Budget 2019-20

Date of article: 10 April 2019
Last updated: 10 April 2019

The Budget 2019-20 was delivered on 2 April 2019 as the Budget that is back in the black and back on track. The Treasurer announced a forecasted budget surplus of $7.1 billion for 2019-20, and a total of $45 billion of surpluses over the next four years.

The Government is delivering tax relief of $158 billion over the decade to low and middle income earners that will immediately benefit more than 10 million taxpayers, with 4.5 million receiving the full amount of the benefit.

The Treasurer also announced the Government's plan to change the personal income tax system by creating a simpler system of fewer tax brackets from 1 July 2014. The middle tax brackets will be consolidated to cover $45,000 to $200,000 at a reduced rate of 30 per cent from 1 July 2024.

There were no major changes to the existing superannuation system. There are measures to improve flexibility for older Australians.

For more details, see Budget 2019-20.

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