Taking positive steps towards recovery.
Unconventional and unprecedented – the 2020-21 Federal Budget offers a set of measures designed to help Australia bounce back from COVID-19. While this budget rewrites successive government’s fiscal strategies and budget rules, there’s good reason.
Urbis’s Chief Economist Richard Gibbs states, “With the immediate focus on cyclical measures, this budget aims to drive a robust tailwind for the economy, to offset all the headwinds that continue on a global scale as COVID-19 runs its course.”
A number of the budget measures have already been legislated; there’s a surgical focus on cyclical initiatives rather than structural reforms; and the Australian State, Territory and Local governments are seen as best placed to deliver activity-based initiatives.