A complete breakdown by sector and what you need to know in relation to the 2022 Federal Budget.

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

Paul Osborne
(Australian Associated Press)

Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Please consider whether the information is appropriate to your circumstance before acting on it and, where appropriate, seek professional advice.