The 2021-22 Federal Budget handed down on Tuesday night in Canberra is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term.
It is also a human budget (cynics would say voter focussed), with $17.7 billion dedicated to aged care, more money in the pockets of low income earners, the COVID vaccine rollout, $2 billion for mental health, a women’s economic package including a child care subsidy increase and funding to prevent violence, and a Royal Commission into defence and veteran suicide.
The central theme of this Budget is to secure Australia’s economic rebuild. There are a number of initiatives that should support small businesses through recovery. But for those small businesses still constrained by closed borders, international travel is expected to remain low until mid-2022.
The key announcements included:
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