Gas-fired power plant to be built by Snowy Hydro dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.
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.
Budget 2021: What we know so far
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Treasurer Josh Frydenberg is putting the finishing touches to a budget that will continue to focus on economic recovery from the coronavirus-induced recession, try to improve the governmentâs standing with women and address the crunch posed by the ageing population.
After being moved to October last year because of the pandemic, the budget returns to its usual second Tuesday in May timeslot, this year on May 11.
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But while the economy is recovering more strongly than was expected last year, Mr Frydenberg has pledged to continue the big spending to underpin job creation, especially for industries that remain affected such as tourism.
Industry questions federal gas power plan
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Plans by the Commonwealth to build a gas-fired power station in NSW in addition to one to be built by EnergyAustralia could accelerate the demise of coal and may not cut prices immediately as the government hopes, Energy Security Board chief Kerry Schott says.
Dr Schott was one of several experts and industry figures who questioned the need for a second, new government-funded plant in NSW after EnergyAustralia confirmed it would proceed with its proposed 316 megawatt, $300 million Tallawarra B project in the Illawarra region.
Dr Kerry Schott says the use of power from the Kurri Kurri plant would hinge on the price of gas. It would compete against coal, pumped-hydro, existing gas and the cheapest of all, renewable energy.