visa application can now be submitted using Dropbox

February 3, 2023
Budget seeks to increase TCS rate from 5% to 20% on foreign travel
News

Budget seeks to increase TCS rate from 5% to 20% on foreign travel

February 2, 2023
Next Post
Covid

Covid-affected Indian call centre employee breaks down on a phone call

Maulik Pandya Image Copyright NRI Affairs

'Unfortunately, we will have to leave Australia for some other country'

WhatsApp Image 2021 05 10 at 4.55.33 PM

यायावरीः बिन्सर डायरी

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Savarkar Narendra modi

They want us to forget about the terrible betrayal of Netaji by Savarkar

1 year ago
Hindu Temple Watford

Indian community fights to save a Hindu temple

1 year ago
कहानी

चेखव की कहानी दुख: जब दुख सुनने वाला कोई न हो!

1 year ago
Stamford Mayor Caroline Simmons administers oath of office to GOPIO-CT 2022 team

Stamford Mayor Caroline Simmons administers oath of office to GOPIO-CT 2022 team

11 months ago

Categories

  • Literature
  • Multimedia
  • News
  • nriaffairs
  • Other
  • People
  • Top Stories
  • Uncategorized
  • Views
  • Visa

Topics

Air India Australia california Canada caste CECA COVID COVID-19 cricket ECTA Europe free trade FTA Geeta Germany Hindu Human Rights immigration India india-australia Indian Indian-origin Indian Students Khalistan London Melbourne Migration Modi Muslim New Zealand NRI NSW oci quarantine Singapore Sydney travel UAE uk Ukraine US USA Victoria visa women
NRI Affairs

© 2021 NRI Affairs.

Navigate Site

  • About
  • Advertise
  • Contact

Follow Us

No Result
View All Result
  • News
  • Video
  • Opinion
  • Culture
  • Visa
  • Other

© 2021 NRI Affairs.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT