Budget 2020: What it Means for the Global Goals
Here at the Global Goals Australia Campaign, we love Budget Night every year. However, this year was even more exciting than previous years as the biggest budget since WWII was handed down by Treasurer Josh Frydenberg in Parliament House in Canberra last night.
The Treasurer explained that while our net debt will peak at almost a trillion dollars in the financial year ending 2024, as a share of Gross Domestic Product (GDP), our debt is only half of that of the UK, a third of that of the US and a quarter of that of Japan.
This budget aims to ensure we recover from this recession caused by the pandemic of COVID-19, the bushfires and the numerous natural disasters at the beginning of the year. The main focus of this recovery is jobs and employment.
Let's look over the biggest commitments and how they are working towards the Global Goals.
Goal 1: No Poverty
- Tax cuts back-dated to July 1 this year for 11 million Australian taxpayers
- $500 COVID-19 stimulus payment for pensioners and welfare recipients
- Reforms to superannuation to save members $18 billion over the next decade
- The introduction of an online superannuation comparison tool
- $100 million for veteran mental health and well-being initiatives
Goal 2: Zero Hunger
- $328 million to improve congestion between farm and market
- $50 million for agricultural water infrastructure upgrades
Goal 3: Good Health and Well-Being
- $94 billion to the health system overall
- $2 billion investment in road safety upgrades
- $16 billion for COVID-19 response
- Extension of Medicare subsidies, telehealth services
- Securing 80 million doses of potential vaccines for COVID-19
- Doubling Medicare-funded psychological services from 10 visits per person to 20 visits per person per year
- Further funding for Lifeline, Headspace, Beyond Blue and Kids Helpline
- $5.7 billion for mental health
- $1.6 billion for aged home care packages
- $375 million for PBS
- $20 million for private health insurance affordability
- $50 million to expand the Rural Health Mutidisciplinary Training Program
Goal 4: Quality Education
- Funding 50,000 new higher education short courses centred around agriculture, health, IT, science and teaching
- 12,000 new Commonwealth supported places for higher education in 2021
- 2,000 Indigenous students to be supported to complete Year 12 to ultimately find employment or further their studies
Goal 5: Gender Equality
- The announcement of the 2020 Women's Economic Security Statement to encourage women's participation in the workforce, especially in the areas of science, technology, engineering and mathematics (STEM)
Goal 6: Clean Water and Sanitation
- $2 billion to National Water Infrastructure Development Fund
- $270 million for the Murray-Darling Basin's river health and the surrounding communities
Goal 7: Affordable and Clean Energy
- $1.9 billion in new funding to lower emissions and support renewable technologies
Goal 8: Decent Work and Economic Growth
- JobMaker scheme set to encourage businesses to hire people between the ages of 16 and 35 by applying a hiring credit between $100 and $200 per week for new hires of a minimum of 20 hours per week. This will be payable for 12 months.
- JobTrainder fund set to create 340,000 free or low-cost training places for both school leavers and job seekers
- $2.8 billion to protect 180,000 apprenticeships and trainees
- $1.2 billion to create 100,000 new apprenticeships through 50% wage subsidy
- Investment in key areas to connect people seeking work to local employment opportunities
- $28 million to modernise Australia's trade
- $107 million to Supply Chain Resilience Initiative
- $250 million for Regional Tourism Recovery Package
Goal 9: Industry, Innovation and Infrastructure
- $459 million for the CSIRO
- $1 billion in research funding for universities
- $14 billion in new and accelerated infrastructure projects
- $52 million to Manufacturing Modernisation Fund
- $50 million to Industry Growth Centres
- $4.5 billion for NBN Co
- $29.2 million for the rollout of 5G
- $203 million for construction of new diesel fuel storage
- $01 million to deliver the 2020 Cyber Security Strategy
Goal 10: Reduced Inequalities
- $3.9 billion for the National Disability Insurance Scheme (NDIS)
- $46 million for Closing the Gap
Goal 11: Sustainable Cities and Communities
- $1 billion for local councils to upgrade local roads, footpaths and street lighting
- Expansion of the First Home Loan Deposit Scheme for 10,000 first home-buyers
- $1 billion of low-cost finance for the construction of affordable housing
- $4.6 billion in rental assistance
- $150 million in Indigenous home ownership
- $250 million fuel security plan
- $10 million for the Return of Cultural Heritage Initiative
- $550 million for regional Australia
Goal 12: Responsible Consumption and Production
- Phasing out of the export of waste, plastic, paper, tyres and glass waste
- $250 million investment iin recycling infrastructure
- $29 million for the National Standard for the Risk Management of Industrial Chemicals, focused on reducing the risk of land and water contamination
Goal 13: Climate Action
Please see Goal 7 for the budget's climate change related spending
Goal 14: Life Below Water
- $47 million to protect oceans and marine life
Goal 15: Life On Land
The National Standard for the Risk Management of Industrial Chemicals will work towards protecting the environment
Goal 16: Peace, Justice | Strong Institutions
- $220 million for community and social services
Goal 17: Partnerships for the Goals
- $100 million to Regional Recovery Partnerships
There's a lot in this budget that will impact Australians, and we are excited to see the contribution it will make to the Global Goals. What budget measures are you most excited about? What more would you like to have seen for certain goals?