Tax relief, aged care & child care flagged winners in tonight’s 2021-22 budget

• Tax relief, aged care and child care have all be awarded extra funding as part of the federal government’s 2021-22 budget
• Treasurer Josh Frydenberg will deliver his third budget reading tonight, with infrastructure and housing also expected to receive additional cash
• The Morrison Government has already pledged $1.7 billion in funding for additional child care subsidies, while aged care’s expected to receive $18 billion
• More than $10 billion will be spent on infrastructure projects over the next 10 years, with South Australia to receive the majority of the spending
• Singles will receive another $1080 tax offset, while couples could get up to $2160, after the government extended the ow and middle-income tax offset

Tax relief, aged care and child care have all be awarded extra funding as part of the federal government’s upcoming 2021-22 budget.

Treasurer Josh Frydenberg will deliver his third budget reading tonight, with infrastructure and housing also expected to receive big federal top-ups.

#Budget2021 is all about the Australian people.

It’s about guaranteeing essential services, creating more jobs, and keeping Australians safe from #COVID19.

I will outline the Morrison Government’s plan to Secure Australia’s Recovery tonight at 7.30pm. pic.twitter.com/cwrapygAgI

— Josh Frydenberg (@JoshFrydenberg) May 10, 2021

Ahead of the reading, it’s been revealed the government has extended the low and middle-income tax offset for another year.

It had been due to end in 2021, however, the government has extended the termination decision to 2022 — once the federal election is over.

The offset will allow singles to receive another $1080 tax offset as early as July when tax returns begin, while couples could get up to $2160 back.

Along with tax relief, the government announced $1.7 billion in funding has been put aside for additional child care subsidies.

Aged care is also expected to receive $18 billion in funding, to help implement the recommendations from the Aged Care Royal Commission.

An additional $10 billion will be spent on infrastructure projects over the next 10 years, with South Australia to receive the majority of the spending.

The Treasurer explained the infrastructure spend would help Australia economically recover from the COVID-19 pandemic.

“The Australian economy is recovering well. Half a million new jobs have been created since the last budget in October of last year,” he began.

“But the job is not done. There is still more to do. Australia is still in the midst of a global pandemic,” he said.

“[There are] more than 800,000 new COVID cases a day. Europe has gone into a double-dip recession. Only recently, we saw a state-wide lockdown in Western Australia,” the Treasurer explained.

“We must secure Australia’s economic recovery, [and] tonight’s budget will do exactly that,” he added.