{"id":50897,"date":"2020-10-06T14:46:02","date_gmt":"2020-10-06T14:46:02","guid":{"rendered":"https:\/\/websitedesigns.com.au\/elankanew\/?p=50897"},"modified":"2020-10-06T14:46:02","modified_gmt":"2020-10-06T14:46:02","slug":"the-hon-josh-frydenberg-mp-treasurer-speech-budget-2020-2021","status":"publish","type":"post","link":"https:\/\/websitedesigns.com.au\/elankanew\/the-hon-josh-frydenberg-mp-treasurer-speech-budget-2020-2021\/","title":{"rendered":"THE HON JOSH FRYDENBERG MP &#8211; Treasurer &#8211; Speech &#8211; Budget 2020-2021"},"content":{"rendered":"<h1 style=\"text-align: center;\"><span style=\"color: #00ccff;\"><strong>THE HON JOSH FRYDENBERG MP &#8211; Treasurer &#8211; Speech &#8211; Budget 2020-2021<\/strong><\/span><\/h1>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-43363 aligncenter\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2020\/04\/Australia.jpg\" alt=\"Australia\" width=\"300\" height=\"250\" \/><\/p>\n<h2 class=\"m_7635475582940053652MinisterName\" style=\"text-align: center;\"><span style=\"color: #3366ff;\">THE HON JOSH FRYDENBERG MP<\/span><br \/>\n<span style=\"color: #3366ff;\"><u><\/u><u><\/u>Treasurer<\/span><br \/>\n<span style=\"color: #3366ff;\">Federal Member for Kooyong<\/span><u><\/u><u><\/u><\/h2>\n<p class=\"m_7635475582940053652Default\" align=\"center\"><b><span style=\"color: #3366ff; font-size: 20px;\">SPEECH<\/span><u><\/u><u><\/u><\/b><\/p>\n<h2 class=\"m_7635475582940053652Default\" align=\"center\"><b><u><\/u>\u00a0<u><\/u><\/b><span style=\"font-size: 20px; color: #3366ff;\"><b><u>2020-2021 BUDGET SPEECH<\/u><\/b><\/span><\/h2>\n<h2 class=\"m_7635475582940053652Default\" align=\"center\"><span style=\"font-size: 20px; color: #3366ff;\">PARLIAMENT HOUSE, CANBERRA<u><\/u><u><\/u><\/span><\/h2>\n<h2 class=\"m_7635475582940053652Default\" align=\"center\"><span style=\"font-size: 20px; color: #3366ff;\"><u><\/u>6 OCTOBER 2020<\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-47759\" src=\"https:\/\/websitedesigns.com.au\/elankanew\/wp-content\/uploads\/2020\/07\/JOSH-FRYDENBERG.jpg\" alt=\"JOSH FRYDENBERG\" width=\"150\" height=\"200\" \/><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Introduction<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr. Speaker, I move that this Bill now be read a second time.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In 2020, Australians have been tested like never before.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Flood, drought, fires, and a global pandemic.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">So many Australians, through no fault of their own, are doing it tough.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Lives have been lost.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Businesses have closed.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Jobs have gone.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our cherished way of life has been put on hold.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our local heroes, the healthcare workers on the front-line, just as our volunteer firefighters did over summer, are showing us the way.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Their courage, commitment, and compassion reflects the very best of Australia.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tonight, a grateful nation gives thanks.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">These qualities are the invisible strength of Australia.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">A resilient people, a proud nation and we will get through this together.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The Great Depression and two World Wars did not bring Australia to its knees, neither will COVID-19.<\/span><\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- Responsive --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-5123580823957590\" data-ad-slot=\"7875984934\" data-ad-format=\"auto\" data-full-width-responsive=\"true\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p><!--more--><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Economic environment<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, COVID-19 has resulted in the most severe global economic crisis since the Great Depression.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Across the world the equivalent of 600 million people have lost their jobs.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The global economy is expected to contract by 4.5 per cent this year compared to just 0.1 per cent during the GFC.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Australia has not been immune.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our economy has been hit, and hit hard.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In the space of just one month, more than one million Australians lost their jobs or saw their working hours reduced to zero.\u00a0 In my home State of Victoria, millions have been in lockdown.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In response, the Morrison Government committed unprecedented support, saving lives, cushioning the blow and helping Australians remain in work.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our measures were temporary, targeted, and proportionate.\u00a0<\/span><\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- Responsive --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-5123580823957590\" data-ad-slot=\"7875984934\" data-ad-format=\"auto\" data-full-width-responsive=\"true\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">JobKeeper is a $101 billion economic lifeline that is supporting around 3.5 million Australian jobs.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The Cashflow Boost has already provided $28 billion, helping around 800,000 small and medium businesses to stay afloat.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">JobSeeker doubled the safety net.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Two $750 payments went to millions of pensioners, carers, and others on income support.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Together, our actions saved 700,000 jobs.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We could do this because we entered this crisis from a position of economic strength, brought the Budget back to balance for the first time in 11 years and maintained our AAA credit rating.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This gave us the fiscal firepower when we needed it most.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, our economic response has come at a significant cost.\u00a0<\/span><\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- Responsive --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-5123580823957590\" data-ad-slot=\"7875984934\" data-ad-format=\"auto\" data-full-width-responsive=\"true\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">COVID-19 will see our deficit reach $213.7 billion this year, falling to $66.9 billion by 2023-24.