On Tuesday 11 May 2021, the Treasurer Josh Frydenberg, will hand down the 2021-22 Federal Budget. Supporting more vulnerable welfare recipients through the Cashless Debit Card. Federal Budget 2020: $1.5b for Australian manufacturing Prime Minister Scott Morrison has unveiled a new billion-dollar plan to create jobs and grow Australia… The Australian Treasurer, the Hon Josh Frydenberg, delivered the 2020/21 Federal Budget on 6 October, 2020 and as widely anticipated, the key focuses were on firstly, bringing forward to 1 July, 2020 the effective date of previously legislated personal income tax cuts and secondly, expanding significant economic stimulus initiatives. The only exceptions have previously been in 1996 and 2019 when federal elections pushed the Budget out to August and April, and in 2016 when it was pushed to May to allow for a potential double dissolution election. Federal Budget 2020-2021 “The road to recovery will be hard but there is hope” – Josh Frydenberg. The Budget will outline the Government’s economic forecasts as Australia emerges from the COVID impacts of 2020 and set out the next phase of the Government’s plans for stimulus and reform. The government restated the deferred start date for previously announced self-managed super fund (SMSF) measures . An Australian federal budget is a document that sets out the estimated revenues and expenditures of the Australian Treasury in the following financial year, proposed conduct of Australian government operations in that period, and its fiscal policy for the forward years. Temporary changes to the independence test for Youth Allowance and ABSTUDY applicants. Touted as the most significant Federal Budget in decades, the Government’s 2020 delivery sets the scene for a slow climb back to surplus and out of the first recession in almost 30 years. As we shift from management of the virus to a potential long tail of economic recovery, the impact of this year's Federal Budget will be critically important. Eligible Australian and New Zealand citizens and permanent residents continue to be allowed just one withdrawal opportunity of up to $10,000 from 1 July 2020 until 31 December 2020. Australian Federal Budget 2020-2021 – What It Means for You. The release of the 2020 federal budget comes after it was postponed in May because of the economic uncertainty caused by the COVID-19 crisis. Since 1994, the Australian Federal Budget has generally been released on the second Tuesday night of May. The U.S. budget deficit is how much more the federal government spends than it receives in revenue each year. Measures in the 2020-21 Federal Budget include: Two additional $250 Economic Support Payments, the first to be provided from December 2020 and the second from early 2021.   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