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Federal Budget 2020: How will it impact you?

Article image for Federal Budget 2020: How will it impact you?

Brooke Corte presents special live coverage of the 2020 Federal Budget, which promises to generate 950,000 jobs over the next four years.

Treasurer Josh Frydenberg has delivered the budget, brought to you live on Money News.

Watch the Treasurer’s speech below

Click HERE to listen to the Treasurer’s speech in full.

Mr Frydenberg opened his speech thanking the frontline workers who served the country throughout the bushfire and COVID-19 crises, before announcing a budget to address “the most severe economic crisis since the Great Depression”.

Net debt, he said, will increase to $703 billion this financial year, and $966 billion in 2024. The budget deficit will reach $213.7 billion, falling to $66.9 billion in 2024.

“There is no budget recovery without a job recovery, and this budget is all about jobs,” the Treasurer said.

Under a new JobMaker scheme, all businesses except banks will be incentivised to take on 450,000 young people, with a $200 per week hiring credit payment for employees under 30s who work at least 20 hrs a week.

In what Mr Frydenberg called “a game-changer”, up to 99 per cent of businesses will be able to write off the full value of any eligible asset.

They will also be allowed to offset losses early.

A “major structural reform” will bring about tax cuts for 11 million Australians, with the government bringing forward stage two of its tax reform two years early.

“The greatest benefit will flow to those on the lower incomes, with those earning $40,000 paying 20 per cent less tax, and those on $80,000 paying 11 per cent less.”

The research and development sector will receive $2 billion in funding, $459 million has been set aside for the CSIRO, and $1.9 billion will be spent to address climate change and low emissions technology.

The infrastructure pipeline will be expanded with a $14 billion investment, including $2 billion for road safety upgrades, which the Treasurer said will create 40,000 jobs.

The first home buyers deposit scheme has been extended by 10,000 places, and $1 billion has been provided for construction of low cost housing.

Law enforcement and intelligence agencies will receive $450 million, and the Australian Defence Force $1 billion.

The government has set aside $3.9 billion in funding for the NDIS, $16 billion to address the ongoing health crisis, and $5.7 billion in mental health support.

National political editor Michael Pachi joined Brooke to dissect the 2020 Federal Budget.

Click PLAY below to hear the verdict

Nine Radio’s budget panel, featuring John Stanley, 4BC’s Scott Emerson and 3AW’s Tom Elliott, shared their analysis of the budget winners and losers.

Click PLAY below to hear the panel

Shadow finance minister Katy Gallagher told Brooke in relation to the JobMaker program, Labor has particular concerns for older workers who have been made unemployed during the crisis.

“We acknowledge that there is an issue about young people … but we are concerned that for those over 35, that there isn’t much in this budget.

“That’s a big chunk of people who we can’t see getting much support.”

Click PLAY below to hear the full interview

The full Budget 2020-21 documents are available HERE.

Budget Wrap