36 things in the budget you need to know about, according to CommSec’s economist

Treasurer Josh Frydenberg unveiled the full picture of the Morrison government’s 2021 budget tonight, following a series of headline announcements over recent weeks.

Among the key details of a Coalition government that previously sought to hammer the Labor opposition over its deficit budgets during the GFC a decade earlier was the fact that the budget deficit for the current and upcoming financial years will top $267 billion – $161 billion of that figure from this financial year’s coronavirus-battered year.

And as the government prepares to head to an election next year, the deficit only falls to $106 billion for FY2022.

Craig James, Chief Economist at CBA’s trading platform CommSec, has put together a list of the key numbers from the 2021 federal budget.

Here they are:

  • Budget deficit of $161 billion (7.8% of GDP) expected this year (2020/21)
  • Budget deficit of $106.6 billion (5% of GDP) expected next year (2021/22)
  • $7.8 billion extension of the Low and Middle Income Tax Offset
  • $20.7 billion in tax relief to extend temporary full expensing and temporary loss carry-back for businesses
  • $17.7 billion for aged care over four years
  • $15.2 billion for infrastructure projects to be spent over the next decade
  • $13.2 billion over four years for the National Disability Insurance Scheme (NDIS)
  • $3.4 billion for women’s safety measures
  • $2.3 billion for improved and expanded mental health care and suicide prevention
  • $2 billion over four years for early childhood education
  • $1.9 billion for the Covid-19 vaccination rollout
  • $1.9 billion over the decade to strengthen our national security and law enforcement capabilities
  • $1.7 billion for expanding child care subsidy
  • $1.5 billion to extend a range of health responses
  • $1.5 billion Modern Manufacturing Strategy
  • Employers will be given an extra $1.5 billion to hire 100,000 apprentices and trainees in the next year
  • $1.2 billion in support for aviation and tourism
  • Extra $1.2 billion in Digital Economy Strategy
  • $1.2 billion over 10 years to encourage investment in regional hydrogen hubs
  • $878.7 million to support access to affordable medicines through the Pharmaceutical Benefits Scheme (PBS)
  • $850.4 million to help farmers reach their goal of increasing farm gate output
  • $780 million to extend the HomeBuilder construction commencement period and the New Home Guarantee
  • $747 million to upgrade four key military training areas
  • $385.5 million for biosecurity systems
  • $480 million in new funding for the environment
  • $464.7 million to bolster domestic detention capabilities
  • $300 million to support Australia’s creative and entertainment sector
  • $696 million over the next 4 years for the Agriculture 2030 initiative
  • $225 million in excise tax relief for small-scale alcohol brewers and distillers
  • A new SME Recovery Loan Scheme building on the SME Guarantee Scheme
  • Family Home Guarantee for eligible single parents
  • $506 million to extend the JobTrainer fund
  • Additional $460.4 million for veterans
  • $1.2 billion to establish Australia at the forefront of low emissions technology innovation
  • $265 million for the Building Better Regions Fund
  • People over 60 years who sell their home and downsize will be able to put $300,000 into their superannuation

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