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“We are better placed to meet the economic challenge”: Australia’s Federal Budget

Published

5 years ago

May 11, 2021

Ahron Young

The Australian treasurer has announced a big spending budget to help get the country back on track.

The government has announced more than $53 billion in new stimulus payments and funding for key services.

Here’s what you need to know

International borders are likely to remain shut for at least 12-months.

The Treasurer promised $8 billion in new tax cuts for low and middle income earners and more than $20bn in further tax breaks for small businesses.

Mr Frydenberg released an 81-page women’s budget statement, featuring $1.1bn for women’s safety, a $1.7bn investment in childcare and $350m for health and wellbeing measures.

The treasurer says the economy is recovering.

‘Australia’s economic engine is roaring back to life’

As a share of the economy, net debt is around half of that in the United Kingdom and United States and less than a third of that in Japan.

“We are better placed than nearly any other country to meet the economic challenges that lie ahead”
tHE TREASURER SAYS.

The Treasurer says that Consumer sentiment is at its highest in 11 years.

“Business conditions reached record highs. And more Australians are in work than ever before.”

Australia is now well on the road to recovery.#Budget2021 secures our recovery and sets Australia up for the future.
— Scott Morrison (@ScottMorrisonMP) May 11, 2021

The cost to the economy will be huge, the federal deficit is set to reach $161 billion in 2021

The good news is the deficit will be $53 billion lower than expected.

Debt is set to skyrocket again. Net debt to increase to $617 billion.

That’s 30 per cent of GDP this year, and will peak at above 40 per cent.

The treasurer painting a grim picture of Australia’s debt situation, but says it’s nothing compared to overseas countries.

Strong focus on digital economy

The government is focusing on the new economy as part of its recovery plan, announcing over a billion dollars for digital infrastructure.

The government announced a $117.8 million spend over the next four years into artificial intelligence, or AI.

Under the package, Australia’s first Artificial Intelligence Action Plan will be created, which will see the development of world-leading AI projects.

The government has been praised for its decision to invest in the digital economy.

Tony Makin from Griffith University says digital investment is “essential” for productivity growth.

Winners now… but losers later? The reaction.

Makin says the Federal Budget has “too much spending” and not enough attention on other critical areas of the economy

MAKIN’S RESPONSE TO THE FEDERAL BUDGET

Australia’s Sarah Hanson-Young says environment is the big loser in tonight’s budget.

https://twitter.com/sarahinthesen8/status/1392057373653495815

Similarly, Australian politician and former industrial lawyer who is the leader of the Australian Greens and federal MP for Melbourne has shared his response on twitter to the government stating the budget ‘invests in the people’.

There’s tax cuts for billionaires and handouts to big corporations, but wages will *go backwards* for the next two years and job seekers are stuck in poverty.

This is a bad Budget from a trickle-down Treasurer.
— Adam Bandt (@AdamBandt) May 11, 2021

Australia’s opposition leader, Anthony Albanese says the budget is “just more of the same from a tired old government”

My reaction to #Budget2021:

Australians have endured eight long years of flat wages, insecure work and skyrocketing cost of living under the Liberals and Nationals – and this Budget does nothing to change that.

It's just more of the same from a tired old government. pic.twitter.com/Og8q06JYud
— Anthony Albanese (@AlboMP) May 11, 2021

Related Topics:australia budget Economy Featured federal budget trending

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