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

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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.”

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.

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’.

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

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Time is running out for Biden’s death penalty abolition

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President Joe Biden is facing increasing pressure as his administration grapples with the challenge of fulfilling a key 2020 campaign promise – the abolition of the federal death penalty.

The issue has gained renewed attention as the Department of Justice reviews its policies on capital punishment.

Despite initial steps like imposing a moratorium on federal executions, the President’s commitment to a complete abolition faces hurdles in Congress and legal complexities.

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What can be learned from the AT&T outage?

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The outage lasted for several hours and impacted thousands of customers across the United States.

White House national security spokesperson John Kirby said the FBI and the Department of Homeland Security were looking into an AT&T outage that lasted for several hours and impacted thousands of customers across the United States.

AT&T said the hour-long outage to its U.S. cellphone network appeared to be the result of a technical error, not a malicious attack and that the Federal Communications Commission was in touch with the company.

Hugh Odom a former AT&T Attorney and the Founder and President of Vertical Consultants joins Veronica Dudo to discuss. #IN AMERICA TODAY #featured #telecommunications #cellphone #AT&T #AT&Toutage

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Extremism top concern for U.S. voters ahead of election

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Worries over political extremism and threats to democracy have surged to the forefront as the primary concern for U.S. voters, setting the stage for a high-stakes showdown in the upcoming November election.

The three-day Reuters Ipsos poll, which concluded on Sunday, found that 21% of respondents identified “political extremism or threats to democracy” as the nation’s most pressing issue, narrowly edging out concerns about the economy and immigration.

President Joe Biden appears to hold a slight advantage over his predecessor, Donald Trump, in addressing this issue, with 34% of respondents believing Biden has a better approach compared to 31% for Trump.

The findings underscore the deeply polarized political landscape in America, with Democrats prioritizing extremism as the top issue, while Republicans overwhelmingly focus on immigration.

Independent voters

The poll also highlights the pivotal role of independent voters, with nearly a third citing extremism as their primary concern, followed closely by immigration and the economy.

This suggests that the handling of extremism could significantly influence voter behavior in the upcoming election.

The rise of extremism as a top concern comes amid ongoing political turmoil, with Trump continuing to challenge the legitimacy of U.S. institutions and perpetuate false claims of election fraud.

His rhetoric has not only fueled division but also incited violence, as seen in the January 6, 2021, assault on the U.S. Capitol.

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