Federal Budget 2020: Where your taxpayer dollars are spent
The deficit has hit $213.7 billion - but where is the money going? Graphic: Tara Blancato
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
SNAPSHOT
By 2024, Australia's net debt will be almost $1 trillion. Nine
TAX CUTS
More than 11 million Aussies are set to receive a tax break. Graphic: Tara Blancato
Total tax savings by yearly earnings. Graphic: Tara Blancato
Changes to the tax brackets under Stage 2 of the government's plan. Graphic: Tara Blancato
TRANSPORT and INFRASTRUCTURE
Infrastructure funding is provided on a "use it or lose it" basis. Graphic: Tara Blancato
JOBS and BUSINESSES
Businesses will be encouraged to hire young Australians aged between 16 and 35. Graphic: Tara Blancato
Asset write-offs and the ability to offset losses against previous profits will boost the bottom lines of Australian businesses. Graphic: Tara Blancato
FULL COVERAGE: Federal Budget 2020
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