Don't have time to watch the speech or read the budget papers? Here's all the important bits, and how they might affect you.
If ever there was a time for a "break glass in case of emergency" budget, this was it.
Workers earning between $45,000 and $90,000 might remember their tax returns being about $1,080 healthier in the past few years, due to the low and middle income tax offset . The stage two changes alter the boundaries of the 32.5 per cent income tax bracket, meaning people will pay 19 cents or less for every dollar earned up to $45,000, then 32.5 per cent on ever dollar earned between that and $120,000.JobKeeper replacement takes shape
As part of further support for people not in work, the Government will offer two more tax-free payments of $250 to pensioners and others on Government support.Family Tax Benefit, including Double Orphan Pension Eligible Veterans' Affairs payment recipients and concession card holdersThe Budget makes no changes to the overall JobSeeker rate or its scheduled snap back to $550 per fortnight at the end of the year.
The spend underlines the dire economic situation Australia is in, with the Budget painting a grim picture with its key economic indicators.the headline unemployment rate will peak at 8 per centIt is forecast to begin falling after that point, reaching 6 per cent in 2022-23.
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