Budget night - Your two minute guide to the six biggest budget announcements
1 - Tax cuts brought forward
The Federal Government will bring forward its planned tax cuts, with some Australians pocketing up to $2,565. The tax cuts will benefit richer Australians more.
If you earn between $45,000 and $90,000 per year, you will pocket an extra $1,080.
If you earn more than $90,000, you could take home as much as an extra $2,565.
2 - More mental health funding
The number of psychological services sessions covered by Medicare per person each year has increased from 10 to 20.
The support packages provided for telehealth services and mental health services during the pandemic will be extended until March 2021.
3 - Boost to building sector
The building sector will be boosted by a new $14 billion infrastructure package, which includes $7.5 billion on road and rail projects, $2 billion on road safety and $1 billion to local councils for upgrades to footpaths, street lighting and roads.
It comes on top of the $668 million HomeBuilder scheme providing grants to people renovating their homes or building new ones.
4 - Good news for young job-seekers
Treasurer Josh Frydenberg wants more young people to get back to work. Up to 450,000 jobs are expected to be created under the new JobMaker Hiring Credit, which will give $200 a week to employers who hire anyone aged 16-30, and $100 a week for any worker aged 30-35.
The new employees must have been on JobSeeker and be given at least 20 hours of work a week.
5 - Tax cuts for businesses
Any company earning up to $5 billion a year will be able to write off the cost of any depreciable asset - anything from buildings to machinery - they buy before the end of june 2020.
And as many as one million companies will be able to offset any loss they record in 2021-22 against profits made after 2018-19.
The measures will give businesses up to $30 billion over the next four years.
6 - Manufacturers get funding boost
The Federal Government will give new funding to areas of priority manufacturing, including defence, space, food, recycling and medical products.
These areas will receive $1.3 billion in funding for research and expansion plans, and another $200 million will be made available in other packages.