Highlights
- Mr. Frydenberg claimed the Morrison Government's funding for schools, hospitals, Medicare, mental health, aged care, women’s safety, and disability support was unparalleled.
- Total support to families, farmers, small businesses, local governments, and their communities exceeds $6 billion.
- One of the most significant Budget expenditures is on Defence. The Defence workforce will be expanded to 101,000 personnel by 2040, at the cost of $38 billion.
Treasurer Josh Frydenberg says that Australia's economy is in good shape despite all the problems, with the lowest unemployment in nearly half a century, more people in their own homes, lower taxes, and Australia's international triple-A credit rating maintained.
Natural disaster relief is estimated at $763 million. But for many Australians, the rising cost of fuel, while not a natural disaster, is putting severe stress on family finances.
"Higher fuel, food and shipping costs are increasing inflation and stretching household budgets. Tonight the Morrison Government announces a new temporary, targeted and responsible cost of living package to ease these pressures. Practical measures that will make a difference. Fuel excise will be cut in half. For the next 6 months, Australians will save 22 cents a litre every time they fill up their car"
There will also be a new one-off $420 cost-of-living tax offset for more than 10 million low-and-middle income earners.
And a new one-off $250 Cost of Living Payment, for 6 million pensioners, carers, veterans, job seekers, eligible self-funded retirees and concession card holders.
Paid Parental Leave gets a boost, too, with families able to choose exactly how they use the 20 weeks of leave available.
The Treasurer announced a new $2.8 billion investment to increase take up and completion rates in training and upskilling, providing $5,000 payments to new apprentices.
Small businesses that invest in upskilling their staff will also get $120 of tax relief for every $100 they spend on training.
And there's a similar tax offset for small business that invest in digital technology.
Mr Frydenberg unveiled a regional investment package that includes significant investments in agriculture, infrastructure, and energy in the Hunter, the Pilbara, the Northern Territory, and North and Central Queensland.
One of the largest Budget expenditures is on Defence. And a new departure is a Resilience, Effects, Defence, Space, Intelligence, Cyber and Enablers package nicknamed ‘REDSPICE’.
"This is the biggest ever investment in Australia’s cyber preparedness. Creating 1,900 jobs, more data analysts, computer programmers, and software engineers to boost our capacity to prevent and respond to cyber threats. Keeping Australians safe is part of our plan for a stronger future."
Despite its looming presence over this Budget, Mr. Frydenberg finished his speech with just a veiled reference to the upcoming election. Citing the Government's claims to have delivered on all its promises, he insisted now is not the time to change direction.
