Federal Budget 2020: Health, welfare and jobs

By October 7, 2020Financial Planning

Below we detail some of the budget announcements which relate to health, welfare and jobs

Social security

There will be two separate economic support payment of $250 each, in November 2020 and early 2021, two eligible recipients of Centrelink payments and health card holders.

Aged care

Substantial funding has been directed to the aged care sector, in response to recommendations of the Aged Care Royal Commission and the shortcomings that were apparent in retirement homes during the Covid pandemic. It would appear that much of the emphasis is to encourage Australians to remain in their own home.

Granny flat CGT exemption

A further measure to encourage older Australians to avoid retirement homes is a CGT exemption for granny flat arrangements. Currently capital gains tax complications often discourage children from establishing such arrangements for their parents. Granny flats may be ideal for many families who wish to care for their parents but recognise that many older Australians wish to maintain a degree of independence.


Read a summary of health, welfare and jobs changes by clicking here.