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Net debt will increase to $703 billion or 36 per cent of GDP this year and peak at $966 billion or 44 per cent of GDP in June 2024.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This is a heavy burden, but a necessary one to responsibly deal with the greatest challenge of our time.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">By comparison, Australia\u2019s net debt as a share of the economy will peak at half of that in the United Kingdom, around a third of that in the United States and around a quarter of that in Japan today.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Australia\u2019s economy contracted by 7 per cent in the June quarter.\u00a0 By comparison, there were falls of around 12 per cent in New Zealand, 14 per cent in France, and around 20 per cent in the United Kingdom.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, the Australian economy is now fighting back.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">More than half of those who lost their job are back at work.<\/span><\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- Responsive --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-5123580823957590\" data-ad-slot=\"7875984934\" data-ad-format=\"auto\" data-full-width-responsive=\"true\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">There remains a monumental task ahead.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">But there is hope.\u00a0 Australia is up to the task.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tonight, we embark as a nation on the next phase of our journey.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">A journey to rebuild our economy and secure Australia\u2019s future.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our plan will grow the economy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our plan will create jobs.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our plan will continue to guarantee the essential services Australians rely on.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Without increasing taxes.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our plan is guided by our values.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our circumstances may have changed, but our values endure.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Providing a helping hand to those who need it.\u00a0\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Personal responsibility.\u00a0\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Reward for effort.\u00a0\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The power of aspiration.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We owe it to the next generation to ensure a strong economy so that their lives are filled with the same opportunities and possibilities we have enjoyed.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tonight, I lay out the Morrison Government\u2019s economic recovery plan to steer Australia through this crisis and build for the future.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>JobMaker Hiring Credit<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, there is no economic recovery without a jobs recovery.\u00a0 There is no budget recovery without a jobs recovery.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This Budget is all about jobs.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Starting tonight, there will be a new JobMaker hiring credit to encourage businesses to hire younger Australians.<\/span><\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- Responsive --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-5123580823957590\" data-ad-slot=\"7875984934\" data-ad-format=\"auto\" data-full-width-responsive=\"true\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The JobMaker hiring credit will be payable for up to twelve months and immediately available to employers who hire those on JobSeeker aged 16-35.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">It will be paid at the rate of $200 per week for those aged under 30, and $100 per week for those aged between 30-35.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">New hires must work for at least 20 hours a week.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">All businesses, other than the major banks, will be eligible.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Treasury estimates that this will support around 450,000 jobs for young people.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Having a job means more than earning an income.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">It means economic security.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">It means independence.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">It means opportunity.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We can\u2019t let this COVID recession take that away.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Record investments in skills and training<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr. Speaker, this Budget is making a record investment in upskilling and reskilling Australians.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We have established the $1 billion JobTrainer fund to create up to 340,000 free or low cost training places for school leavers and job seekers.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We have also committed $2.8 billion to protect 180,000 apprenticeships and trainees.\u00a0\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tonight, we go further.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We commit an additional $1.2 billion to create 100,000 new apprenticeships and traineeships, with a 50 per cent wage subsidy for businesses who employ them.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In this Budget, to help Australians get a job we are funding:\u00a0<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 20px; color: #000000;\">50,000 new higher education short courses in agriculture, health, IT, science and teaching<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">12,000 new Commonwealth supported places for higher education in 2021<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">2,000 indigenous students through the Clontarf Foundation to complete Year 12 and pursue further education or find employment.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We are investing in regions across Australia to connect job seekers to local employment opportunities.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Including in Darwin, Townsville and Cairns in our north, through to Gippsland, Hobart and Adelaide in the south; from Perth in the west, and the Hunter in the east.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tonight, we are making changes to our tax system to further encourage businesses and employees to retrain.