The 2022/23 federal budget is the first for the Albanese government, delivering on election promises while dealing with global economic headwinds.
ECONOMY
* Budget deficit of $36.9 billion in 2022/23
* Deficit expands to $44 billion in 2023/24, $51.3 billion in 2024/25 and drops to $49.6 billion in 2025/26
* Commonwealth net debt to rise to $572.2 billion (23 per cent of GDP) in 2022/23 before hitting $766.8 billion (28.5 per cent of GDP) in 2025/26
* Economic growth to rise by 3.25 per cent in 2022/23, before easing to 1.5 per cent in 2023/24
* Unemployment rate of 3.75 per cent in 2022/23, rising to 4.5 per cent in 2023/24 then remaining stable
* Inflation as measured by CPI to be 5.75 per cent in 2022/23
* Wages to rise by 3.75 per cent in 2022/23
COST OF LIVING
* Cheaper child care for 1.26 million families (costing $4.7 billion over four years)
* Expanded paid parental leave to 26 weeks by 2026
* Cuts to cost of medicines on Pharmaceutical Benefits Scheme
* Support for wage increases for lowest paid workers
BUSINESS
* New agency called Jobs and Skills Australia to oversee workforce planning
* Permanent migration expanded to 195,000 in 2022/23
* Energy efficiency grants
REGIONS
* National Reconstruction Fund providing $15 billion for loans, guarantees and equity for projects in areas such as agriculture, resources, renewable energy and transport
* $2.4 billion investment in NBN, reaching 660,000 extra regional homes
* $1 billion for two new programs: Growing Regions and Precincts and Partnerships
HEALTH
* $109.7 billion budget
* $235 million over four years for urgent care clinics
* $750 million Strengthening Medicare Fund
* $2.6 billion for COVID-19 pandemic support
WOMEN
* $1.7 billion women’s safety plan
* Better reporting by companies on gender pay gap
* Fair Work Commission to consider equity when setting minimum wage
* Housing Australia Future Fund to back social housing for women fleeing violence
* $32 million for network of women’s advisory centres
HOUSING
* National Housing Accord to set target of an extra one million homes over five years
* Under the accord, $350 million over five years for affordable housing
* National Housing and Homelessness Plan with states and territories
* $10 billion Housing Australia Future Fund
* Four schemes aimed at first home buyers and downsizers
DEFENCE
* $38.3 billion total budget
* Eight per cent boost in defence spending
* New Australia Pacific Defence School
* $22.3 million for Australian Border Force officer network across Pacific
INFRASTRUCTURE
* $120 billion pipeline of investment over 10 years
* $250 million to expand local roads and community infrastructure program
* $1.2 billion national water grid fund
EDUCATION
* $46.3 billion budget
* 480,000 fee-free TAFE places
* 20,000 extra university places
* Funding for improved classrooms
WELFARE
* $228.8 billion budget
AGED CARE
* $2.5 billion over four years to fix urgent crisis
* $845.1 million for COVID-19 expenses
* $540.3 million for broader aged care reform
* Pay rise for aged care workers
INDIGENOUS
* $66.5 million for maintaining and expanding protected areas
* $47.5 million for National Indigenous Australians Agency to support community sector bodies
* $75.1 million over two years to prepare for Indigenous voice referendum
ENVIRONMENT
* $1.2 billion by 2030 to preserve and restore Great Barrier Reef
* $224.5 million in support for threatened native species
DISABILITY
* $166.6 billion over four years for NDIS, up $8.8b
* Extra university places for students with disabilities
* $10.3 million Sport4All program expansion
INTEGRITY
* $262.6 million over four years for National Anti-Corruption Commission
* $30 million for royal commission into robodebt
