Federal Budget 2022: Calculate tax break, how much money you receive

How much will you get out of this year’s budget? Use our interactive guide to see how much extra you’ll have in your pocket.

Josh Frydenberg has delivered a restrained budget that still offers millions of Australians some immediate help.

By largely resisting the temptation to bribe its way back into the looming election contest, the Morrison government can argue it has not overheated the economy.

Had this budget been a spendathon, the government would have been accused of substantially adding to the pressure on the Reserve Bank of Australia as it considers action on interest rates to quell inflation.

The budget offers double-income households up to $840 extra in their 2021-22 tax returns, as a “cost-of-living bonus”.

Plus it eases the pain of the petrol pump squeeze, by halving fuel excise. That saves a two-car family about $270 over the six-month life of the discount. It would be much higher for households that drive a lot as part of their job or to get to work. The cut should be reflected in retail prices in a fortnight.

There’s also a $250 cost-of-living payment for welfare recipients, paid in April.

“These measures reflect responsible judgments about the needs of Australian families now,” Mr Frydenberg said.

Economists had expected inflation to hit 4 per cent by mid-year – higher than the RBA would like.

The Treasurer told this masthead his department expected the action on fuel excise to lower inflation by as much as 0.25 percentage points.

In the accompanying tables, PwC has analysed the budget’s hip-pocket impact on 10 different household types based on the changes to income tax, welfare, Medicare and the cut to fuel excise.

From inside the lockup in Canberra, PwC chief economist Jeremy Thorpe described the budget as “restrained”.

“For a pre-election budget, the government has spent a meagre amount over a large number of households,” Mr Thorpe, who used to work at Treasury, said.

To use the tables, find the household type most like yours, then look for the closest household income.

All the 2023-24 numbers are blank because every change in the budget is a one-off or temporary.