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In a modern economy, workers and businesses need to adapt.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">So should our tax system.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Backing hard working Australians<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, in last year\u2019s Budget we promised the Australian people tax relief so that they could keep more of what they earn.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We delivered.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Putting more money into the pockets of hard working Australians strengthened our economy to respond to this economic crisis.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tonight we go further again.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">More than 11 million taxpayers will get a tax cut backdated to 1 July this year.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Australians will have more of their own money to spend on what matters to them, generating billions of dollars of economic activity and creating 50,000 new jobs.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">It will help local businesses to keep their doors open and hire more staff.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Lower and middle income earners will this year receive tax relief of up to $2,745 for singles, and up to $5,490 for dual income families compared with 2017-18.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We will achieve this by bringing forward Stage Two of our legislated tax cuts by two years, lifting the 19 per cent threshold from $37,000 to $45,000, and lifting the 32.5 per cent threshold from $90,000 to $120,000.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We will also retain the Low and Middle Income Tax Offset for an additional year.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">As a proportion of tax payable compared to 2017-18, the greatest benefits will flow to those on lower incomes \u2013\u00a0with those earning $40,000 paying 21 per cent less tax, and those on $80,000 paying around 11 per cent less tax this year.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Under our changes, more than 7 million Australians receive tax relief of $2,000 or more this year.\u00a0\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">These expanded tax cuts are part of a major structural reform to our tax system that will see around 95 per cent of taxpayers face a marginal tax rate of no more than 30 cents in the dollar in 2024-25.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Under the Coalition taxes will always be lower.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Kick-starting investment<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, eight out of every ten jobs in Australia are in the private sector.\u00a0\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">It is the engine of the Australian economy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">It needs a kick-start.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Building on the successful expansion of the Instant Asset Write Off during the COVID crisis, tonight we go further, announcing the largest set of investment incentives any Australian Government has ever provided.<\/span><\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- Responsive --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-5123580823957590\" data-ad-slot=\"7875984934\" data-ad-format=\"auto\" data-full-width-responsive=\"true\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">From tonight, over 99 per cent of businesses will be able to write off the full value of any eligible asset they purchase for their business.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This will be available for small, medium and larger businesses with a turnover of up to $5 billion until June 2022.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">It is a game changer.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">It will unlock investment.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">It will dramatically expand the productive capacity of the nation and create tens of thousands of jobs.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">A trucking company will be able to upgrade its fleet, a farmer will be able to purchase a new harvester and a food manufacturing business will be able to expand its production line.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This will boost the order books of the nation.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Small businesses will buy, sell, deliver, install, and service these purchases.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Every sector of our economy, every corner of our country, will benefit.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This is how we will get Australians back to work.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, through no fault of their own, millions of small and medium sized businesses have faced lockdowns and restrictions that have severely impacted their ability to trade.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">COVID-19 has turned fundamentally sound businesses into loss making businesses.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Normally, businesses would have to return to profit before they can use these losses.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">But these are not normal times.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In order to keep their workers, these businesses need our help now.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">They cannot wait years for the tax system to catch up.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">So tonight I am announcing companies that have been doing it tough throughout this crisis will be able to use their losses earlier.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Losses incurred to June 2022 can be offset against prior profits made in or after the 2018-19 financial year.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The combination of the immediate expensing and loss carry-back measures will create an additional 50,000 jobs across the country.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Together with our reforms to insolvency and the provision of credit, we are giving Australian businesses their best chance to succeed and keep more people in work.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Women\u2019s economic security statement<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, Australian women made up the majority of those who lost their jobs during this crisis.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">As the health restrictions have eased, these jobs have started to come back, with 60 per cent of the 458,000 jobs created since May filled by women.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">But challenges remain.