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Summary
- Federal budget 2021 tabled on Tuesday
- Spending anticipated to notch up by 1.9%
- Major gainers from the Budget- Aged care, Middle class, and few more
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%.
Representative Image. © Tanjakitura | Megapixl.com
Here is the list of major gainers from the Budget:
Nurse In Aged Care For The Elderly, Image Source: © Ginasanders | Megapixl.com
Aged care: The aged care sector has got a fresh infusion of AU$17.7 billion funding over next four years. Experts have, although, suggested that the aged care would need an annual funding of AU$10 billion. The government aims at 80,000 new home care packages, bringing the total to 275,000 home care packages available. So, the aged care has certainly seen a huge boost.
Few aged care stocks: Mayfield Childcare Limited (ASX: MFD), Think Childcare Group (ASX: TNK), Japara Healthcare Limited (ASX: JHC)
Suburban House, Image Source: © Luckydoor | Megapixl.com
Middle Class: In a move that is likely to enhance the political profile of Scott Morrison government, up to 10 million people will receive yet another tax offset of up to AU$1,080 in refunds as scheme has been extended to 2023.
Few retail stocks, Premier Investments Limited (ASX:PMV), Adairs Limited (ASX:ADH), Wesfarmers Limited (ASX:WES)
Artificial Intelligence, Image Source: © Stnazkul | Megapixl.com
Innovative companies/ tech sector: 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”.
Rent.com.au Limited (ASX:RNT), Flexiroam Limited (ASX:FRX), Peppermint Innovation Ltd (ASX:PIL)
Group Of Women, Image Source: © Rawpixelimages | Megapixl.com
Women: 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.
First Time Buyers, Image Source: © Monkeybusinessimages | Megapixl.com
First home buyers: Planning to own a home? Well, the government has said that the people saving for their first home deposit will be able to put away up to AU$20,000 extra in voluntary contributions to the First Home Super Save Scheme. The contribution cap has been increased to AU$50,000 from AU$30,000.
Home builder stocks to watch: Mirvac Group (ASX: MGR), Stockland (ASX: SGP), Simonds Group Limited (ASX: SIO)
Big Crane And Building Construction, © Khunaspix | Megapixl.com
Infrastructure: 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.
Read: A look at three ASX infra stocks ahead of Federal Budget
