Federal Treasurer Josh Frydenberg handed down the Federal Budget last night. Here’s what you need to know.
The budget forecasts the international border will not open until the middle of 2022, the entire population will receive first round of vaccinations by the end of this year and there will not be extended lockdowns in the states and territories.
It forecasts a deficit of $161 billion this year, which is more than $50 billion less than forecast.
It also forecasts a decade of deficits and debt that is set to peak about $1 trillion in 2025.
Treasurer Josh Frydenberg said it was a budget focused on securing Australia’s economic recovery, creating jobs and building for the future.
It also aims to reduce unemployment, embrace opportunities in the digital economy and address shortcomings highlighted in the Aged Care Royal Commission.
Mr Frydenberg said the Australian economy was soaring back to life after the COVID-19-sparked recession and it was in a better place than almost every other country in the world.
Shadow Treasurer Jim Chalmers said the budget would deliver little for a huge cost, and while jobs had to be the priority at the moment, budget repair would need to be addressed at some point.
He also accused the Federal Government of crafting a budget for political purposes ahead of the next Federal Election.