2022 Federal Budget: Winners and losers

Words: Tom Crystal Producer: Bianca Farmakis

Here are the winners and the losers.

Treasurer Josh Frydenberg has handed down the coalition's pre-election budget. With a focus on the cost of living , the victors are plentiful, and those who can expect to take a hit are in shorter supply.

WINNER: MOTORISTS

The fuel excise has been cut in half, by 22 cents per litre, for six months. The government estimates a two-car family could save up to $30 a week, or about $700 over six months.

WINNER: PARENTS

Single parents will now be able to access the full 20 weeks of paid parental leave. Couples will get greater flexibility in deciding how paid leave is divided between them.

WINNER: BUSINESSWOMEN

The budget delivered $40.4m to create “pipelines” for women to progress into board and leadership positions, including as sporting coaches and managers. $38.6m was also set aside over four years for support for women starting trades on the national apprenticeships priority list.

WINNER: 1st HOME BUYERS

The Home Guarantee Scheme more than doubled to 50,000 places. This allows first-home buyers to enter the market with a 5 per cent deposit (and single parents with 2 per cent ) without having to pay mortgage ­insurance.

WINNER: SMALL BUSINESS

Employers who spend more than $100 on training their workers will get a $120 tax deduction (capped at an investment of $100,000). For every $100 employers spend on digital technologies, they will get a $120 tax deduction (also capped at an investment of $100,000.)

WINNER: MENTAL HEALTH

$547m will go to targeted initiatives, including young Australians, Aboriginal and Torres Strait Islander peoples and multicultural communities.

LOSER: STUDENT 'EXPORTS'

The speed of the recovery for international education “is uncertain” according to budget forecasts. It is expected to climb back to a level approaching pre-pandemic levels, but not by 2024.

LOSER: TOURISM

The budget predicts that outbound tourism will bounce back to pre-COVID levels by the middle of 2024. Inbound tourism is projected to pick up at a slower pace, due in part to China’s delayed reopening and the likely strong demand from Australians to travel overseas following extended lockdowns.

LOSER: FUTURE GENERATIONS

While the balance sheet is looking better — thanks in no small part to tax receipts from soaring iron ore prices — net debt is still projected at an eye-watering $865bn in 2025/26. At some point, the nation needs some serious belt-tightening.