10 Takeaways from the Federal Budget for Chinese-Australians
Last night Treasurer Josh Frydenberg delivered the Government’s Federal Budget for 2020-21. This is an important budget as Australia continues to recover from the health and economic crisis from the COVID-19 pandemic. There were many exciting announcements in the Federal Budget with numerous spending initiatives to stimulate the Australian economy that will be relevant to you.
Here are the top 10 announcements that may be relevant for you.
For 10.2 million Australians who are in the low to middle-income tax bracket, there is a $7.2 billion tax cut through the low and middle-income tax offset. Individuals will be entitled to as much as $1,080 for individuals and $2,160 for dual income couples.
First Home Loan Guarantee Scheme
The First-home buyers loan guarantee scheme will be extended with another 10,000 places for first home buyers who buy or build a newly built house with only a minimum 5% deposit. The government will guarantee the other 15% of the deposit to assist first home buyers achieve the required 20% deposit.
International students who are on the subclass 500 student visa will be able to work for more than 40 hours per fortnight during their study periods if they work in restaurants, cafes or catering businesses after the expansion to include tourism and hospitality sector. Previously, there was a limit of 40 hours per fortnight for those in the hospitality sector.
A $10 billion boost to Australia’s aged care sector to improve the quality of aged care services for senior Australians with a key focus on understaffing issues, more resources for residential aged care homes, staff training and to reduce waiting lists.
For young families and working parents, there is $1.7 billion ($570 million a year) allocated to increase childcare subsidies for families with more than one child aged under five in care and the removal of the annual subsidy cap for higher-income parents.
A further $354 million has been provided to support women’s health and maternal and baby health such as improvements to screen for breast and cervical cancer, extra mental health support for new and expecting parents, and funding for