To support household income and create more jobs, the Government will deliver an additional $7.8 billion in tax cuts by retaining the low and middle income tax offset (LMITO) in 2021-22.
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The 2021-22 Budget is giving older Australians, including self-funded retirees, greater flexibility to contribute to their superannuation and access their housing wealth if they choose to by: -
The Government has acted decisively to protect lives and livelihoods, committing $311 billion in direct economic and health support since the onset of the pandemic. This action has been central to Australia’s world-leading response to COVID-19.