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Where your taxpayer dollars are spent

Published: (Updated: ) in Australian News by .

Interactive graphics showing the breakdown of government spending and revenue in the 2020-21 Federal Budget.

The Federal Government has handed down the 2020-21 Budget, with a record deficit of $213.7 billion and income tax cuts among the headline announcements.

Here's a breakdown of where the money will be spent - and where revenue is coming from.

THE DEFICIT

TAX CUTS

More than 11 million Aussies are set to receive a tax break.Total tax savings by yearly earnings.Changes to the tax brackets under Stage 2 of the government's plan.

TRANSPORT and INFRASTRUCTURE

Infrastructure funding is provided on a "use it or lose it" basis.

JOBS and BUSINESSES

Businesses will be encouraged to hire young Australians aged between 16 and 35.Asset write-offs and the ability to offset losses against previous profits will boost the bottom lines of Australian businesses.

FULL COVERAGE: Federal Budget 2020

Source: 9News https://www.9news.com.au/national/federal-budget-2020-where-your-taxpayer-dollars-are-spent-and-where-the-money-is-coming-from/526fa60e-4313-47bc-a18e-f5750103ee93

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Finance Advice 2021