36 things in the budget you need to know about, according to CommSec's economist

Treasurer Josh Frydenberg unveiled the full picture of the Morrison government’s 2021 budget tonight, following a series of headline announcements over recent weeks.

Among the key details of a Coalition government that previously sought to hammer the Labor opposition over its deficit budgets during the GFC a decade earlier was the fact that the budget deficit for the current and upcoming financial years will top $267 billion – $161 billion of that figure from this financial year’s coronavirus-battered year.

And as the government prepares to head to an election next year, the deficit only falls to $106 billion for FY2022.

Craig James, Chief Economist at CBA’s trading platform CommSec, has put together a list of the key numbers from the 2021 federal budget.

Here they are:

Budget deficit of $161 billion (7.8% of GDP) expected this year (2020/21)
Budget deficit of $106.6 billion (5% of GDP) expected next year (2021/22)
$7.8 billion extension of the Low and Middle Income Tax Offset
$20.7 billion in tax relief to extend temporary full expensing and temporary loss carry-back for businesses
$17.7 billion for aged care over four years
$15.2 billion for infrastructure projects to be spent over the next decade
$13.2 billion over four years for the National Disability Insurance Scheme (NDIS)
$3.4 billion for women’s safety measures
$2.3 billion for improved and expanded mental health care and suicide prevention
$2 billion over four years for early childhood education
$1.9 billion for the Covid-19 vaccination rollout
$1.9 billion over the decade to strengthen our national security and law enforcement capabilities
$1.7 billion for expanding child care subsidy
$1.5 billion to extend a range of health responses
$1.5 billion Modern Manufacturing Strategy
Employers will be given an extra $1.5 billion to hire 100,000 apprentices and trainees in the next year
$1.2 billion in support for aviation and tourism
Extra $1.2 billion in Digital Economy Strategy
$1.2 billion over 10 years to encourage investment in regional hydrogen hubs
$878.7 million to support access to affordable medicines through the Pharmaceutical Benefits Scheme (PBS)
$850.4 million to help farmers reach their goal of increasing farm gate output
$780 million to extend the HomeBuilder construction commencement period and the New Home Guarantee
$747 million to upgrade four key military training areas
$385.5 million for biosecurity systems
$480 million in new funding for the environment
$464.7 million to bolster domestic detention capabilities
$300 million to support Australia’s creative and entertainment sector
$696 million over the next 4 years for the Agriculture 2030 initiative
$225 million in excise tax relief for small-scale alcohol brewers and distillers
A new SME Recovery Loan Scheme building on the SME Guarantee Scheme
Family Home Guarantee for eligible single parents
$506 million to extend the JobTrainer fund
Additional $460.4 million for veterans
$1.2 billion to establish Australia at the forefront of low emissions technology innovation
$265 million for the Building Better Regions Fund
People over 60 years who sell their home and downsize will be able to put $300,000 into their superannuation