The 2020 Australian Federal Budget: Who is the winner?Who is the loser?
Due to the impact of the epidemic, the federal budget for 5/2020, which was postponed for 2021 months, was finally released on the evening of Tuesday (October 10).The Australian Prime Minister and the Minister of Finance referred to the budget as the "employment budget", which aims to push the Australian economy out of recession.
In response to the impact of the epidemic, the winners and losers of the budget will inevitably respond to the needs of fighting the epidemic and promoting economic recovery. The general situation is as follows:
1. Young unemployed
The government will provide cash subsidies to companies, encourage companies to create new jobs, and create employment opportunities for young people through the "JobMaker Hiring Credit" program.
The government will also spend 12 billion yuan to provide up to 50% of apprenticeship wage subsidies to eligible companies; each quarter, the government will subsidize apprentices with a ceiling of 7000 yuan. This subsidy program will continue until September 9 next year, providing 30 Ten thousand subsidy places.
2. Low- and middle-income taxpayers
The government has decided to implement a tax reduction plan of about 12 billion yuan in advance in the next 125 months. It is estimated that 1150 million people who need to pay taxes will become big winners.
The one-off tax credit policy for low- and middle-income taxpayers will be maintained for another year.
The combination of these tax reduction measures means that the government will cut taxes for individuals up to 2745 yuan.
Companies that purchase new assets will enjoy substantial tax cuts.
Any company with an annual turnover of not more than A$50 billion can write off the full cost of any depreciable assets purchased by it before June 2020, 6.
The government will allocate 13 billion yuan to manufacturers in priority areas such as defense, aerospace, food, recycling, and medical products for corporate R&D and expansion plans; in addition, the government also allocates 2 million yuan for manufacturing Other initiatives.Most of the funds will be released within four years.
5. Housing construction and infrastructure
The government will provide 6.88 million yuan in grants for the "House Builders Program" to provide cash subsidies for renovation or construction of new houses.
The government has also invested 140 billion yuan in new and fast-approved infrastructure projects.Among them, 75 billion yuan will be used for road and railway projects, 20 billion yuan will be newly invested for road safety upgrades, and 10 billion yuan will be used for local governments to upgrade roads, sidewalks and street lighting.
Builders will also benefit from additional subsidies for first-time home buyers, encouraging people to buy new homes to stimulate the construction industry.
The National Housing Corporation will also be allowed to issue another 10 billion yuan of bonds to encourage more investment in the construction of affordable housing.
6. The elderly and caregivers
Elderly people waiting for home care are also winners.2.3 nursing service items have been added to the budget, with an estimated cost of 16 billion yuan.Among the newly added care items, only 2000 items are four-level care, which is also the highest level of care, helping the elderly to get rid of the need for residential elderly care.
7. Mental health
The number of times that patients with mental illness can enjoy the National Health Insurance subsidy for psychotherapy has doubled, and all Australians can enjoy 20 times of National Health Insurance subsidy for psychological treatment. This measure is helping those affected by the epidemic isolation and economic impact. Melburnians.
The government will provide farmers with export incentives and funding for water infrastructure.
The Australian economy suffered the hardest hit since the end of World War II due to the epidemic.According to forecasts, the budget deficit will reach 2137 billion yuan; by 2023-2024, the deficit will fall to 669 billion yuan.
Net debt is expected to reach 7030 billion yuan this year, reaching a peak in June 2024, and the deficit will hit a record 6 billion yuan.
Before the outbreak, the government predicted that there would be a surplus of 2019 billion yuan in the 2020-50 fiscal year.
2. Those who receive job seeking allowance
The government does not intend to increase the basic rate of job seeking unemployment benefits.
The current additional epidemic subsidy of 250 yuan every two weeks will end at the end of December, bringing the benefits back to pre-epidemic levels.
As the international border remains closed, the number of immigrants is expected to decrease.
The number of immigrants in 2023-24 will gradually increase to about 20.1.
The government predicts that in the second half of 2021, as travel begins to resume, international students and permanent immigrants will gradually return to Australia.
For Australians with overseas partners, the government is considering increasing the immigration of family members in a "one-off" period, and giving priority to the partner visas of Australians living in marginal areas.
4. Middle-aged and elderly women
Before the outbreak, women over the age of 45 were most likely to receive JobSeeker, and the budget did not provide them with the same funding as young people, because their employers were not eligible for "job-creating employment credit" .
5. Retirement Fund
The government will strictly monitor retirement funds.If these pension funds fail to pass the government's annual performance evaluation repeatedly, they will have to issue an apology and be barred from accepting new members.
6. Self-funded retirees
The budget does not provide incentives for self-financed retirees.
Do not win or lose
In addition, tourism operators do not lose or lose in this budget. Although the government has provided a series of support measures for the industry, the closure of international borders and the closure of state boundaries in Australia have made the industry more expensive than expected. Long time recovery.
Editor in charge: Yue Ming
From the group: Australian living family group