The Federal Government is delivering an additional $17.8 billion in personal income tax relief to support the economic recovery, including an additional $12.5 billion over the next 12 months. More than 11 million taxpayers will get a tax cut, backdated to July 1 2020.
A new JobMaker hiring credit will be available for employers who hire people on JobSeeker, aged 16-35. Treasury estimates that this will support around 450,000 jobs for young people and cost $4 billion from 2020-21 to 2022‑23.
The $1 billion JobTrainer Fund will create up to 340,000 free or low-cost training places for school leavers and job seekers. A new 50 per cent wage subsidy will support 100,000 new apprentices and traineeships.
Eligible businesses will be able to acquire new or second-hand assets under an enhanced $150,000 instant asset write-off scheme by December 31 2020 and have an extra six months, until 30 June 2021, to first use or install
The Government will allow companies with turnover up to $5 billion to offset tax losses against previous profits on which tax has been paid to generate a refund. Loss carry-back will be available to around 1 million companies that employ up to 8.8 million workers.
An additional 10,000 first-home buyers will be able to purchase a new home sooner under the extension to the First Home Loan Deposit Scheme in 2020-21. This will allow first-home buyers to secure a loan to build a new home or purchase a newly built dwelling with a deposit of as little as 5 per cent, with the Government guaranteeing up to 15 per cent of a loan.
Since the start of the COVID-19 pandemic the Government has committed to invest an additional $14 billion in new and accelerated infrastructure projects over the next four years. These projects will support a further 40,000 jobs during their construction.