Central Banks

The RBA is at 0330 GMT on Tuesday 06 October 2020 with the budget announcement following at 0830GMT. 

The budget speech will be delivered by Treasurer Josh Frydenberg, comments from him ahead of the speech indicate his main focus is on creating jobs.

  • unemployment is at a 22-year high in the wake of the coronavirus impact economic devastation

Main points expected:

  • A$314 billion of fiscal stimulus
  • accelerated income tax cuts 
  • commitment to spend A$1.2 billion to pay 50% of the wages of 100,000 new apprentices or trainees over the next 12 months
  • fast-tracking of infrastructure projects (worth circa A$7.5 bn)
  • deficit expected around 200bn AUD

RBA Gove Lowe and Treasurer Frydenberg in better times:

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