Australian Budget: sees 2021 budget deficit at AUD 213.7bln (vs. Westpac Exp. AUD 240bln; Prev. AUD 184.5bln); Gross debt projected to surpass AUD 1tln by 2021/22

• To lower personal income tax by AUD 17.8bln stimulus to economy (timing not mentioned)


• Estimated tax cuts would boost GDP by AUD 3.5bln


• Under the Government's changes, individuals will benefit from bringing forward the tax cuts in Stage 2 of its Plan, as well as a one-off additional benefit from the low- and middle-income tax offset in 2020-21.


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Reaction details (09:45)

• Little reaction seen in AUD in wake of the budget unveiling

06 Oct 2020 - 09:32- Economic Commentary- Source: Newswires