THE FEDERAL BUDGET AT A GLANCE
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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
Australian Associated Press
