On 6th October 2020, Treasurer Josh Frydenberg handed down a historic Federal Budget. In a year of fires, drought and a global pandemic, the Government has seen the budget deficit blow out to $213.7 billion or 11 per cent of gross domestic product (GDP).
This year’s Budget theme centred around job creation, personal tax cuts and investment. It sent a clear message to the Australian people that the Federal Government was ready to start the journey towards rebuilding the economy and securing Australia’s future.
HLB Mann Judd’s Federal Budget Alert provides a succinct summary of the Government’s economic recovery plan including details related to personal and business taxation and superannuation.