The new budget lists A$98 billion in new expenditures, including tax cuts of A$50 billion for businesses and low- and middle-income earners, with a view to creating 950,000 jobs in the next four years. The rapid tax cuts of billions of Australian dollars and wage subsidies for young workers have highlighted that the federal government’s new budget is focused on economic recovery. At the same time, Australia’s economic recession has brought debt and deficits to record levels.
The focus of the new budget is to allow those who were unemployed due to the new crown epidemic to return to work, because Australia is facing its biggest economic challenge since the Great Depression. A cash subsidy worth A$500 will be paid to seniors, caregivers and disability pension recipients. It is designed to stimulate the economy and cost A$2.6 billion. In addition, the government will provide 23,000 home-based pensions at a cost of A$1.6 billion.
In Victoria, A$528 million will be used for major works on the Shepparton and Warrnambool railway lines, including A$320 million to speed up the journey between Melbourne and Shepparton. Another A$200 million will be used to improve the quality of the Warrnambool-Geelong railway line, and the line between South Geelong and Waurn Ponds will be upgraded in advance. The new budget will also provide funding for the upgrade of Hall Rd and Barwon Heads Rd.
https://mobile.abc.net.au/news/2020-10-06/budget-2020-tax-cuts-deficit-coronavirus/12731914