Federal budget 2020 LIVE updates: Josh Frydenberg to spearhead Australian economic recovery with tax cuts, big infrastructure spending

What do we already know about Budget 2020?

Every year, the government announces a slew of budget spoilers in the lead up to the big day, meaning we already know a good deal of what the Treasurer intends to announce.

Treasurer Josh Frydenberg arrives at Parliament House in Canberra on Tuesday morning, ahead of his budget delivery tonight.Credit:Dominic Lorrimer

Meanwhile, Labor leader Anthony Albanese said this morning the budget would need to satisfy "two tests".

"One is: how do we create immediate jobs and economic activity?," Mr Albanese told ABC radio.

"Secondly, also, how do we use the fact that we are in a once in a century pandemic – and we are in recession – to actually restructure the economy to have long-term reform that makes a difference, that makes the Australian economy stronger, that makes the Australian society fairer as well?"

Welcome to Budget Day

Good evening! Welcome to our Budget 2020-21 live blog. Brace yourselves – this will be a budget like no other.

I'm Lisa Visentin, a political reporter for The Sydney Morning Herald and The Age, based in the press gallery in Parliament House.

I will be bringing you all the news and analysis from our economics correspondents and political reporters who have been holed up in the budget lockup since 3.30pm. They will be liberated at 7.30pm.

At this time, Treasurer Josh Frydenberg will begin his budget speech in House of Representatives and will reveal the eye-watering debt and deficit figures we've been told to steel ourselves for.

Many economists are tipping government debt to reach $1.5 trillion and the 2020-21 deficit to top $200 billion.

The theme of the budget – surprise, surprise- will be the coronavirus pandemic. Specifically, the government's plan for shoring up jobs and creating new ones – and how much money they have spent and will continue to spend to do this.

Fast-tracked income tax cuts, tax relief for businesses, and billions of dollars in infrastructure spending are expected to be key measures.

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