Federal Budget 2021

What it means for you

The 2021-22 Australian Federal Budget was released on 11 May 2021 by Treasurer Josh Frydenberg, outlining how the government plans to allocate their funds for the next year.

Note: The measures outlined in the Budget are yet to be legislated and may or may not become law.

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Federal Budget Analysis 2021

Navigate below to read updates related to key areas for our customers:

EDUCATION

Preschool: $2 billion into preschool funding, part of which is to support access for all children to at least 15 hours a week.

Child care: $1.7 billion over next 5 years to reduce cost of child care for families.

Schools: Annual funding for schools increased to $23.4 billion in 2021 with commitment to fund $289 billion over next 4 years.

Aboriginal and Torres Strait Islander: Further investment of $16.6 million to assist Aboriginal and Torres Strait Islander students to access boarding school services.

HEALTHCARE

Mental Health: Largest single investment of $2.3 billion over 4 years into critical services and support for mental health and suicide prevention.

NDIS: $13.2 billion in extra funding to the National Disability Insurance Scheme (NDIS) over the next 4 years to benefit people with a permanent disability.

Medicare: $220 million over four years in order to amend and add new services to the Medicare Benefits Schedule.

Remote Areas: $65.8 million into bulk billing incentives and improving access to health services in rural areas.

COVID-19: $1.5 billion into COVID-related services such as testing and contact tracing and $1.9 billion over next 4 years invested in Australia’s vaccine strategy.

AGED CARE

  • Additional funding of $17.7 billion over 5 years to reform the aged care system including improving quality of care and accessibility.
  • 80,000 additional Home Care Packages over the next 2 years.
  • $7.8 billion to improving quality, safety and sustainability of residential aged care services.
  • $74.8 million into providing individualised care for people living with dementia.

More from the budget:

Women

Family Violence Support: About $998 million over the next 4 years in reducing domestic and family violence and to support survivors:

  • $164 million towards a trial program offering financial help to women running from family violence.
  • Includes funding for frontline services and specific programs for migrant, refugee and Aboriginal and Torres Strait Islander women.

Health: $345 million in funding towards women’s health including:

  • $100 million in improving cervical cancer and breast cancer screening.
  • Over $47 million into depression services for pregnant women and new mothers.
  • $27 million towards eating disorders.

Education: $42.4 million towards scholarships for women in science, technology, engineering and maths.

Taxation

Low and Middle Income Tax Offset: The low and middle income tax offset of up to $1080 has been extended for an additional 12 months.

Home Buyers

First Home Loan Deposit Scheme: 10,000 places to be released on 1 July 2021 for first home buyers to buy a new or existing home.

HomeBuilder: Over 120,000 grant applications for home owners to build a new home or rebuild an existing home sustainably.

First Home Super Saver Scheme: New cap of $50,000 for voluntary contributions to superannuation fund to help save for a deposit for first home.

New Home Guarantee: 10,000 places to be released on 1 July 2021 for first home buyers wanting to build a new home or purchase a newly built home.

Family Home Guarantee: New scheme over 4 years from 1 July offering 10,000 single parents with dependents assistance to enter/re-enter housing market. This program allows single parents with income of less than $125,000 to buy a home with a 2% deposit.

More Information 

For more information on the Federal Budget, visit https://budget.gov.au/

Source: Budget 2021-22. Guaranteeing the essential services. https://budget.gov.au/2021-22/content/essentials.htm.