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We are determined to see female workforce participation reach its pre-COVID-19 record high.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This Budget includes our second\u00a0Women\u2019s Economic Security Statement, with\u00a0$240 million in measures and programs to support:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 20px; color: #000000;\">New cadetships and apprenticeships for women in science, technology, engineering and mathematics<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">Job creation and entrepreneurialism, and<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">Women\u2019s safety at work and at home.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The 2020 Women\u2019s Economic Security Statement will create more opportunities and choices for women, not just for the recovery but for generations ahead.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Strengthening our recovery and building our capability<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, COVID-19 has reinforced the importance of Australia\u2019s sovereign manufacturing capability.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Almost overnight, resourceful Australian businesses adapted.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">A reconfigured supply chain tripled mask production at a factory in Shepparton.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Production lines for sleep apnoea devices were converted to make ventilators in Western Sydney.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Gin distilleries became manufacturers of hand sanitiser across Tasmania.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tonight, we build on these strengths with a plan to ensure Australian manufacturing plays an even greater role in our economic recovery.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our $1.3 billion Modern Manufacturing plan will target six national manufacturing priorities:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 20px; color: #000000;\">food and beverage manufacturing<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">resources technology and critical minerals processing<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">medical products<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">recycling and clean energy<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">defence industry, and\u00a0<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">space industry.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This plan is built on the JobMaker platform of enabling our manufacturing businesses to be globally competitive through cheaper and more reliable energy.\u00a0 Better skills and training.\u00a0 Lower taxes.\u00a0 Less red tape and more flexible workplaces.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, Research and Development, the adoption of digital technology, and affordable and reliable energy will be critical to Australia\u2019s future economic prosperity.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In this Budget, we are providing $2 billion in additional Research and Development incentives \u2013 removing the cap on refunds, lifting the rate and rewarding those businesses that invest the most.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We are also providing:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 20px; color: #000000;\">$459 million in additional funding to the CSIRO<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">$1 billion for new research funding for our universities, backing our best and brightest minds whose ideas will help drive our recovery<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">$1.9 billion in new funding as part of our energy plan to support low emissions and renewable technologies, helping to lower emissions and address climate change.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We are also helping to unlock five key gas basins starting with the Beetaloo Basin in the Northern Territory and the North Bowen and Galilee Basins in Queensland.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">More gas at a lower price will support jobs in Australia\u2019s manufacturing sector.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Infrastructure investment to drive jobs<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, rebuilding our economy includes building more roads, rail and bridges.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In this Budget, we will expand our record 10 year infrastructure pipeline which is already supporting 100,000 jobs on worksites across the country today.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Together with what we have announced since the start of the crisis, measures in this Budget will see $14 billion in new and accelerated infrastructure projects support a further 40,000 jobs.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This will boost productivity and deliver long term benefits for Australians.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This Budget will fund major projects across each state:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 20px; color: #000000;\">The Singleton Bypass and Bolivia Hill Upgrade in New South Wales<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">The upgrade of the Shepparton and Warrnambool Rail Lines in Victoria<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">The Coomera Connector in Queensland<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">The Wheatbelt Secondary Freight Network in Western Australia<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">The Main South Road Duplication in South Australia<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">The Tasman Bridge Upgrade in Tasmania<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">The Carpentaria Highway Upgrades in the Northern Territory, and<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">The Molonglo River Bridge in the Australian Capital Territory.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">These and the many other projects we are funding will set Australia up for the future.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We know that building more infrastructure now means more jobs now.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">So tonight, we are also announcing a $2 billion investment in road safety upgrades to save lives.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Funding for these shovel ready projects will be provided on a use it or lose it basis.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">If a State drags its feet, another State will get the money. We need works to start, not stall.<\/span><\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- Responsive --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-5123580823957590\" data-ad-slot=\"7875984934\" data-ad-format=\"auto\" data-full-width-responsive=\"true\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We are also expanding the Local Roads and Community Infrastructure program.