Federal Budget 2022: at a glance
From cost of living relief to new allowances for paid parental leave and incentives for apprentices, here are the highlights of this year’s federal budget.
From cost of living relief to new allowances for paid parental leave and incentives for apprentices, here are the highlights of this year’s federal budget.
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THE NUMBERS
■ Deficit: $78bn;
■ Unemployment: 3.75 per cent by September quarter. Lowest in 50 years;
■ Wage growth to increase from 2.75 in 21-22 to 3.25 per cent in 22-23;
■ CPI to peak at 4.25per cent in 2021-22, falling to 3 per cent in 22-23;
■ Net debt: $714.9bn in 2022-23 or 31.1 per cent of GDP; and
■ Peak of net debt: $864.7bn in 2025-26 or 33.1 per cent of GDP.
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COST OF LIVING RELIEF
■ 22c a litre cut to fuel excise to last for six months. An average family with two cars will save $30 a week;
■ $420 cost of living tax offset for 10m low-and-middle income earners earing up to $126,000; and
■ $250 one off payment for pensioners, veterans and concession card holders.
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PAID PARENTAL LEAVE
■ Single parents to receive access to the full 20 weeks of paid parental leave; and
■ Eligibility expanded for access to paid parental leave to provide greater flexibility for couples.
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SKILLS
■ $5000 payment for new apprentices; and
■ $15,000 wages subsidies for employers who take on apprentices.
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SMALL BUSINESS
■ $120 tax deduction for every $100 spent on training employees; and
■ $120 tax deduction for every $100 spent of digital technologies like cloud computing, eInvoicing, cyber security and web design.
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DOMESTIC VIOLENCE
■ $1.3bn to prevent domestic violence through emergency accommodation, access for legal and health services for women and children in need.
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$3.7bn FAST RAIL
■ Brisbane to the Sunshine Coast;
■ Brisbane to Gold Coast; and
■ Sydney to Newcastle for upgrades.
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NATIONAL SECURITY
■ $9.9bn for offensive and defensive cyber capabilities.
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REGIONS
■ $7bn over 11 years to bolster exports in north and central Queensland, the Northern Territory, the Hunter Region in NSW and the Pilbara in Western Australia; and
■ $1.3bn to expand mobile phone coverage across 8000km of regional transport routes.
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HOME OWNERSHIP
■ Home Guarantee Scheme to be doubled to 50,000 places.
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MANUFACTURING
■ Backing for mRNA vaccines to be manufactured in Victoria.
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ENVIRONMENT
■ $636m to expand the indigenous rangers program by 1000 officers for sea and land management; and
■ $1bn for Great Barrier Reef marine science.
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HEALTH
■ The drug Trodelvy, for the treatment of triple negative breast cancer, listed on the PBS saving $80,000 a treatment; and
■ Drug safety net thresholds reduced from $326.40 for concession card holders to $244.80 and from $1542.10 to $1457.10 for non-concessions.
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AGED CARE
■ $340m to embed pharmacy services within residential aged care facilities to improve medication management for the elderly.
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