Federal Treasurer Josh Frydenberg last night announced the first Budget surplus in 12 years and the extra cash in government coffers allowed the Coalition to sweeten its previously announced tax cuts in the lead up to a May election.
The main measures in the 2019-20 Budget are expanded tax cuts for low-and-middle income earners and relief for 65-67 year-olds, who’ll now be able to put money into their superannuation without passing a work test.
The government also appealed to small business with an expansion in the instant asset write-off program and a promise of tax cuts to come.
The uncertainty swirling around next month’s election outcome means that workers, business owners and investors should not bank on last night's Budget announcements becoming law.
Older Australians will be allowed to make voluntary super contributions without meeting the current work test under proposed new laws announced in last night’s Federal budget.
Up to 80,000 new apprenticeships will be created in industries with skills shortages as part of a $525 million skills package announced in last night’s Federal Budget.
Young people will get faster access to mental health treatment and early intervention services under a $461 million mental health and suicide prevention strategy.
