Australian Treasurer Josh Frydenberg will tonight outline one of the most important budgets in history.
We’re being told that job creation will be the theme of our nation’s economic recovery from coronavirus.
Yesterday, it was confirmed that $7.5 billion will be spent on key infrastructure projects around the country, including funding for the highly anticipated second M1 on the Gold Coast.
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Tax relief is also on the way for low to middle income earners, with money expected to be back in people’s bank accounts by Christmas.
It’s also expected that the federal government will bring forward the 2022 tax cuts, which could see those who earn between $50,000 and $90,000 a year get $1,080 back this financial year instead.
While those earning more than $90,000 a year, could be able to pocket up to $2,500.
That’s provided Labor signs off on the legislation.
Other measures include wage subsidies for businesses to hire new workers, with an emphasis on apprentices.
Treasurer Josh Frydenberg doesn’t want to give too much away ahead of tonight’s announcement, but says job creation is our way out of this.
“It’s all about helping those who are out of a job – get into a job.
“It’s all about helping those who are in work, stay in work,” he told reporters in Canberra this morning.
The budget deficit will balloon to more than $210 billion, and the national debt will rise above $1 trillion.