Explore the winners and losers under Treasurer Josh Frydenberg's 2020 Budget.
These are some of the winners and losers in Josh Frydenberg's 2020 Budget, which has been inevitably defined by the coronavirus pandemic.which means millions of Australians will have more money in their wallets potentially from the end of October.
Before the pandemic, the Government forecast there would be a $5 billion surplus for the 2019-20 financial year.There are a few measures to stimulate building across the country in a bid to create jobs and increase cashflows right now. They also show the additional coronavirus supplement, currently $250 a fortnight, will end at the end of December, returning the benefit to its pre-pandemic rate.
Regional businesses will also benefit from the Government's expansion of the instant asset write-off scheme. The Government's newly unveiled JobMaker Hiring Credit will give $200 a week to employers who hire anyone aged 16-30, and $100 a week for any worker aged 30-35. But these programs are finite and don't address the ongoing fallout the pandemic is forecast to have, making it harder for future school leavers to enter the job market.
The Government is increasing the family stream of immigration"on a one-off basis" and prioritising partner visitors for people living in regional Australia.The Government has laid out a range of support measures to help those areas still suffering because of a stop in international and, in some areas, domestic travel.
In response to the COVID-19 crisis the Government's already put $1.6 billion towards the sector and foreshadowed it would have more funding announcements once it receives and responds to the aged care royal commission, due next year.Other than continued assistance for providers impacted by the stage 4 restrictions in Victoria, there is nothing new for child care providers in the Budget.
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