4 April 22

The simple breakdown: 2022/23 federal budget

March 31, 2022

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)