2020 Australian federal budget

The 2020 Australian federal budget is the federal budget to fund government services and operations for the 2020–21 financial year. The budget was presented to the House of Representatives by Treasurer Josh Frydenberg on 6 October 2020. It is the seventh budget to be handed down by the Liberal/National Coalition since their election to government at the 2013 federal election, and the second budget to be handed down by Frydenberg and the Morrison Government.

 () Australian federal budget 2020
Submitted6 October 2020
Submitted byMorrison Government
Submitted toHouse of Representatives
Parliament46th
PartyLiberal/National Coalition
TreasurerJosh Frydenberg
Websitebudget.gov.au
 2019
2021

Due to the COVID-19 pandemic and the subsequent economic recession, the budget was submitted five months later than the traditional annual date of the second Tuesday in May.[1]

Background

This budget comes after Australia has reported its largest budget deficit since the second world war. The Covid-19 pandemic put a strain on Australia’s economy, and emergency measures were taken to keep Australians employed.

The 2020/2021 budget, presented 5 months later than its traditional May date, will take this pandemic into account, especially for the department of Home Affairs, with a COVID-19 respond package.

Forecasts

Income taxation

Gross income tax withholding $210.8 billion

Gross other individuals $44 billion

Refunds -$37.4 billion

Fringe benefits tax $3.8 billion

Company tax $84.5 billion

Superannuation taxation $8.21 billion

Petroleum resource rent tax $900 million

Indirect taxation

Goods and services tax $59.981 billion

Wine equalisation tax $1.04 billion

Luxury car tax $540 million

Excise & customs duty $41.68 billion (net)

Major bank levy $1.65 billion

Agricultural levies $481 million

Other taxes $4.461 billion

Non-taxation receipts

Sales of goods & services $16.538 billion

Interest received $4.133 billion

Dividends $6.837 billion

Other non-taxation receipts $11.613 billion

Memorandum

Capital gains tax $13.1 billion

Note: Capital gains tax is part of gross other individuals, company tax and superannuation fund taxes. [2]

Expenses

Total

General public services $31.764 billion

Defence $34.415 billion

Public order & safety $6.212 billion

Education $41.742 billion

Health $93.771 billion

Social Security & Welfare $227.529 billion

Housing and community services $7.086 billion

Recreation & culture $4.364 billion

Fuel & energy $8.771 billion

Agriculture, forestry & fishing $3.913 billion

Mining, manufacturing & construction $3.306 billion

Transport & communication $13.060 billion

Other economic affairs $97.948 billion

Public debt interest $16.804 billion

Nominal superannuation interest $7.004 billion

General revenue assistance - States and Territories $61.296 billion

General revenue assistance - Local governments $2.166 billion

Natural disaster relief $482 million

Contingency reserve $8.068 billion

[3]

Debt and deficit

Deficit

The 2020/21 budget is expected to produce a net deficit of approximately $213 billion.

Debt

See also

References

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