World News – AU – Budget 2020: Retirees to pocket $ 500 as government warns of « deficits for a decade »

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Treasurer Josh Frydenberg unveiled the 2020 Federal Budget, which aims to put Australians back into the workforce and includes some small benefits for those hardest hit by the ongoing Covid-19 pandemic

Describing the 2020-2021 budget in the Lower House on Tuesday night, Frydenberg said Australians had been ‘tested like never before’ in the past 12 months, citing floods, bushfires and of course the crisis global health of the coronavirus which has had a devastating impact on the economy and led to a recession

« Many Australians, through no fault of their own, are making an effort, » he told the House of Representatives « Lives have been lost Businesses have closed Jobs have disappeared Our cherished way of life has been put on hold »

Frydenberg also praised frontline healthcare workers for their courage, commitment and compassion and vowed: “The Great Depression and the two world wars did not bring Australia to its knees any more. that COVID-19 « 

Getting into the numbers, Frydenberg said the country’s net debt will rise from $ 491 million in the last fiscal year to $ 703 billion, while the budget deficit will hit $ 2137 billion in fiscal year 2020/21, and deficits are forecast for the next decade The Treasury also expects unemployment to reach 8% before the end of the year

However, there was good news for retirees – as well as for those receiving social assistance benefits such as disability pension, caregiver payment, family tax allowance, carer allowance and the Commonwealth Seniors Health Card – as the treasurer confirmed they will receive a $ 250 cash payment by the end of the year, followed by a second payment of $ 250 in March

This will be good news for many as the pension due to age, among other payments, did not increase as usual last month in line with indexation And the second installment will come just two months before the release of the next budget in May 2021

After a terrible year for the elderly care sector, the government will also spend $ 1.6 billion on 23,000 additional home care spaces – but that’s still far from enough considering it there are around 100,000 older Australians on the waiting list

Other key aspects of the budget include: a labor hire credit that will allow businesses to pay up to $ 200 per week to hire young Australians, an extension of the first loan deposit scheme real estate and a $ 1 billion increase in research for universities

While many Australians will also benefit from tax cuts The second stage of income tax cuts, which were due to start in 2022, will be postponed to this fiscal year and backdated to July, reports The Guardian Prime Minister Scott Morrison wasted no time praising the tax cuts on social media, writing: “More than 11 million hard-working Australians will benefit from a back-dated tax cut as of July 1 this year. year as part of our plan to create jobs, rebuild our economy and secure Australia’s future

« Under our changes this includes over 7 million Australians who will receive tax relief of $ 2,000 or more this year »

Tonight’s budget was in stark contrast to that of last year when Frydenberg announced a surplus of $ 7 billion « The budget is back in the dark and Australia is back on track », he said at the time « For the first time in 12 years, our nation is paying our way again Australia is stronger than when we took office six years ago »

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Budget 2020 retirees

World news – AU – Budget 2020: retirees to pocket $ 500 as government warns of ‘deficits for a decade’



SOURCE: https://www.w24news.com/news/world-news-au-budget-2020-retirees-to-pocket-500-as-government-warns-of-deficits-for-a-decade/?remotepost=388876

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