Budget 2019/20: Key figures and measures

Disclosure Statement: Durand Financial Services Pty Ltd and its advisers are authorised representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306. General Advice Warning: The information contained within this website does not consider your personal circumstances and is of a general nature only. You should not act on it without first obtaining professional financial advice specific to your circumstances.

(Australian Associated Press)

 

Key financial figures and government fiscal measures in the 2019/20 federal budget:

* First Australian budget surplus in 12 years forecast for 2019/20 financial year, representing a turnaround of $55 billion since 2013 when the coalition was elected.

* The surplus of $7.1 billion is better than the government’s previous forecast of $4.1 billion.

* Bringing forward of tax relief for about 10 million workers earning up to $126,000 a year, adding up to $1,080 to individual pay packets.

* A cut in the tax rate paid by 94 per cent of Australians to 30pct, from 32.5pct, in July 2024.

* The government is also projecting more surpluses in three years from 2020/21.

* The surplus forecasts of $11 billion, $17.8 billion and $9.2 billion are less than previously forecast.

* Commonwealth net debt forecast at $361 billion – or 18 pct of GDP – in 2019/20.

* Government expected to eliminate net debt by 2029/30 “or sooner”.

* Gross domestic product forecast to grow by 2.75pct in 2019/20 and 2020/21

* Employment to grow by 1.75pct in next two years.

* Government pledges to create extra 1.25 million jobs over next five years.

* Jobless rate forecast at 5pct over next four financial years.

* Wages tipped to grow by 2.75pct next year and 3.25pct in 2020/21.

* Inflation to remain subdued around 2.25-2.50pct in next two years.

* Expansion of instant asset write-off to businesses with turnover of up to $50 million.

* Increase in instant asset write-off amount to $30,000, from $25,000.

0

Like This