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Federal budget 2022/23 at a glance

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The key details of the Morrison government’s 2022/23 budget and how the various measures impact on Australians.

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

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