2022 FEDERAL BUDGET SUMMARY
ECONOMY
* Budget deficit of $78 billion in 2022/23
* Deficit narrows to $56.5 billion in 2023/24, $47.1 billion in 2024/25 and $43.1 billion in 2025/26
* Commonwealth net debt to rise to $714.9 billion (31.1 per cent of GDP) in 2022/23 before hitting $864.7 billion (33.1 per cent of GDP) in 2025/26
* Economic growth to rise by 3.5 per cent in 2022/23, before easing to 2.5 per cent in 2023/24
* Unemployment rate of 3.75 per cent in 2022/23, staying the same the following two years
* Inflation as measured by CPI to be 3.0 per cent in 2022/23
* Wages to rise by 3.25 per cent in 2022/23
COST OF LIVING
* $420 cost of living tax offset for low- and middle-income earners, and a $250 cost of living payment for pensioners, welfare recipients, veterans and concession card holders
* Halving petrol and diesel excise for six months, delivering a saving of $300 for the average household
BUSINESS
* Support for small businesses to adopt digital technology and train and upskill employees with new tax incentives
* $2.8 billion for apprentices and $2.2 billion to support Australian industries and universities to develop innovative companies and products
& $1 billion of new investment building on the government’s $1.5 billion Modern Manufacturing Strategy
REGIONS
* $21 billion committed for regional transport, water and communications infrastructure
* Floods across NSW and Queensland to cost more than $6 billion in disaster relief and recovery
* $2 billion Regional Accelerator Program
HEALTH
* $6 billion extra for COVID-19 including a winter response plan
* $368 million additional funding over five years for Medicare
* From July 1, the PBS Safety Net threshold will be reduced, from $1542.10 to $1457.10 for general patients and from $326.40 to $244.80 for concessional patients. It will lower out-of-pocket costs for medicines for 2.4 million people.
WOMEN
* $1.3 billion to support delivery of the national plan to end violence against women and children 2022-32
* $330.6 million for national womens’ health strategy
HOUSING
* National Housing Finance and Investment Corporation to get a $2 billion top-up to support 10,000 more affordable homes
DEFENCE
* Funding lifted to above two per cent of GDP
* $38 billion by 2040 to lift the defence workforce by 18,500 personnel
* $270 billion in defence capability investment to 2029/30
NATIONAL SECURITY
* $9.9 billion over 10 years to deliver a Resilience, Effects, Defence, Space, Intelligence, Cyber and Enablers (REDSPICE) package enhancing the offensive and defensive cyber and intelligence capabilities of the Australian Signals Directorate and doubling its size.
* $19.8 million for a new national convicted terrorist offender register
INFRASTRUCTURE
* $17.9 billion of priority road and rail infrastructure as part of a $120 billion 10-year pipeline of work
EDUCATION
* $228.5 million extra funding, covering an extension of national school reform funding and Indigenous board school grants
AGED CARE
* $468.3 million extra to implement royal commission recommendations
* $345.7 million for residential aged care pharmacy services
INDIGENOUS
* $1.5 billion over five years for Indigenous Australians in addition to the existing $6.7 billion Indigenous Advancement Strategy
VETERANS
* An additional $165 million for wellbeing grants and services
* $70.5 million for veteran home care service
ENVIRONMENT
* Extra $1 billion for Great Barrier Reef
* $200.1 million new funding to expand the environment restoration fund, koala conservation and national parks
* $839.9 million for Antarctica
DISABILITY
* $39.4 billion for National Disability Insurance Scheme
