Treasurer Josh Frydenberg hands down his second federal budget. Source: AAP

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Budget 2020

LIVE: The most crucial federal budget in recent Australian history is revealed by Josh Frydenberg

Follow the SBS News live blog today as we preview and break down a truly historic federal budget and everything else happening in the world of Australian politics.

Treasurer Josh Frydenberg hands down his second federal budget. Source: AAP

Published , updated 6 October 2020, 10:05 pm
By Tom Stayner
6 October 2020, 10:54 am

Women and young people 'heaviest hit' by economic crisis

Treasurer Josh Frydenberg was also asked earlier about his budget's response for women and young people.

These groups were hardest hit by initial job losses caused by the coronavirus crisis.

"Women and young people are among those who have been heaviest hit by this crisis," he told reporters. 

"Importantly, more than half of those who have lost their jobs have now got back to work." 

Source: AAP

Mr Frydenberg stressed the government must learn from previous recessions where too many people were forced into long-term unemployment.

"We want to move faster than that, and importantly we want to help women and young people get back to work," he said. 

The government is expected to announce a wage subsidy for 700,000 under 35s tonight to help get them back to work and off income support payments. 

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6 October 2020, 9:05 am

'Can't have a pink recession and blue recovery'

Opposition Leader Anthony Albanese also made these comments earlier when asked what the budget must do for women in Australia. 

"Women have been particularly adversely affected and the government needs to respond tonight to that," he told reporters.  

"We can't have a pink recession and a blue recovery. What we need to do is make sure in terms of fairness that those issues are addressed tonight." 

6 October 2020, 8:49 am

'All about jobs'

Going back to Josh Frydenberg's media conference earlier this morning, he was pretty emphatic about the budget's focus on job creation.

The nation's unemployment rate still stands at 6.8 per cent and up to million or more Australians are out of work.

"This is all about jobs. It's all about helping those who are out of a job get into a job," Mr Frydenberg said.

6 October 2020, 8:26 am

Personal income tax cuts 'fast-tracked'

The most important item for households will likely be the bringing forward of legislated personal income tax cuts.

This relief is expected to be backdated to 1 July to get money into the pockets of Australians as soon as possible.

The "stage-two" tax cuts were previously due to begin in mid-2022.

For more on what this could mean for you - here’s our chief political correspondent Brett Mason:

 

6 October 2020, 8:17 am

Australia’s biggest economic downturn in a century: What we know so far

Treasurer Josh Frydenberg is set to unveil a record deficit and spending federal budget this evening. 

It will focus heavily on job creation and getting Australians back into work following the surge in unemployment caused by the coronavirus crisis. 

Here’s some of the key points we know so far:

  • Deficit expected to peak at $210 billion.
  • The debt ceiling is set to climb to $1.1 trillion (that’s about 55 per cent of GDP).
  • Personal income tax cuts to be brought forward.
  • A wage subsidy for 700,000 under 35s will be announced to help get young people back into work and off income support payments.

You can check out our preview here: 

6 October 2020, 8:02 am

WATCH: Josh Frydenberg early update

The treasurer just finished speaking to reporters in Canberra, giving them a bit of a taste of what to expect this evening. 

You can listen to what he said below: 

6 October 2020, 7:54 am

Welcome to our federal budget blog

Good morning and welcome to SBS News’ rolling coverage ahead of the release of tonight’s federal budget.

My name is Tom Stayner and I’ll be bringing you the most important developments in the lead up to Treasurer Josh Frydenberg’s budget speech set to commence at 7:30pm AEDT.

You can watch his address this evening LIVE on the SBS News website and SBS News social platforms.

For full analysis also tune into our special coverage on SBS at 10:30pm AEDT.

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