An Analysis on Australian Government Budget 2019-2020

As we know that the Federal election is on the way, 5-weeks away and thus, the Australian Government has released electioneering budget, named Federal Budget – in the favor of individuals, who vote.

On Tuesday night’s budget, the government provides supplements to welfare recipients, with $75 for singles and $125 for couples going to 2.4 million pensioners, 242,000 single parents, 744,000 disability pensioners, 280,000 carers, and 225,000 veterans and their dependents – but not to people on unemployment advantages.

Check out the key themes of Budget:

  • For the Australian Taxation Office (ATO), a return to surplus and a stronger economy that supported by revenue protection measures and greater funding. It is expected that over the next 4 years the return of over 4 times that number in the same period.
  • Talking about the community investment, there is spending of $25 billion infrastructure and initiatives to grow jobs.
  •  At low- and middle-income earners, lower taxes aimed squarely at low, however, importantly, a rehash of last year’s Budget measures.
  • Some of the guaranteed essential services like Medicare, hospitals, schools, and roads, including a part of infrastructure spending.

In this budget, the economic and fiscal outlook for Australia is set out by the Australian Government. This budget also includes expenditure and income estimates for the current financial year, the budget year and three upcoming fiscal years. It also gives an idea about the Government’s social and political priorities and how the Australian Government means to attain.

For individuals, for strengthening Australia’s healthcare system, the Government is committing record funding to health, with total spending expected to increase to $89.5 billion in 2022‑23 from $81.8 billion in 2019‑20. You can refer to this link for more information.

For families, the Government is spending expected to increase to $89.5 billion in 2022‑23 from $81.8 billion in 2019‑20 for funding to health. You can refer to this link for more information

For businesses, the Government is spending expected to increase to $89.5 billion in 2022‑23 from $81.8 billion in 2019‑20 for funding to health. You can refer to this link for more information.

Above is listed only the budget for health. For overall budget, please refer to this link.

 

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