The Economic Recovery Plan For Australia
The 2020-21 Federal Budget outlines the Australian Government’s economic recovery plan as Australia moves out of the COVID-19 crisis. The goal of this plan is to help Australians return to work and to boost economic prosperity by providing an additional $98 billion of financial support. For more information about the key policy measures, please refer to the factsheet: Economic Recovery Factsheet
JobMaker Hiring Credit
The Australian Government has announced the JobMaker Hiring Credit in an effort to incentivise employers to hire additional young people over the next 12 months, and accelerate employment growth during the COVID-19 recovery. Eligible businesses can access the JobMaker Hiring Credit for each new job they create between 7 October 2020 and 6 October 2021 so long as it employs an eligible young person aged 16 to 35 years old. For more information, please refer to the factsheet: JobMaker Hiring Credit Factsheet
Consumer Credit Reforms
A suite of changes to Australia’s consumer credit framework seek to help consumers and small businesses gain timely access to credit. These reforms aim to improve the flow of credit while maintaining strong consumer protections. For more information on the consumer credit reforms, please refer to the factsheet: Consumer Credit Reforms Factsheet
Lower Taxes
To further support households and stimulate economic investment, the Australian Government is lowering taxes by over $50 billion over the forward estimates. For more information on these tax cuts, please refer to the factsheet: Tax Factsheet
Superannuation Reforms
New reforms commencing on 1 July 2021 will address some of the structural flaws in the superannuation system and are projected to save Australians $17.9 billion over the next decade. For more information on these reforms, please refer to the factsheet: Your Super Factsheet
Insolvency Reforms
Changes to the insolvency system are being introduced from 1 January 2021 in a bid to reduce complexity, time and costs for small businesses. For more information on these reforms, please refer to the factsheet: Insolvency Reforms Factsheet