Published 12 May 2021
The 2021 Budget, brought down on 11 May 2021, may well be the last Budget before the next Federal Election is held. With the next Federal Election due to be held sometime between August 2021 and May 2022, the Budget includes a number of “sweeteners" to keep the electorate favourably disposed towards the incumbent government.
So, what did the Budget include?
- Many of the Budget announcements cannot take effect until relevant legislation has been passed. In addition, some initiatives may not commence until a later date, e.g. 1 July 2022
- This Summary only contains brief details of the Budget announcements. The “devil will be in the detail” which will be available once relevant legislation is available.
The state of the economy
While the economy is not out of the woods yet, things are looking a lot more promising than 12 months ago, and even from when the 2020-21 Budget was delivered in early October 2020.
The deficit for 2020-21 has been revised downwards to $161bn (from $213bn), while the deficit for 2021-22 is forecast to be $106bn.