The 2021/22 budget has to some extent addressed the so-called “care economy” and addresses a range of pressing social issues and also stimulates the economy by spending on capital infrastructure. Client Manager & SMSF Auditor, Rohan Richards, clearly outlines the spending initiatives announced by the Government in Tuesday night’s Budget announcement.
The measures announced include a “big spend” on the following:
COVID-19 measures
$1.9 billion in the vaccination program including funding to distribute and administer vaccines monitor progress etc.
Women’s safety
$3.4 billion for package to include;
- 1.1 billion in funding for women’s safety
- 1.9 billion to support women’s economic security
- 1.7 billion to improve the affordability of childcare
Specific business support
$2.1b in targeted support for aviation tourism, arts and international education providers.
Infrastructure
$1.2billion to build digital infrastructure skills and cyber security.
$15 billion to spend on additional infrastructure including $2.6 billion for the North-South Corridor – Darlington to Anzac Highway; and $148 million for Stage 2 of the Augusta Highway Duplication.
Aged care, disability and mental health
- $13.2 billion over 4 years for the National Disability Insurance Scheme
- $17.7 billion for comprehensive age care reform package to include new home care packages, training for personal carers etc
- $2.3 billion for mental health care and the prevention of suicide
Preschools and universities
- $2 billion to fund preschools
- 19 billion to provide more funding for universities
Natural disasters
$10 billion guarantees to make insurance more available to those affected by Natural disasters in Northern Australia.
Security and law enforcement
$1.9 billion to over 10 years to strengthen national security, law enforcement and intelligence agencies.
Climate change
$1.6 billion to fund priority technologies including clean hydrogen and energy storage.
Skills and training
The Budget provides $2.7 billion for more than 170,000 new apprenticeships and traineeships.
