Federal Budget 2020-21


Federal Budget 2020-21

On 6th October 2020, Treasurer Josh Frydenberg handed down a Federal Budget that reflects an extraordinary year in Australia’s history. The unprecedented spending program to support health and livelihoods in the face of the global pandemic, together with the associated economic fall-out, has resulted in an anticipated Budget deficit in 2020-21 of $214 billion with further deficits anticipated over the medium term.

This year’s theme is about jobs and investment, and the necessary steps Australia must take on the long road back to restore employment to pre-pandemic levels.

The key announcements were:

  • Stage 2 personal income tax cuts to be brought forward from 1 July 2022 to 1 July 2020
  • Businesses with turnover of less than $5 billion can write off the full value of eligible assets used or installed by 30 June 2022
  • Companies with turnover of less than $5 billion can carry back losses incurred in the 2019-20 to 2021-22 years
  • New JobMaker Hiring Credit measure to encourage employers to hire young workers

Federal Budget 2020-21 Japanese

open in new window Explore now
  • Proposed Research & Development amendments refined and deferred to 1 July 2022
  • Government to invest additional $14 billion in new and accelerated infrastructure projects over the next four years
  • Record funding for hospitals, schools, childcare, aged care and disability services
  • 100,000 new apprenticeships and $1 billion in university research funding 
  • Aged care funding up $2.2 billion, including $1.6 billion for 23,000 additional home care packages.

To view our analysis of the Federal Budget 2020-21 deep dive into the specific topics below.

Federal Budget 2020-21 Chinese

open in new window Explore now

Economic overview

Read more

Personal tax

Read more

Business taxes

Read more


Read more


Read more


Read more

Education and training

Read more

Health and human services

Read more

  • Contact us
  • Submit RFP
  • Our solutions

    Progress your business growth and development

    Take a look at the products and services we offer.

    Tax services

    As a global tax leader today, your reality is a fast-changing landscape, from which new ideas, demands, and operating models emerge. Leading through this change and complexity is your priority. And supporting you with this is ours.

    Deloitte Access Economics

    Deloitte Access Economics offers a full suite of economic advisory services including economic forecasting, modelling, analysis and advisory services to help our clients plan for the future, understand the implications of major decisions, and navigate the complexities of economic policy.

Did you find this useful?