In a policy turnaround on research and development, the government scrapped a plan from last year to save $1.8 billion in research and development tax concessions and will instead offer $2 billion in fresh incentives.
While the deficit is forecast to shrink to $112 billion next year, the Commonwealth will remain in deficit until beyond 2031. Finance Minister Mathias Cormann said the government had "no alternative" but to unleash mammoth spending to prevent younger Australians facing years of economic pain.Senator Cormann argued the policies were temporary and avoided long-term pressure on the budget, with payments falling back to only 1.7 per cent growth in real terms from 2021.The outlook is founded on economic growth of 4.
JoshFrydenberg CroweDM What a milksop of a treasurer. About as convincing as Scunto is compassionate = nil.
JoshFrydenberg CroweDM Frydenberg delivers an underwhelming budget after years of mismanagement The Federal Government proves how incompetent they are MorrisonRecession
JoshFrydenberg CroweDM With the LMITO extended for a year in the lead up to an early election those taxpayers earning between $45-90k should be made aware as of July ‘21 they will be paying $1080 additional in tax per year.