The big-ticket items in this year’s budget 11 May 2021
Treasurer Josh Frydenberg has declared a raft of measures, aimed at keeping Australia’s economy on track post-COVID.
The 2020/21 federal budget has defined Australia’s recovery from the COVID crisis as its main priority, with the government’s plan being to create jobs, provide targeted support to businesses and suppress the spread of the virus through the roll-out of the vaccine.
The government is aiming to have a population-wide vaccination program to be in place by the end of the year, with all Australians to receive their two doses by December, but international borders and tourism are not expected to reopen until 2022.
The second “pandemic” budget was delivered by Australia’s Treasurer Josh Frydenberg on Tuesday. “Australia is coming back,” he said. “The Australian spirit has shone through.”
Showcasing the Australian economy, he said the deficit for 2021-22 will be at $106.6 billion – $53 billion lower than forecast in the last budget in October 2020. “Unemployment is at 5.6 per cent, lower than when the Coalition came into government,” he said.
“The COVID-19 recession will see our deficit reach $161bn this year, falling to $57bn in 2024-25. With more Australians back at work, this year’s deficit is $52.7bn lower than was expected just over six months ago in last year’s budget. Net debt will increase to $617.5bn or 30 per cent of GDP this year and peak at $980.6bn or 40.9 per cent of GDP in June 2025.”
iTWire Tuesday, 11 May 2021 22:33 MEGA UPDATED: Australian IT industry responds to 2021 Federal Budget Featured
MEGA UPDATED: More than FIFTY top IT companies in Australia have provided IT industry commentary on Australia’s 2021 Federal Budget, focusing on the digital economy, cyber security, business and more.
The ACS, nimbus, Max Kelsen, BlackLine, ActiveCampaign, Cohesity, Talend, Attivo Networks, Barracuda, ExtraHop, 8x8, Forbury, MaxContact, Nintex, Peak Insight, Tecala, Ping Identity, Snowflake, Zscaler, Pega, CardieX, Envestnet | Yodlee, Nexion Networks, Cyara, Tenable, Uniphore, Optus Business, Darktrace, Blackmagic Design, Tellis Data, Mimecast, Alteryx, KnowBe4, Elastic, Rackspace Technologies, Secure Code Warrior, F5, Cloudflare, Pluralsight, Smart WFH, BlackBerry, Swoop, EFEX, Rubrik, Nutanix, D2L, Intelicare, Verizon, McAfee, Congnizant, METS Ignited, Avaya, archTIS, Contino, Qlik, Commvault, The Adecco Group, Modis Australia: and the AIIA
Business Council of Australia
“This budget propels Australia out of the pandemic and lays the foundations for a jobs-led recovery,” Business Council chief executive Jennifer Westacott said.
“We are on the right track. The budget builds on the significant gains we’ve made to create jobs, get people and businesses back to work, rebuild confidence and fire up economic growth.
“The social dividend of a growing economy means the Morrison government’s budget gives back to those who need it most with a record injection of funds that will help improve lives in aged care, mental health and disability services.
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