2021 Australian federal budget
The 2021 Australian federal budget was the federal budget to fund government services and operations for the 2021–22 financial year. The budget was presented to the House of Representatives by Treasurer Josh Frydenberg on 11 May 2021. It was the eighth budget to be handed down by the Liberal/National Coalition since their election to government at the 2013 federal election, and the third budget to be handed down by Frydenberg and the Morrison government. This budget was the second last to be handed down by the Morrison government before their defeat at the 2022 Australian federal election.[1]
 | |
| Submitted | 11 May 2021 |
|---|---|
| Submitted by | Morrison government |
| Submitted to | House of Representatives |
| Parliament | 45th |
| Party | Liberal/National Coalition |
| Treasurer | Josh Frydenberg |
| Total revenue | $496.6 billion (24.5 % of GDP) |
| Total expenditures | $589.3 billion (29.2% of GDP) |
| Deficit | $106.6 billion (5.0% of GDP) |
| Website | budget.gov.au |
| Notes: Surplus = receipts - payments - net Future Fund earnings.
Italics are estimates in the budget ‹ 2020 | |
Background
This budget was handed down during the COVID-19 pandemic, and as such included further and ongoing measures for the recovery of the economy.[2]
Expenditure
Debt and deficit
The Budget underlying cash deficit for 2021/22 is expected to be $106.6 billion, falling $52.7 billion from 2020/21.[3]
The Australian government's debt level was forecast to be $963 billion in 2020/21.[3]
References
- "Labor, Anthony Albanese make history with 2022 federal election victory". ABC News. 21 May 2022. Retrieved 18 October 2022.
- "Supporting Australians through COVID-19" (PDF). Budget. 11 May 2021.
- "Budget 2021–22 Overview" (PDF). Budget.