THE federal Coalition handed down the 2021-22 Budget this week, and spent the days beforehand talking up the need to \u201csecure Australia\u2019s economic recovery\u201d.<\/p>\n
Speaking on Tuesday, Treasurer Josh Frydenberg said despite Australia\u2019s handling of the coronavirus pandemic and recent promising economic figures, the job was not done and there was still more to do.<\/p>\n
\u201cAustralia is still in the midst of a global pandemic. More than 800,000 new COVID cases a day (and) Europe has gone into a double-dip recession. And only recently, we saw a statewide lockdown in Western Australia,\u201d he said.<\/p>\n
\u201cWe must secure Australia\u2019s economic recovery. Tonight\u2019s budget will do exactly that.<\/p>\n
\u201cTonight\u2019s budget will invest more in our COVID health response to keep Australians safe. Tonight\u2019s budget will invest in infrastructure and skills to create more jobs and provide incentives to businesses to do what they do best \u2013 hire, innovate and to grow.<\/p>\n
\u201cAnd tonight\u2019s budget will see record commitments on essential services, disability support, mental health, aged care and women\u2019s safety.<\/p>\n
\u201cAustralia\u2019s strong position today is not the result of luck. Australia makes its own luck. And tonight\u2019s budget will lay out the Morrison Government\u2019s economic plan to secure Australia\u2019s recovery.\u201d<\/p>\n
Federal debt is forecast to surpass $1 trillion – which Mr Frydenberg said was a response to a \u201conce-in-a-century pandemic\u201d – and Shadow Treasurer Jim Chalmers said on Tuesday the outcomes from the budget needed to reflect the enormity of that figure.<\/p>\n
\u201cThe budget is recovering for a range of reasons,\u201d Mr Chalmers said. \u201cThe iron ore price is substantially higher, some multiples of what the government assumed. So they got their forecasts wrong there.<\/p>\n
\u201cBut obviously, as the economy recovers from the deepest, most damaging recession in almost a century, the budget will recover as well when it comes to income taxes and social security payments and the like.<\/p>\n
\u201cSo the budget is improving in predictable ways and, in some instances, the improvement in the budget has nothing to do with the government when it comes to commodity prices we\u2019re getting.<\/p>\n
\u201cWe want the budget to recover strongly. We want the $1 trillion in debt to actually mean something in terms of jobs for people around Australia.<\/p>\n
\u201cThe budget would be in much better nick if it wasn\u2019t riddled with rorts and weighed down with waste.\u201d<\/p>\n
Pre-announced 2021-22 Budget highlights include:<\/p>\n