Federal budget 2022/23 at a glance

THE FEDERAL BUDGET AT A GLANCE

KEY FORECASTS

* Budget deficit of $78 billion in 2022/23

* Commonwealth net debt to rise to $714.9 billion (31.1 per cent of GDP) in 2022/23

* Economic growth to rise by 3.5 per cent in 2022/23

* Unemployment rate of 3.75 per cent in 2022/23

* 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

* From July 1, the PBS Safety Net threshold to be reduced for general and concessional patients lowering out-of-pocket costs for medicines for 2.4 million people.

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

REGIONS

* $21 billion committed for regional transport, water and communications infrastructure

HEALTH

* $6 billion extra for COVID-19 response including a winter response plan

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

* $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 double the size and improve the capability of top cyber agency, the Australian Signals Directorate

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

ENVIRONMENT

* Extra $1 billion for Great Barrier Reef

DISABILITY

* $39.4 billion for National Disability Insurance Scheme

 

Paul Osborne
(Australian Associated Press)