Australian Federal Budget 2020: What We Know so Far

By AAP
September 30, 2020 Updated: October 1, 2020

The Big Picture

* Scott Morrison and Josh Frydenberg say it will be a “jobs budget” with the aim of driving the recovery out of the first recession since the 1990s

* Estimated budget deficit of $200 billion

* Debt edging upwards of $800 billion

* Expected $140 billion in stimulus over four years

Infrastructure

* Funding to expand two NSW dams, Wyangala and Dungowan

* $53 million funding for gas infrastructure, as part of a national plan

* $211 million for domestic fuel security facilities

* More flexible rules for the Northern Australia Infrastructure Facility to invest

Hip-Pockets

* Possible bringing forward of personal tax cuts which were due to start in 2022

* 2.5 million pensioners to get extra help to make up for an inflation-related rise not going ahead

* HomeBuilder package likely to be extended

* No changes to the JobSeeker dole payments. Government wants more data on economic conditions before deciding.

Business

* Consideration of a business investment allowance

* Wage incentive for small and medium-sized businesses to take on new workers

* Possible incentives for regional manufacturing

* $800 million aimed at helping individuals and businesses work online

* $53 million funding for television and film production and new content rules

Health

* Extension of telehealth and e-prescription services

* Extra funding for aged care, ahead of the receipt of the royal commission report

* New strategy to get young people out of residential aged care

* $9 million for research into cancer in children and young adults

Regions

* $100 million for new Regional Recovery Partnerships (projects in areas hit by drought, bushfires and coronavirus)

* $30 million for the Regional Connectivity Program (local telecommunications projects)

* $50 million Regional Tourism Recovery initiative (assist businesses in regions heavily reliant on international tourism)

* $200 million for an additional round of the Building Better Regions Fund

Education

*extra $326 million to provide 12,000 more university places for domestic students

Welfare

* $7.6 million for parents experiencing stillborn babies or the death of a child under 12 months of age

* 700 new safe places for women and children escaping from domestic violence under $60 million “safe places” initiative.

By Paul Osborne