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2 ASX growth shares for your shopping list

The growth in the share prices of JB Hi-Fi Limited (ASX: JBH) and Harvey Norman Holdings Limited (ASX: HVN) has started to taper off. Will the budget help these two ASX growth shares bounce back?
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Raymond Jang

Raymond is a Rask Investment Analyst. He has extensive experience in analysing and investigating businesses from his roles at a national accounting firm and at ASIC. Raymond is a Chartered Accountant and holds a Bachelor of Commerce from the University of NSW. His curiosity about the world and drive to find high-quality businesses is what gets him out of bed every morning. Outside of writing and investing, you will find Raymond playing football in a cage (trust us, it's more fun than it sounds) or at a park. If you enjoyed his analysis, check out our Rask services. You can connect with Raymond on Twitter or LinkedIn.
More analysis

The growth in the share prices of JB Hi-Fi Limited (ASX: JBH) and Harvey Norman Holdings Limited (ASX: HVN) has started to taper off.

Will the budget announcement help these two ASX growth shares bounce back?

JBH share price

Source: Rask Media JBH 2-year share price chart

HVN share price

Source: Rask Media HVN 2-year share price chart

Potentially lower tax for low and middle-income earners

It appears likely that the government will extend the low and middle-income tax offset.

This tax offset is an end of financial year rebate of up to $1,080 for singles and $2,160 for dual-income couples.

These tax cuts were brought forward as a result of the pandemic to further assist these income brackets.

What this means for retailers

Both JB Hi-Fi and Harvey Norman have been big beneficiaries of the pandemic as disposable income rose due to government stimulus and people diverted income from holidays to household expenditure.

If the government decides to roll over the tax offset to next year, this will provide a solid boost in disposable income.

Also, it seems unlikely that borders will reopen this year, which may prompt people to again spend on consumer goods.

If you are on the hunt for ASX growth shares, I suggest getting a Rask account and accessing our full stock reports. Click this link to join for free.

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