Budget 2020: At a glance

Everything you need to know about the 2020 Federal Budget, at a glance.

The 2020 Federal Budget homepage image

Personal tax cuts

• One off low and middle income tax offset benefit worth up to $1,080 for individuals or 2,160 for dual income couples

• $2565 for incomes between $140,000 and $200,000

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Pensioner payments

• $250 in December and another $250 in March

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Jobs

• Unemployment to peak at 8 per cent in December and fall to 6.5 per cent by June 2022

• $4bn wage subsidy plan paying $200 a week for business to hire new workers aged 16 to 29

• $100 a week for new workers aged 30 to 35

• 340,000 free or low cost training places for school leavers

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‘There is no economic recovery without a jobs recovery. There is no budget recovery without a jobs recovery’

– Josh Frydenberg, budget speech

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Business

• Tax write offs for around 3.5 million businesses to buy assets

• Companies to be allowed to write losses off against past profits to generate a tax refund

• $2 billion in extra research and development tax incentives

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Superannuation

Accounts to follow workers when they change jobs

Poorly performing funds to be required to notify members

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Infrastructure

• $14bn for major road and rail projects, plus $2bn for road safety upgrades and $1bn for local roads and footpaths

• $2bn to upgrade dams, weirs and pipelines around the nation

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Population

• Net migration to be -72,000 in 20-21 rising to 201,000 by 2023-24

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Health

• Medicare-funded psychology sessions to rise from 10 to 20

• The age at which children can remain on their parents’ private health insurance policies rises from 24 to 31