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Investing an additional $1 billion to support local councils immediate upgrades of local roads, footpaths and street lighting.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">These investments in our local communities will support local jobs.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Supporting the recovery in our regions<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, our regions have endured the most widespread natural disasters in decades.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tonight\u2019s Budget includes a package of measures to create jobs and back regional Australia\u2019s economic recovery:<\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><span style=\"font-size: 20px; color: #000000;\">$2 billion in concessional loans to help farmers overcome the devastating drought<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">$350 million to support regional tourism to attract domestic visitors back to the regions and a further round of the Building Better Regions Fund, and<\/span><\/li>\n<li><span style=\"font-size: 20px; color: #000000;\">$317 million for Australian exporters to continue to access global supply chains, building on the 80,000 tonnes of exports we have already helped get to market.<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our regions cannot thrive without water.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This Government is building water infrastructure for the 21st Century to increase our water security, build resilience, deliver jobs, and grow our agriculture sector.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We have already funded over 20 projects to supply billions of litres of water for productive use, with construction of the Emu Swamp dam currently underway.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In this Budget we have doubled our commitment to Wyangala and Dungowan dams with our investment totalling $567 million.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tonight, we go further.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">I announce $2 billion in new funding to build vital water infrastructure across the country\u00a0as part of our national water grid\u00a0including dams, weirs and pipelines.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Supporting regional communities and regional jobs.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Protecting our environment<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, protecting our environment and this magnificent continent is our responsibility.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This Budget builds on the investments we made in last year\u2019s Budget, with an additional $1.8 billion in funding for the environment.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our investments reflect our commitments to help our wildlife recover from the Black Summer bushfires and to protect and enhance our unique natural environment.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We will undertake the biggest single investment in Australia\u2019s Commonwealth National Parks, injecting $233 million to upgrade facilities in Uluru, Kakadu, Christmas Island and Booderee National Park.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In this Budget we will also provide $67 million in further funding to protect our oceans by improving their health and restoring Australia\u2019s mangroves, tidal marshes, and sea grasses.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, by recycling more waste we can also create jobs.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The Morrison Government is banning the export of plastic, paper, tyres and glass waste.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In the words of the Prime Minister: \u2018it\u2019s our waste, it\u2019s our responsibility\u2019.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This Budget will invest $250 million to modernise our recycling infrastructure, stop more than 600,000 tonnes of waste ending up in landfill and by doing so help to create a further 10,000 jobs.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Further investments to strengthen our resilience to natural disasters will be announced in our response to the Royal Commission into National Natural Disaster Arrangements.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Increasing home ownership &amp; investing in affordable housing\u00a0<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, tonight we help thousands more Australians achieve home ownership, and support thousands of jobs in the construction industry.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">An additional 10,000 first home buyers will be able to purchase a new home sooner under our First Home Loan Deposit Scheme.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This builds on the 20,000 first home buyers we are helping to purchase a home this year with a deposit as low as 5 per cent under this Scheme.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In this Budget, we are also enabling an additional $1 billion of low cost finance to support the construction of affordable housing.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This takes the total concessional finance that has been made available to community housing providers to $3 billion.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">It is in addition to the $4.6 billion a year we provide in rental assistance.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tonight we are also investing $150 million in the Indigenous Home Ownership Program to construct new homes in regional areas, creating more jobs and helping hundreds of indigenous families buy their own home.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Guaranteeing the essential services<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The COVID-19 crisis has confirmed how vital it is to have a strong economy that can continue to guarantee the delivery of essential services.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In this Budget, there is record funding for hospitals, schools, child care, aged care and disability services.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We are providing an additional $3.9 billion for the NDIS which is providing life-changing support to 400,000 Australians with a disability.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Every Australian can be confident that the NDIS will always be fully funded under a Coalition Government.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We have committed over $16 billion as part of the Government\u2019s ongoing health response to the COVID-19 crisis.