Billions of dollars in fast-tracked tax cuts and younger worker wage subsidies underline the Federal Government's budget recovery pitch, as Australia's recession sends debt and deficits to record levels.
Businesses will be offered incentives to hire unemployed people aged under 35Treasurer Josh Frydenberg's coronavirus-delayed Budget includes $50 billion to bring forward tax cuts and $4 billion in subsidies for businesses to hire unemployed workers aged between 16 and 35.
The economic devastation sparked by coronavirus will see budget deficits continuing for at least another decade.LIVE UPDATES: For the latest news on the Federal Budget read our blog. "This is a heavy burden but a necessary one to responsibly deal with the greatest challenge of our time," Mr Frydenberg said.
A return of international students and permanent migration isn't forecast to happen until late next year, with international travel expected to "remain low through the latter part of 2021". The JobKeeper wage subsidy program is still slated to end in March next year, signalling a major end to direct Government economic assistance ramped up during the height of the pandemic.
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