Budget Overview

On Tuesday, 6 October 2020, Treasurer Josh Frydenberg handed down the Federal Budget which was largely defined by the COVID-19 pandemic. At a glance A wide range of sectors and stakeholders are affected by the Budget. At a high level, the winners and losers of this Budget have been reported as follows: (Source: ABC News)   Key takeaways The economy Australia’s economy has taken one of its largest blows as a result of the pandemic. Since the July economic update, Australia’s debt and deficit have increased with the country headed toward a record debt of $1 trillion by June 2024. Our current net debt is $703 billion. Income tax cuts The Treasurer announced Stage 2 of the Government’s tax cuts will provide relief for more than 11 million Australians. The tax cuts will be brought forward and can be backdated to July 2020, affecting each income threshold differently. An additional $17.8 billion in personal income tax relief is being delivered to aid economic recovery with a further $12.5 billion over the next year. This will add to the…

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COVID-19 Update 3 April 2020: Commercial Tenancy Coronavirus Crisis Code of Practice coming to a contract near you next week.

Prime Minister Scott Morrison this afternoon has urged commercial landlords and tenants to come to an agreement in relation to financial hardship as the Government reserves announcement regarding a mandatory Coronavirus Industry Code of Practice to be announced and imposed next week.

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