Read Treasurer JoshFrydenberg's full budget speech here: federalbudget2020 federalbudget auspol fedpol debt deficit coronavirus coronacession recession COVID19
Their courage, commitment, and compassion reflects the very best of Australia. Tonight, a grateful nation gives thanks.
In response, the Morrison government committed unprecedented support, saving lives, cushioning the blow and helping Australians remain in work. Our measures were temporary, targeted, and proportionate.The Cashflow Boost has already provided $28 billion, helping around 800,000 small and medium businesses to stay afloat. JobSeeker doubled the safety net. Two $750 payments went to millions of pensioners, carers, and others on income support. Together, our actions saved 700,000 jobs.
By comparison, Australia's 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.Australia's economy contracted by 7 per cent in the June quarter. 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.
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. All businesses, other than the major banks, will be eligible. Treasury estimates that this will support around 450,000 jobs for young people. We are investing in regions across Australia to connect job seekers to local employment opportunities 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.
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.As a proportion of tax payable compared to 2017-18, the greatest benefits will flow to those on lower incomes – with those earning $40,000 paying 21 per cent less tax, and those on $80,000 paying around 11 per cent less tax this year.
It is a game changer. It will unlock investment. It will dramatically expand the productive capacity of the nation and create tens of thousands of jobs. In order to keep their workers, these businesses need our help now. They cannot wait years for the tax system to catch up. So tonight I am announcing companies that have been doing it tough throughout this crisis will be able to use their losses earlier.
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. But challenges remain.This budget includes our second Women's Economic Security Statement, with $240 million in measures and programs to support:Job creation and entrepreneurialism, andThe 2020 Women's Economic Security Statement will create more opportunities and choices for women, not just for the recovery but for generations ahead.
In this budget, we are providing $2 billion in additional Research and Development incentives – removing the cap on refunds, lifting the rate and rewarding those businesses that invest the most.$1 billion for new research funding for our universities, backing our best and brightest minds whose ideas will help drive our recovery
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. This will boost productivity and deliver long term benefits for Australians.
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 under way.
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