Treasurer Josh Frydenberg: the government has ruled out bringing forward stage three of its income tax cut package.Â
Alex Ellinghausen
Retirees
People who downsize their family home and are rewarded by being able to contribute $300,000 to superannuation ($600,000 for couples) will be able to do so at age 60, down from 65.
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The budget will abolish the work test, which requires those aged between 67 and 74 to be gainfully employed for at least 40 hours over 30 consecutive days during the financial year before concessional or non-concessional superannuation contributions can be made.
Infrastructure
The $100 billion, 10-year infrastructure program will be boosted by another $10 billion, with the extra funding spread across eight road projects, the biggest of which will be $2.03 billion for the upgrade of the Great Western Highway.
10 May 2021
E&OE
Subjects: The major infrastructure investment which forms part of the Federal Government’s National Economic Recovery Plan;
MICHAEL ROWLAND
Let’s get more now on that infrastructure funding to be announced in tomorrow’s Federal Budget and bring in the Deputy Prime Minister. Michael McCormack, good morning to you. Why is this spending, in your view, so important?
MICHAEL McCORMACK
Good morning, Michael, because it supports jobs and indeed the more than the $10 billion that we’re pumping additionally into infrastructure is going to support 30,000 extra jobs, that’s on top of the 100,000 workers who are already engaged actively in the $110 billion 10-year pipeline of investment that we’re putting into infrastructure – roads, rail – right across the country. Each and every state, both the territories, I messaged or spoke to all of the Transport Ministers right throughout the country last night – the State Ministers – and they were very delighted
Labor has accused the Morrison government of using the federal budget as a shameless political fix without a proper job creation plan.
While Treasurer Josh Frydenberg made employment the centrepiece of his third budget on Tuesday, the federal opposition believe he missed an opportunity.
Shadow treasurer Jim Chalmers said the government had delivered another marketing exercise that failed to address key issues. It is a shameless political fix, rather than the genuine reform needed to make Australia s economy stronger, broader and more sustainable, he said.
Shadow treasurer Jim Chalmers said the government had delivered another marketing exercise that failed to address key issues
Image: Getty
Treasurer Josh Frydenberg has handed down the 2021-2022 Australian Federal Budget tonight. And you can read the speech in full right here.
And if you’re interested in delving into the entire Budget yourself, you can find it here.
2021 Budget Speech
Australia is coming back.
Doctors and nurses on the front line.
Teachers and students in the virtual classroom.
Businesses, big and small, keeping the economy moving.
‘Team Australia’ at its best.
A nation to be proud of.
We have come so far since the height of the pandemic.
Treasury feared unemployment could reach 15 per cent and the economy contract by more than 20 per cent.
Australia is coming back.
Doctors and nurses on the front line.
Teachers and students in the virtual classroom.
Businesses, big and small, keeping the economy moving.
‘Team Australia’ at its best.
A nation to be proud of.
We have come so far since the height of the pandemic.
Treasurer Josh Frydenberg announced the Federal Budget 2021 speech on Tuesday May 11
Treasury feared unemployment could reach 15 per cent and the economy contract by more than 20 per cent.
This would have meant 2 million Australians unemployed.
It would have been the equivalent of losing the agriculture, construction, and mining sectors.
Mr. Speaker, today the reality is very different.