Budget 2021 – Securing Australia’s Recovery
12 May | '2021
Australia has come a long way over the last year. All Australians can be proud of the role they have played. Around the world, there are currently around 800,000 new cases of COVID-19 per day. Here in Australia, this scale of tragedy has been avoided. Last year, the UK, French and Italian economies declined by over 8%. Canada and Japan contracted by around 5%. Australia’s economy contracted by just 2.5%. Australia now has over 74,000 more people in jobs than we had pre-COVID. This makes Australia the first advanced economy to have more people employed than pre-COVID-19.
The pandemic is still far from over. There are many Australians doing it tough. However, the Government’s plan is working. This year’s Budget is about: securing our recovery and building for our future. It includes:
- Further tax relief for over 10 million low and middle-income earners, to reward hard work and stimulate spending through our economy. Around 71,400 taxpayers in Moncrieff will benefit from tax relief of up to $2,745 this year. This is a result of the Morrison Government decision to extend the low and middle income tax offset to 2021-22 and the decision to bring forward Stage 2 of the Government’s tax relief plan. The Government’s Tax Plan has already benefited 78,500 people in Moncrieff.
- Record investment in skills and training – including 450,000 JobTrainer places and wage subsidies to support 170,000 new apprentices and trainees. An extended and expanded JobTrainer Fund will support 500,000 new places to upskill job seekers and young people. We already have 2,090 apprentices in Moncrieff and these new measures will lead to more opportunities for apprentices and trainees with expanded wage subsidies.
- The expanded instant asset write off, which helps businesses invest – from tradies and farmers buying vehicles, to major manufacturers expanding production lines. The Morrison Government is continuing tax incentives that will allow around 28,400 businesses in Moncrieff to write off the full value of any eligible asset they purchase. Additionally, around 11,900 businesses in Moncrieff will be able to use the extended loss carry back measure to support cash flow and confidence. This has helped businesses invest more in the local economy and to create local jobs.
- Encouraging home ownership by expanding the First Home Super Saver Scheme, helping 10,000 more first home buyers build a home with 5% deposit and 10,000 single parents purchase a home with a 2% deposit.
- A 10-year, $110 billion infrastructure pipeline to ease congestion,improve safety and build our economic future. This Budget invests in major road and rail projects, road safety and community infrastructure programs, supporting additional jobs. $2 billion is being committed in Queensland for projects that will ease congestion, connect communities and improve road safety. They will support the economic recovery in the short term and boost productivity in the longer term.
- $126.6 million extra for Stage 3 of the Gold Coast Light Rail. This raises the total Stage 3 contribution to the Morrison Government contribution to $396.6 million.
- Record funding for schools, hospitals, women’s safety and disability support. Hospitals, schools, aged care, Medicare, mental health, and disability support services will always be guaranteed under the Morrison Government. The Morrison Government is providing additional investments in respiratory clinics, pathology testing and tracing, and the continuation of telehealth services. In Moncrieff there have been 352,472 telehealth consultations through Medicare since the start of the pandemic and these services are now being extended. Under the Morrison Government funding for public schools in Moncrieff continues to increase as a part of the Quality Schools Package. Funding increases for local schools in Moncrieff is available from: www.education.gov.au/school-funding-estimator We are increasing funding for preschools in Moncrieff and making childcare more affordable and accessible.
- Increasing the affordability of childcare for around 250,000 families,who will be better off by an average of $2,200 each year. We are increasing funding for preschools in Moncrieff and making childcare more affordable and accessible. Childcare reforms in this Budget will directly benefit over 1,550 families living in Moncrieff.
- Measures to encourage more R&D and manufacturing onshore.
- New medicines listed on the Pharmaceutical Benefits Schemeto treat breast cancer, lung cancer, severe osteoporosis, severe asthma and chronic migraines. The Morrison Government has a commitment to fund every medicine on the PBS recommended by the medical experts, putting lifesaving treatments within the reach of every Australian. In this Budget we are listing more medicines to treat breast cancer, lung cancer, osteoporosis, migraine, eczema and asthma. In the last year there have been 2,087,714 free or subsidised medicines delivered in Moncrieff through the PBS.
- Nearly $18 billion in new funding to significantly improve the aged care system– including another 80,000 new home care packages (bringing the total to 275,000). This Budget delivers a record investment in Aged care to help the 30,303 senior Australians living in Moncrieff. This investment will deliver more home care places, more funding for residential aged care and increases the amount of time residents are cared for while strengthening regulators to monitor and enforce the standards of care.
- Further mental health fundingto provide more headspace centres, a new network of 40 Head to Health centres and more services through Medicare.
- Further investment in dams and irrigation projects and technologies to reduce greenhouse emissions, like clean hydrogen and energy storage.Click here to find out more about the Budget.
COVID-19 is still far from over. However, Australia is on the road to recovery. This Budget is about securing our recovery, so we can come back stronger.