2020 Federal Budget Highlights:

Undoubtedly, Tuesday's budget was historic for Australia recording one of the largest deficit in history. As with many countries, the Covid-19 has propelled governments across the world to centre their budgets in response to the devastating economic impact it has caused. Key themes from the budget were economic revitalisation, business stimulation and consumer spending. Below are some of the budget highlights:

• The Budget deficit for the current year is estimated to be a record $214 billion, or 11% of Australia’s gross domestic product (GDP), with debt expected to reach 55% of GDP.

• Australia’s net debt burden is estimated to exceed $1 trillion.

• The Government has announced a proposed total of $112 billion in new measures, including the JobKeeper extension.

• The focus is on job creation, the centrepiece being a new jobs initiative, JobMaker and broad spending measures to get unemployment back below 6%.