29 March | 2022-23 Federal Budget Summary

This evening Treasurer Josh Frydenberg handed down his fourth Budget. With a Federal election imminent, the Budget represents the Coalition’s plan for Australia.

The 2022-23 Budget is vital to Australia’s economic recovery, growth and employment. As the country rebounds from the ongoing disruptions created by the COVID-19 pandemic, the Federal Budget will play a critical role in shaping the decisions of government and business leaders as Australia's economy emerges post-pandemic.

The budget deficit is $78 billion or 3.4 per cent of GDP. This is better than the mid-year budget review forecast of $98.9 billion. Unemployment is at 4 per cent, the equal lowest in 48 years, and it is expected to drop to 3.75 per cent. This 'election budget' frames the cost of living, inflation and post-Covid debt as key issues for the upcoming Federal election.

The 2022-23 Budget has made commitments in:

  • Growing and investing in regional Australia

  • Boosting Australia's manufacturing capabilities and securing supply chains

  • Infrastructure projects nationwide

  • Stronger defence and national security

  • Backing small business

  • Women's safety, health and economic security

  • Mental health support

Key measures include:

  • Infrastructure projects nationwide, including $3.3 billion for NSW and $1 billion for a faster rail line between Sydney and Newcastle

  • $480 million to improve NBN infrastructure in regional, rural and remote areas

  • $21 billion to ensure regions have the critical transport, water and communications infrastructure they need to grow

  • $2.8 billion for apprentices and $2.2 billion to support Australian industries and universities to develop innovative companies and products

  • $1.1 billion for a women's safety package

  • $9.9 billion to increase Australia's cyber defence and attack capabilities

  • Temporary, targeted measures to relieve cost-of-living pressures including one-off $420 cash payment to low and middle income earners and halving the fuel excise

Overall, the measures announced tonight reflect the Government's intention to create jobs, rebuild and grow the economy, and outline the Coalition’s election commitments.

For full details on the 2022-23 Federal Budget please click here.

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