Australian Treasurer Josh Frydenberg tabled the Federal Budget in the House of Representatives on Tuesday. Total revenue for 2021‑22 in the federal budget has been pegged at AU$496.6 billion, while the total expenses are expected to be AU$589.3 billion, which leaves the government with a deficit of AU$ 92.7 billion. The government has anticipated its spending to increase by 1.9%.
A new patent box regime is aimed at giving tax breaks on the income made from Australian medical and biotechnology inventions. The government has also allocated AU$1.2 billion over next six years as part of its “Digital Economy Strategy”.
The federal government has committed to spend AU$3.4 billion over the next five years as part of its pledge to deliver a more women-centric budget. About half of this amount will go to boosting childcare subsidies, while the remainder will be allocated on initiatives such as domestic violence support services.
The federal government has committed to add another AU$10 billion over 10 years to budget for roads, highway and construction of freight hubs. New South Wales will get almost one-third of fresh allocation, worth more than AU$3 billion.