The Balancing Act Budget Federal Budget 2021-22 


The 2021-22 Federal Budget is a balancing act between a better than anticipated deficit ($106 bn), an impending election, and the need to invest in the long term.

Key initiatives include:

  • Extension of temporary full expensing and loss-carry back providing immediate deductions for business investment in capital assets
  • Introduction of a ‘patent box’ offering tax concessions on income derived from medical and biotech patents
  • Tax and investment incentives for the digital economy
  • Extension of the low and middle income tax offset
  • Child care subsidy increase for families with multiple children
  • $17.7 billion over 5 years to reform aged care
  • $2.3 billion on mental health infrastructure and programs
  • New and extended home ownership programs for first home owners and single parents