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Federal budget to deliver two cash payments of 250 for welfare recipients by kate kachor senior journalist 647pm oct 6 2020 australians on aged care disability and family benefits will receive two cash payments of 250 over the next five months as part of a federal government plan to restart the nations economy.
Is furlough scheme reducing to 60. In this budget more than 148 million in additional funding is being provided for mental health supports to help individuals and communities through the pandemic. Touted as the most significant federal budget in decades the governments 2020 delivery sets the scene for a slow climb back to surplus and out of the first recession in almost 30 years. The budget deficit for 2020 21 is forecast to reach 2137 billion.
The governments economic recovery plan for australia will rebuild our economy create jobs and secure australias future. At the conclusion of the 2019 financial year the australian economy was in surplus for the first time in eleven years. The payments have been announced as part of the 2020 federal budget which was officially handed down by treasurer josh frydenberg on tuesday evening.
The 2020 21 budget commits further response and recovery support bringing the governments overall support to 507 billion including 257 billion in direct economic support. This will be no soft pedal event but a back to basics focus on boosting the economy. The budget which was supposed to be announced back in may but was pushed back as a result of the covid 19 pandemic has been described as the most important budget since world war ii.
Federal budget 2020 reveals australia headed to record debt of almost 1 trillion. The government is committed to supporting the mental health and wellbeing of all australians. On 6 october 2020 treasurer frydenberg announced the 2020 2021 budget.
Net debt is forecast to peak at a record 966 billion in 2024. By political correspondent brett worthington. Following the australian summer of bushfires and the covid 19 pandemic the australian economy is now expected to reach a peak debt in the 2024 financial year with a net debt of 966billion.
The government has unveiled a budget deficit of more than 213 billion.
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