The Treasurer delivered the Federal Budget on 6 October 2020

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My Budget

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JobMaker Plan

The Budget commits $74 billion in measures to support the economic recovery through our JobMaker Plan, coming on top of the initial overall support of $299 billion. The government’s JobMaker Plan will support economic activity and higher employment.

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Your future, your super

The Government’s Your Future, Your Super reforms will make the superannuation system better for members by ensuring your super follows you when you change jobs, introducing an online comparison tool, holding funds to account for underperformance, and increasing transparency and accountability.

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Backing employers to hire

The JobMaker Hiring Credit will be available to employers for 12 months from 7 October 2020 when they hire an eligible job seeker aged 16 to 35 to fill a newly created job.

Support for the child care sector

The Government will pay $9 billion in Child Care Subsidy payments in 2020-21. The means-tested subsidy directs more financial support to lower and middle-income families. Families who have lost income or work during the COVID-19 pandemic and continue to use care will receive a higher level subsidy.

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Backing the residential construction industry

The Government’s HomeBuilder program is assisting the residential construction industry by encouraging Australians to build new homes or rebuild existing dwellings in 2020. HomeBuilder provides eligible owner-occupiers, including first home buyers, with a tax free grant of $25,000 to build a new home or to rebuild.

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Access to mental health services

The Government is committed to supporting the mental health and wellbeing of all Australians. In this Budget, more than $148 million in additional funding is being provided for mental health supports to help individuals and communities through the pandemic. This brings the total funding for mental health to $5.7 billion in 2020‑21.

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Wage subsidy for apprentices

The Government is investing further in Australia’s training system and skills pipeline by committing an additional $1.2 billion to boost the number of new apprenticeships and traineeships.

JobTrainer Fund

The JobTrainer Fund will deliver training courses to fill skills gaps based on the agreement between participating states and territories and the National Skills Commission.

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Tax relief for hard-working Australians

The Budget is accelerating the Personal Income Tax Plan to deliver an additional $17.8 billion in personal income tax relief.

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Short courses to upskill Australians

More people are expected to enrol in tertiary study in response to the economic disruption caused COVID-19. The Government is committing $252 million to support delivery of 50,000 higher education short courses to meet increased demand.

Securing electricity supply and lower prices

Household electricity bills have fallen by 4.7 per cent since December 2018. The government will work with private providers to maintain lower prices by increasing generation capacity, investing in electricity infrastructure and working with the National Cabinet to ensure an efficient and integrated system is delivering for consumers.

Insolvency reforms

The Government is embarking on the biggest reforms to Australia’s corporate insolvency system in nearly 30 years. The goal is to ensure our insolvency framework meets the needs of Australian small businesses, their creditors and their employees – keeping businesses in business and Australians in jobs.

Removing barriers to credit

The continued flow of credit is vital to Australia’s economic recovery. The Government is taking action to remove barriers to the flow of credit so consumers can continue to spend and businesses can invest and create jobs.

Keeping parents connected to their work

The Government is supporting families by extending the Paid Parental Leave scheme. This change will extend the work test period, providing access to Paid Parental Leave where eligibility has been impacted by COVID 19. As a result, an additional 9,000 individuals will gain eligibility to Parental Leave Pay and 3,500 to Dad and Partner Pay.

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Record funding for Australian schools

The Government is investing record funding in Australian schools so all students are equipped with the necessary skills for future study or work.

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Supporting quality aged care

Funding for the aged care sector includes additional home care packages, training and support for workers, and COVID-19 support.

Record funding for hospitals

The Government continues to support hospital responses to COVID 19 by providing record funding to states and territories, including funding to keep private hospitals available in the public health response.

COVID-19 vaccines and medical research

The Government is providing $1.7 billion to secure access to over 84.8 million doses of potential vaccines being developed by the University of Oxford and the University of Queensland. The Government is also investing $123.2 million to join the international COVAX facility, securing access to a large portfolio of potential vaccines and manufacturers around the world.

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COVID-19 testing

The Government is providing funding for primary care, including over $750 million for COVID-19 testing and $171 million for the continued operation of up to 150 dedicated respiratory clinics.

Telehealth extension

The Government is providing $112 million to continue temporary Medicare rebated telehealth services, ensuring access to GP consults, specialist appointments, mental health and other allied health services.

Additional economic support payments

The Government is providing $16.8 billion to support new and existing income support recipients during the COVID-19 pandemic, with the temporary Coronavirus Supplement and expanded eligibility for income support payments.

Supporting business R&D

The Government is investing an additional $2 billion through the Research and Development Tax Incentive to help innovative businesses that invest in research and development.