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Securing millions of masks, gowns, goggles, and ventilators, we have worked with the States to significantly increase the capacity of Intensive Care Units across the country.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We have extended Medicare subsidised telehealth services, enabling more than 30 million consultations since the crisis began.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We have secured access to more than 80 million doses of potential vaccines for COVID-19.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, mental health and suicide prevention is a national priority.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">My heart goes out to all those Australians &#8211; young and old &#8211; for whom COVID-19 has caused such pain.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">My message tonight is that this House stands with you.\u00a0\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">You are not alone.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Around 7 million Medicare subsidised mental health services have been delivered since March.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tonight we are doubling the number of Medicare funded psychological services through the Better Access Initiative, from 10 to 20.\u00a0\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We are providing more funding for Lifeline, headspace, Beyond Blue and Kids Helpline.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We are providing support for more young Australians with a mental illness to help them participate in the workforce.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">These initiatives bring our commitment to mental health support to $5.7 billion this year.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">And this is not the last word.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In coming weeks, we will release the Productivity Commission\u2019s Mental Health final report and the interim report into suicide prevention commissioned by the Prime Minister.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">These reports will guide our future actions, working together with states and territories to save lives.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, the Pharmaceutical Benefits Scheme (PBS) provides access to critical medicines for all Australians.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We have delivered on our commitment to list all medicines recommended by the independent experts.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">With more than 2,000 new and amended listings since we came to Government.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tonight I am announcing the listing of Lynparza\u00ae to help women with ovarian cancer.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Instead of costing more than $140,000 per course, patients will now access the medicine at $6.60 per script for concession card holders and around $41 per script for general patients.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This is what it means to have a strong economy.\u00a0 This is what it means to look after those in need.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, senior Australians have faced enormous challenges during COVID-19 including isolation and separation from their children, grandchildren and friends.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">To support our Aged Pensioners, we provided $750 payments in April and July.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tonight I announce that Aged Pensioners will receive an additional $250 payment from December and a further $250 payment from March next year.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Aged care is one of the greatest challenges we face in delivering essential services to Australians.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">During this crisis an additional $1.6 billion has already been provided to support the needs of Australians in aged care.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Next February, the Government will receive the final recommendations of the Royal Commission we established into Aged Care. In December of last year we committed an additional $537 million to immediately respond to their interim report.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The Government will provide a comprehensive response to the final recommendations following receipt of that report. This will involve significant additional investment.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">But we will continue to take action now, as promised.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">For senior Australians who want to keep living at home, tonight the Government announces our largest single increase of 23,000 additional home care packages, at a cost of $1.6 billion.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">This brings the total to more than 180,000 places, three times the number of home care packages than when we came to Government.\u00a0 Ninety nine per cent of all those seeking an in-home aged care package now have access to some form of in-home support.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We are also investing more in this Budget to improve skills in the aged care workforce and provide additional dementia training and support.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">But we know there is still more to be done.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Your Future, Your Super<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, there is now $3 trillion in the superannuation accounts of Australians.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Too many Australians are paying too much in superannuation fees.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">At $30 billion a year, the superannuation fees Australians pay exceeds the cost of household gas and electricity bills combined.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Australians today are paying $450 million a year in unnecessary fees as a result of 6 million multiple accounts.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tonight I announce that new super accounts will no longer be automatically created every time a worker changes jobs.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Under our reforms, your super will follow you.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Superannuation funds will be required to meet an annual performance test under the guidance of the prudential regulator.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Poor performing funds will have nowhere to hide and will be required to notify their members of their underperformance.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">To help more Australians make an informed choice about who will manage their retirement savings, the Government will also establish an online comparison tool known as \u2018YourSuper\u2019.