The delayed Federal Budget for 2020/21 was delivered on 6th October by the Federal Treasurer, the Hon Josh Frydenberg MP. What a contrast to his inaugural Federal Budget last year where he proudly announced the Australian Federal Government projected a $7.1bn surplus in 2019/20. The current budget papers confirmed the 2019/20 budget infact delivered a deficit of $83.3bn, with a new forecast deficit in 2020/21 of $213.7bn. It was no secret that this budget would be an attempt to pump-prime the Australian economy with jobs in a hope to reduce the unemployment rate below a revised target of 6%.
A range of measures have been announced, with the main focus on a bring-forward of planned tax cuts and increased business incentives. The Government is acutely aware of the brittle assumptions it has made in its budget and time will be the judge on the proposed measures. I urge you to browse through the attached paper –while it is not too long, it is structured so you can easily scroll through to sections that are likely to be relevant to you and your family.
Please click on the below link to access Profile’s 2020 Federal Budget Report:
This brings me to our usual caveat on budget analysis; these changes are not yet legislated so further changes may be implemented before budget proposals are legislated through both Houses of Parliament.
As always, if you have any questions or concerns, please don’t hesitate to contact Stephen or Jess at Profile Financial Services.