Budget summary, New super measures, Industry experts respond, Economic outlook
Welcome to this special 2020 Federal Budget newsletter where we cover the main super, tax and retirement related policy announcements. Highlights include:
- YOUR FUTURE, YOUR SUPER: There will be relief that this year there was no tinkering to the super rules, and Australians should benefit from new measures that put the pressure on underperforming super funds.
- TAX CUTS BROUGHT FORWARD: As was widely speculated, personal income tax cuts have been brought forward to this financial year, providing immediate relief for 11 million Australians.
- INDUSTRY EXPERTS RESPOND: Tracey Spicer finds out what industry experts, including Noel Whittaker, Stephen Huppert and Bina Brown, think about the Budget announcements.
- CASH BONUSES FOR PENSIONERS: Those on the Age Pension will receive payments of $250 in December and March, and in aged care 23,000 new home care packages will be provided.
This year the headline announcements are the bringing forward of tax cuts already announced in the 2018 and 2019 Federal Budgets, but there are also some interesting announcements around superannuation.Read more
The Government has committed $159.6 million over four years to implement superannuation reforms that it says will save members $17.9 billion over the next decade.Read more
The Federal Government’s updated economic outlook released last night includes a much more upbeat forecast for economic growth in 2021 than its earlier economic and fiscal update released in July.Read more
Tracey Spicer talks to industry experts, including Noel Whittaker, Stephen Huppert and Bina Brown as well as representatives of the FPA, SMSF Association, Super Consumers Australia and Women in Super about their take on the 2020 Federal Budget.Read more
Learn the Australian income tax rates for 2019/20 and 2020/21, as well as details on how income tax is calculated, deductions, offsets and levies.Read more
Accelerated tax cuts, cash splashes for pensioners, massive incentives for business to invest and a subsidy to hire unemployed people are the centrepieces of the Morrison government’s COVID-19 budget.Read more
The budget is a statement of faith, or hope.Read more
This year’s budget is something of a play in two acts. Act one involves large economic stimulus to help plug the hole in output generated by the coronavirus pandemic. Act two tries to set Australia up for a bounce back in economic growth and employment that involves more than just waiting for the pandemic to end.Read more
After two decades equating budget surpluses with good economic management, it might seem convenient that the federal government has changed its fiscal strategy just before the budget to focus on jobs over keeping the deficit in check.Read more
It’s easy to get the impression the massive government spending and deficits and debt required by the pandemic are new. Yet for almost all of the years since Federation the Commonwealth budget has been in deficit.Read more
This is an extraordinary giveaway budget, driven by desperate circumstances that would have been inconceivable less than a year ago. The debt and deficit numbers are predictably eye-watering – but the gamble is whether they are big enough.Read more
The Australian federal budget, unveiled on Tuesday, bases several assumptions on Australians having access to a COVID-19 vaccine in 2021.Read more