By Reuters Staff
5 Min Read
(Repeats with no change to text) Following are the highlights of Australia’s 2021/22 budget and the Treasury’s key economic forecasts released on Tuesday. For a story on the budget, click FORECASTS SURPLUS/DEFICIT New (Pct of GDP) Previous (Pct of GDP) (In A$ bln) f’cast f’cast 2021/22 -106.6 (-5.0) -108.5 (-5.3) 2022/23 -99.3 (-4.6) -66.0 (-3.0) 2023/24 -79.5 (-3.5) 2024/25 -57.0 (-2.4) GDP GROWTH 2021/22 2022/23 2023/24 2024/25 (In pct) New Old New Old New Old New Old
4.25 3.50 2.50 2.50 2.25 2.75 2.50 - UNEMPLOYMENT 2021/22 2022/23 2023/24 2024/25 (In pct) New Old New Old New Old New Old
5.0 5.5 4.75 5.25 4.5 5.25 4.5 - CPI INFLATION 2021/22 2022/23 2023/24 2024/25 (In pct) New Old New Old New Old New Old
Thousands of foreign backpackers and students in Australia will be allowed to undertake more work under changes announced in the federal Budget to offset the impact of the nation s border closure that is set to extend into mid-2022.
Student visa holders will be temporarily allowed to work more hours in the tourism and hospitality sectors, as the government seeks to ramp up support for both industries hit hard by a lack of foreign workers entering the country.
The government has scrapped the 40 hour per fortnight limit for foreign students in both industries which have historically relied on temporary visa holders.
Australia s international borders could remain closed for more than a year if health experts deem it too dangerous to open up.
The federal budget assumes the borders, which have been closed since March 2020 due to the coronavirus pandemic, will open in mid-2022.
But Treasurer Josh Frydenberg said this could be brought forward or pushed back depending on the advice of health experts.
The federal budget assumes the borders, which have been closed since March 2020 due to the coronavirus pandemic, will open in mid-2022. Pictured: Sydney s Coogee Beach in November We will open the international borders when it s safe to do so. And that means basing our decisions on the medical advice, he told the National Press Club on Wednesday.
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at 2:00 pm on May 12, 2021 | 20 comments
CoreLogic’s head of research, Eliza Owen, has released a note explaining the federal budget’s housing policy changes:
Housing affordability is becoming an increasing concern for first home buyers and policy makers amid recent, rapid price increases. But the double-edged sword of reducing housing values to make them more affordable, is that housing also makes up the majority of Australian household wealth; make housing more affordable for one Australian, and we risk reducing the wealth for another.
In contrast to the Labor party platform of reducing housing demand through the 2016 and 2018 elections (via reducing or removing incentives for housing investors), the federal government have utilised a different approach to boosting the rate of home ownership. They focus on increasing accessibility of mortgages, rather than risking any downward pressure on residential property prices.
Filed to:budget 2021
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Just the thought of buying a home seems ridiculous in this economy. House prices have spiked significantly following COVID-19, lots of people have lost their jobs and we all like our avocado toast.
But a couple of things from the 2021 federal budget today might actually make buying a home a little bit easier. Let’s break them down and see how you can best make use of the government’s offerings.
First Home Loan Deposit Scheme
The federal government announced 10,000 extra places for the First Home Loan Deposit Scheme (FHLDS) in the 2021-2022 financial year, for new homes. This covers those planning to buy a newly constructed home, property off the plan, house and land package or land and separate building contract.