Just as everyone in Australia has felt the impacts of the coronavirus pandemic, everyone in Australia will be affected by the federal government's coronavirus budget.
Treasurer Josh Frydenberg on Tuesday evening unveiled the most crucial Australian federal budget in recent history.
Locking in a deficit of $213.7 billion and a net debt of $703 billion, the ripples from the big-spending budget will be felt for years to come.
Here's how it will impact you.
Bringing forward tax cuts
One of the biggest and boldest moves in the government's budget is a plan to bring forward personal tax cuts for some 11 million Australians.
Mr Frydenberg said low and middle income earners would receive relief of up to $2,745 for singles and up to $5,490 for dual income families compared with 2017-18.
"As a proportion of tax payable, compared to 2017-18, the greatest benefits will flow to those on lower incomes," he said on Tuesday night.
"With those earning $40,000, paying 20 per cent less tax. And those on $80,000 paying around 11 per cent less tax this year."
The JobMaker program
Young Australian jobseekers should benefit from the government's JobMaker hiring credit, which Treasury says will support around 450,000 jobs.
The credit, available from Wednesday for employers who hire eligible employees aged 16 to 35, is payable for up to 12 months for each new job.
It will be paid quarterly in arrears at a rate of $200 a week for those aged under 30 and $100 a week for those between 30 to 35, with the new hires required to work at least 20 hours a week.
Employees will have to demonstrate an increase in their overall employee headcount and payroll for each new position created.
The government is also offering a 50 per cent wage subsidy for all businesses that take on new apprentices between 5 October, 2020 and 30 September, 2021.
More mental health support
Australians will be able to access twice as many Medicare-subsidised psychology sessions, with the budget taking the number available from 10 to 20.
Beyond Blue, Lifeline, Kids Helpline and Headspace will receive extra money, as will 15 “enhanced mental health clinics”, as the budget allocates an extra $148 million for mental health services.
Meanwhile, Victorians who have struggled amid lengthy COVID-19 lockdowns will also be able to access increased mental health support with more than $47.3 million in additional funding.
“My heart goes out to all those Australians - young and old - for whom COVID-19 has caused such pain,” Mr Frydenberg said on Tuesday.
Older Australians
Age pensioners will get $250 economic support payments in December and March, after previously getting $750 payments in April and July.
A four-year $1.6 billion funding boost for an extra 23,000 home care packages will also benefit seniors who want to keep living at home.
