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NSW Treasurer Dominic Perrottet says the Generations Fund is not punting on equity markets

NSW Treasurer Dominic Perrottet says the Generations Fund is not punting on equity markets
afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.

Budget surplus for second month in a row

A Moderna arrangement

Good morning, early birds. The Australian government has struck an agreement with the US-based pharmaceutical giant Moderna to receive 25 million doses of their COVID-19 vaccine, and Josh Frydenberg has drawn election battlelines with Labor over his $130 billion phase three tax cuts. It's the news you need to know, with Chris Woods.

Budget 2021: tax cuts for wealthy very doubtful

Save Share Entrenched budget deficits and debt exceeding $1 trillion will force tax rises, big spending cuts or cancelling income tax cuts for higher earners a few years from now, economists said. The budget projects annual deficits for another decade, equal to about 1.5 per cent of GDP by 2031-32, or about $30 billion in today’s dollars. The government unleashed $95 billion of extra spending over five years in the budget, about two-thirds of which is permanent outlays for social programs such as aged care, the National Disability Insurance Scheme, mental health and childcare. About one-third of the extra spending was temporary, for income tax refunds for low and middle earners and business tax breaks.

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