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.
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
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”
NSW Premier Chris Minns condemned a recent anti-Semitic attack in Sydney’s eastern suburbs, where cars were set on fire and properties were vandalised with anti-Israel graffiti.
Emergency services received reports of a car fire on Magney Street in Woollahra early Wednesday morning. Fire & Rescue NSW extinguished the fire, but multiple cars and buildings suffered vandalism.
Graffiti with messages like “Kill Israel” was found on walls. A crime scene has been established, and an investigation is underway. Police are looking to speak with two suspects aged 15 to 20, who were in the area at the time of the incident.
It’s just out of control!
Days after firebombing of Synagogue in Melbourne, now more #antisemitism in #Australia, this time in my former hometown of Sydney, with cars set alight and multiple homes vandalised with anti-Israel graffiti, in the strongly Jewish suburb of Woollahra. pic.twitter.com/gCdCrlSlXU
Minns described the attack as “shocking” and stated, “This is not the Sydney we want.” He emphasized that such racist acts aimed at dividing the community would not succeed.
He plans to consult with police about the investigation, assuring the public that those responsible will face justice.
NSW Health Minister Ryan Park also denounced the incident, calling it offensive and concerning.
It follows a similar act of vandalism in November, where cars were spray-painted with phrases like “f**k Israel.” Various buildings, including the Chiswick restaurant, were also targeted in that incident.
A 26-year-old man, Luigi Mangione, is fighting extradition to New York to face murder charges for the shooting of UnitedHealth executive Brian Thompson.
Mangione was arrested in Pennsylvania after a five-day manhunt and denied bail for the second time.
During a court appearance, he made a statement directed at reporters, though its meaning was unclear.
Legal experts believe Mangione’s fight against extradition could prolong the process, but success is unlikely.
Authorities are investigating whether he acted alone or had assistance leading up to the shooting.
Mangione was recognized at a McDonald’s by an employee and was found with a firearm, clothing, and fake IDs matching the shooter’s description.
Weapon possession
He has been charged with gun and forgery offenses in Pennsylvania, in addition to murder and weapon possession charges in New York.
Investigators are still determining the motive behind Thompson’s targeted killing. It was revealed that Mangione had chronic back pain and previously worked as a data engineer.
His family expressed shock and devastation over his arrest and offered condolences to Thompson’s family.
Thompson, a father of two, had been the CEO of UnitedHealth’s insurance unit since 2021 and was in New York for a company event. The incident has heightened frustrations concerning healthcare access and insurance issues in the U.S.
Rupert Murdoch’s attempt to change the family trust to consolidate control under his son Lachlan has been rejected by a Nevada commissioner.
The ruling, made by Commissioner Edmund J. Gorman Jr., stated that Murdoch and Lachlan acted in “bad faith” while trying to amend the irrevocable trust, which divides control equally among Murdoch’s four oldest children.
The 96-page opinion characterised the plan as a “carefully crafted charade” intended to secure Lachlan’s executive roles unconditionally.
Murdoch’s lawyer expressed disappointment and plans to appeal the ruling.
FILE PHOTO: Media mogul Rupert Murdoch poses for a photograph with his sons Lachlan and James in London.
Media empire
This dispute is critical as it affects the future control of Murdoch’s media empire, which includes Fox News and other major outlets.
While the intention was not to diminish financial stakes, the ruling reflects deep family tensions, especially given differing political views among the siblings.
The commissioner noted Lachlan initiated the proposed changes, created a plan dubbed “Project Family Harmony,” and labeled James as a “troublesome beneficiary.”
Despite Lachlan and Rupert’s efforts, the attempt to marginalise James was deemed insufficiently justified by the court.
Murdoch’s family trust, established in 2006, retains his control until his death, and includes provisions allowing amendments.
However, the commissioner found that Murdoch and Lachlan’s actions were not supporting their siblings’ best interests.
The ruling is not final and may be contested further in court.