The Morrison government will unleash an 'astounding' amount of extra spending in the October 6 budget to drag the country out of recession.
The Morrison government is preparing to unleash an "astounding" amount of spending in next month's budget to drag the country out of its first recession in 29 years with the nation unable to rely on ultra-low interest rates to boost the economy.
Some of the spending will be due to the government bringing forward its already legislated personal income tax cuts. Just pulling forward tax changes due to start in mid-2022, which includes taking the top threshold for the 32.5 per cent tax rate to $120,000 from $90,000, would cost the budget more than $14 billion over two years.
"By easing the activity test Australian families can continue to access up to 100 hours of subsidised care per fortnight if their work, study or training hours have been impacted compared to their pre- COVID-19 activity," Mr Tehan said. Mr Frydenberg last week conceded that every dollar of spending is being borrowed "and the debt will be there for future generations to pay back". Gross debt hit a record $787.7 billion on Friday.
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