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">It will provide Australians with transparent and trusted information about fees and returns.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Over the next decade, the reforms announced tonight will reduce waste in the system and save Australian workers $17.9 billion \u2013 ensuring your super works better for you.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Keeping Australians safe<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, the coronavirus is a new and invisible enemy.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">However, other threats to our security have not gone away.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Additional funding in this Budget will see a total $1.7 billion invested in our cyber-security plan to keep Australians safe and secure online.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">A further $450 million is provided for our law enforcement and intelligence agencies to keep Australians safe from foreign and domestic threats.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We are also providing record funding for the Australian Defence Force as it continues to defend our interests abroad and come to our aid at home.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We saw them in action evacuating families stranded by the fires at Mallacoota, disposing of livestock that had fallen victim to flood in Julia Creek and conducting over 250,000 COVID tests across the country.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our Defence Force is always there for us.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In this Budget we are bringing forward $1 billion in planned defence spending to support jobs as well as extending a range of health and employment programs for our veterans, helping them transition to civilian life.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Economic Outlook<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, the global economic environment remains uncertain with the impact of this crisis to be felt for many years to come.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">In Australia, the economy is forecast to fall by 3.75 per cent this calendar year and unemployment to peak at 8 per cent in the December quarter.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Next calendar year, the economy is forecast to grow by 4.25 per cent, and unemployment to fall to 6.5 per cent by the June Quarter 2022.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our economic and fiscal strategy sets out the path to grow the economy, stabilise debt, and then reduce it over time.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">It has two phases.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">First, it focuses on boosting consumer and business confidence, growing the economy and creating jobs.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Once the recovery has taken hold and the unemployment rate is on a clear path back to pre-crisis levels, comfortably below 6 per cent, we will move to the second phase where there is a\u00a0deliberate shift from providing temporary and targeted support to stabilising gross and net debt as a share of the economy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We will then rebuild our fiscal buffers, so that we can be prepared for the next economic shock.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">More people in jobs means a stronger Budget position.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\"><strong>Conclusion<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Mr Speaker, this year, Australia\u2019s circumstances have changed dramatically.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">But Australians have not.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We are hard-working, resilient, resourceful,\u00a0and compassionate people.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Across this country, people are digging deep, banding together, and getting on with it.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The road to recovery will be hard &#8211; but there is hope.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">The Morrison Government\u2019s message to Australians is that we have your back.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We have a plan to rebuild our economy and to create jobs.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our JobMaker hiring credit will support nearly half a million young Australians in work.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our record investment in skills and training will strengthen Australia\u2019s workforce.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Our manufacturing plan will support the recovery and build our sovereign capability.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">Tax incentives will unleash a wave of investment across the country.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">And tax cuts will put more money into the pockets of 11 million hard working Australians and their families.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">We are building the infrastructure we need for the future.<\/span><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><span style=\"font-size: 20px; color: #000000;\">&#8230;<\/span><\/p>\n<p><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js\"><\/script><br \/>\n<!-- Responsive --><br \/>\n<ins class=\"adsbygoogle\" style=\"display: block;\" data-ad-client=\"ca-pub-5123580823957590\" data-ad-slot=\"7875984934\" data-ad-format=\"auto\" data-full-width-responsive=\"true\"><\/ins><br \/>\n<script>\n(adsbygoogle = window.adsbygoogle || []).push({});\n<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>THE HON JOSH FRYDENBERG MP &#8211; Treasurer &#8211; Speech &#8211; Budget 2020-2021 THE HON JOSH FRYDENBERG MP Treasurer Federal Member for Kooyong SPEECH \u00a02020-2021 BUDGET SPEECH PARLIAMENT HOUSE, CANBERRA 6 OCTOBER 2020 &nbsp; Introduction Mr. Speaker, I move that this Bill now be read a second time.\u00a0 In 2020, Australians have been tested like never [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":47759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"aside","meta":{"footnotes":""},"categories":[20],"tags":[13619,29874,6597],"class_list":{"0":"post-50897","1":"post","2":"type-post","3":"status-publish","4":"format-aside","5":"has-post-thumbnail","7":"category-articles","8":"tag-covid-19","9":"tag-jobmaker","10":"tag-josh-frydenberg","11":"post_format-post-format-aside"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.9) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>THE HON JOSH FRYDENBERG MP - Treasurer - Speech - Budget 2020-2021<\/title>\n<meta name=\"description\" content=\"Mr. Speaker, I move that this Bill now be read a second time. 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