The 2020/2021 Federal Budget was released on the night of the 6th of October 2020.
This is the first Australian Federal budget to be announced in a recessionary economy in 29 years, and is considered by many to be the most important Federal Budget since World War II. It is apparent that the focus of the budget is to encourage consumer and business spending, and to inject money into the economy to enable this spending to occur. The budget announcement acknowledges that the assumptions underlying the budget are by no means certain:
“There remains substantial uncertainty around the global and domestic outlook, as well as the extent of any longer-lasting economic effects from the pandemic. This stems largely from uncertainty around the spread of the virus and the success of health interventions, as well as uncertainty around the timing and efficacy of vaccines and other medical treatments. Uncertainty and the re-introduction of containment measures could substantially reduce activity.”
Budget Paper No. 1-8
Although the fine details are yet to be released, and the proposed changes are yet to be legislated, we invite you to CLICK ON THE HEADINGS BELOW for information that may be relevant to your personal and business circumstances. We will continue to forward information to you as it becomes available.