Federal Budget 2020-21
Posted on October 8th, 2020
As the Economic Recovery Plan for Australia to create jobs, rebuild our economy and secure Australia’s future, the Federal Budget 2020-21 was delivered by the Treasurer on Tuesday 6th October 2020.
Whilst all budgets attract both support and criticism from a plethora of groups, this Budget commits further response and recovery support for businesses and households through an exceptionally difficult period.
Queensland Tourism Industry Council: A Federal Budget to bring back confidence
The Federal Government has delivered a big-spending budget, squarely aimed at boosting consumer confidence with tax and income support measures and also giving businesses tax and grant incentives to invest and employ. It is what the economy needs to recover from the suffocating COVID-constraints. We certainly hope that some of the extra disposable income will be directed towards domestic tourism by cooped up consumers looking for positive experiences. Queensland is well placed to make the most of this opportunity with our diverse regions and destinations. As domestic borders open and air services are restored – including potentially new routes – there is significant potential to make domestic travel more trendy and more ‘Instagramable’ than ever before.
Australian Tourism Industry Council: Federal Budget Fact Sheets
Economic Recovery Plan – https://budget.gov.au/2020-21/content/factsheets/download/economic_recovery_factsheet.pdf
Taxation business and household – https://budget.gov.au/2020-21/content/factsheets/download/tax_fact-sheet.pdf
JobMaker Hiring Credit – https://budget.gov.au/2020-21/content/factsheets/download/jobmaker_hiring_credit_factsheet.pdf
Australian Chamber of Commerce and Industry: Budget In-Depth Summary to Australian Chamber Members
The ACCI has provided a summary of key topics from the Federal Budget 2020 across Employment, Education and Training.
Office of Northern Austtralia
The Office of Northern Australia newsletter, Our North|Our Future identified that Budget 2020-21 builds on the initial $4 billion in new funding for northern Australia to create jobs and stimulate the economy.
· $5 million for the Regional Australia Institute’s research program and promotion of regional living.