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Share on Twitter The federal budget will include $10 billion in funding for infrastructure projects to be spent over the next decade. The funding aims to make roads safer, reduce travel times and support thousands of jobs. The government has detailed where half the money will be spent, with the remainder to be announced in Tuesday night s budget. Deputy Prime Minister Michael McCormack said the extra funding was a key plank of the government s plan to help Australia bounce back from the coronavirus pandemic. More money for infrastructure means more jobs, more local procurement and a better future for businesses across the country, Mr McCormack told reporters in Canberra. ....
Share on Twitter The flow of pre-budget announcements continues ahead of Josh Frydenberg s big night and with details of a huge package for aged care still to come. The treasurer says his third budget on Tuesday will include an aged care pledge that will be bigger than the $10 billion a year previously speculated. It will include reforms to home care and residential care, and governance, as well as skills and training initiatives. It is a very significant commitment designed to deal with what the royal commission has found to strengthen our system and ensure that older Australians can retire, can live with dignity, respect and with safety, he told the Nine Network on Sunday. ....
Share on Facebook Deloitte economist Chris Richardson said the government is banking on essentially beginning the process of “repairing the budget” by “repairing the economy” - and this means spending. “The economic recovery is better than people think it is and that’s important because it was such a deep and sudden downturn,” he said. “The best way to repair the budget is actually to have an economic recovery. We broadly know that there is extra money coming in the budget.” Why does this budget matter? Australia’s stronger than expected economic recovery from the COVID-19 crisis has seen unemployment levels fall faster than expected and bolstered the upcoming budget s financial position. ....
Share on Facebook But Mr Frydenberg cautioned that there are many factors to take into account that will determine whether that timeline will be met. We ve got to follow the medical advice. That medical advice has helped keep Australians safe, that medical advice has helped keep the virus at bay here in Australia, and with a strong health position, we ve had a strong economic recovery, and it s vitally important we continue to follow the medical advice, with respect to borders. Treasurer Josh Frydenberg says there will be an assumption in this week s budget of borders opening next year. Ben Patrick / SBS News ....