• CANBERRA, AAP – FEDERAL BUDGET – WHAT’S KNOWN SO FAR:

    THE BIG PICTURE

    * Scott Morrison and Josh Frydenberg say it will be a “jobs budget” with the aim of boosting the economic recovery, which has already begun after a short-lived recession

    * Economists expect a smaller budget deficit of around $80 billion for 2021/22 compared to the $108.5 billion estimated in the mid-year budget review

    * Debt edging towards $1 trillion

    * Unemployment rate of 5.6 per cent in March

    * JobKeeper expected to cost $12.5 billion less than estimated, due to quicker recovery

    * High iron ore price will boost revenue coffers

    THE GROUND RULES

    * Maintain a tax-to-GDP ratio at or below 23.9 per cent

    * Budget repair won’t commence until unemployment sub-five per cent

    * Spending that lifts productivity

    * Structural reform to boost economic growth

    * Improving service delivery and funding national security measures

    HIP POCKET

    * Another 12 months of low and middle-income tax offsets

    * Not expected to bring forward timing of income tax cuts

    * Changes to superannuation to help women boost their retirement savings

    * Age dropped to 60 for downsizers seeking to put home sale money into their superannuation

    COVID-19

    * No opening of international border until 2022

    INFRASTRUCTURE

    * $10 billion extra for road and rail infrastructure

    * Commonwealth to share the cost of 2032 Olympic Games with the Queensland government

    BUSINESS

    * Incentives to attract global talent and business to Australia

    * $1.2 billion digital economy strategy including tax breaks for businesses, digital cadetship trial and $500 million on government services

    * Craft brewers and distillers to benefit from excise refunds

    * Companies to benefit from simplified liquidation and restructuring rules

    * $4 million for the Australian Communications and Media Authority to run the news media bargaining code involving major tech platforms

    * Australian Associated Press expected to receive $15 million over two years

    HEALTH/AGED

    * $17.7 billion response to the aged care royal commission

    * More spending on mental health

    * Disability spending boosted

    * Telehealth subsidies extended to the end of 2021

    * $8 million federal contribution to Canberra compensation scheme for victims of loose-fill asbestos

    * Country doctors will be paid extra under a $65 million bid to tackle GP shortages in remote and regional Australia.

    WOMEN

    * Budget to include women’s statement on economic safety and health issues

    * Domestic violence prevention funding to double to at least $680 million

    * $354 million over four years for cervical and breast cancer, endometriosis and reproductive health

    HOUSING

    * Five per cent deposit scheme for 10,000 first-home buyers purchasing a new dwelling, with the federal government guaranteeing up to 15 per cent of the loan

    * Single parents buying their first home will be able to purchase a new dwelling with a two per cent deposit, with the federal government guaranteeing up to 18 per cent of the loan

    (Price caps apply to both categories)

    * First-home buyers will be able to release $50,000 from superannuation to save for a deposit, up from $30,000

    CLIMATE

    * $565 million plan for low emissions technology partnerships

    * $263 million for carbon capture and storage

    * $275.5 million to set up regional hydrogen hubs

    WELFARE

    * Expanded childcare subsidies worth $1.7 billion. Families with more than one child under the age of five in child care will have 95 per cent of their out-of-pocket expenses for second and subsequent children paid, from mid-2022. Also removal of $10,560 cap on childcare subsidy

    * Measures to boost the childcare workforce

    * JobSeeker payments to fall to $14.7 billion by 2024/25 from $32 billion forecast in December

    RURAL/REGIONAL

    * $371 million biosecurity package to protect agricultural and regional communities

    * $10 billion reinsurance pool set up by July 2022 to subsidise high premium costs in north Queensland due to numerous disaster events

    * $600 million for a National Recovery and Resilience Agency to support local communities hit by major disasters

    * Sixth round of the Building Better Regions Fund for shovel-ready infrastructure projects outside major capitals, worth $250 million

    * Northern Australia to receive business grants and improvements to digital services

    * $66 million for Newcastle Airport upgrade