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Federal Budget 2022

OLIVIA CHAN | NEWS



Artwork by Ella Stewart


With much anticipation, the Federal Budget dropped on 29 March 2022 at 7:30pm. So, what does it entail? We’ve split it up into easy-to-understand sections for you to take a look at what affects you the most.

Motorists: Cheaper Fuel (Temporarily)

  • Halved flat tax levied per litre of fuel for the next 6 months, which translates to saving 22 cents per litre.

  • Enforced by the Australian Competition and Consumer Commission (ACCC) who will monitor fuel prices to prevent retailers from making larger profits.

Taxpayers: More Tax Returns

  • Low- and middle-income earners will receive an extra $420 back on tax returns.

  • Low and middle tax offset remains for another year so some may receive up to $1500 on tax returns.

Renewables: Nothing New

  • No new direct funding for renewable energy projects.

  • Just under $250 million invested over 5 years to support low emissions technologies.

Women: Finally Getting Recognition

  • Combined Parental Leave Pay so parents can split leave in any form.

  • Single parents (81% women) may access 20 weeks of leave.

  • Income test for Parental Leave Pay to include a household income threshold of $35 thousand per year.

  • Listing of Trodelvy (medication to treat a rare form of breast cancer) on Pharmaceutical Benefits Scheme.

  • $58 million next 4 years to help women with endometriosis.

  • $181 million program for genetic testing for conditions for couples planning pregnancy.

  • $1.3 billion over next 6 years for measures and programs in the National Plan to End Violence Against Women and Children.

  • $54.6 million over next 5 years towards the 'Keeping Women Safe in their Homes' program (technology to prevent tracking by abusive partners).

Aged Care: Not Aging Well

  • No increase to aged care workers' pay.

  • $49.5 million to subsidise 15 000 vocational education and training places for those already in, or looking to enter, the aged care workforce.

  • $340 million to place pharmacy services in residential aged care homes to improve medication management in facilities.

Regional Australia: Bob the Builder

  • $7.1 billion over 11 years for a new 'Energy Security and Regional Development Plan', which translates to co-investments to upgrade ports and roads, build dams and logistic hubs.

  • $2 billion for a 'Regional Accelerator Program', which translates to a combination of existing schemes designed to improve skills, education, exports, and supply chains.

  • $800 million to improve mobile phone coverage in the outback.

Wages: Negative Stonks

  • Wages not to grow until later this year (earliest) due to high inflation (4.25%).

Refugees: A New Place To Call Home

  • $665.9 million over next 4 years for additional 16 500 places for Afghan nationals (total >30000).

  • Ukrainians allowed temporary humanitarian visas to stay in Australia for up to 3 years.

  • $9.2 million for existing youth support services.

  • $1 million over 5 years to create a Human Rights Advocacy Program.

Welfare Recipients: Short Term $$$

  • Pensioners, carers, veterans, job seekers, other eligible concession cardholders, and some self-funded retirees, will receive a one-off $250 payment.

  • This will go to approximately 6 million people.

Environment: Little Changes

  • $100 million over 3 years to support community-driven action to restore the environment.

  • $20.3 million over next 3 years to plant trees to mark Queen's platinum jubilee.

  • $53 million over 5 years for koala conservation and protection.

  • $26.8 million over 5 years for management and protection of Commonwealth National parks.

Indigenous Rangers: Increased Workforce

  • $636.4 million for an extra 2000 ranger jobs by 2028 in regional and remote parts of the country.

Foreign Aid: Small Increase

  • Ending the freeze on indexation of funding, so it will increase by 2.5% in the coming year.

  • More than $460 million in temporary and targeted measures (e.g. Vaccine delivery to Pacific).

  • Brings to a total of $4.549 billion per year.

First Home Buyers: Will Housing Prices Ever Go Down?

  • $8.6 million over the next 4 years.

  • People only need a 5% deposit to buy a house with no lender’s mortgage insurance (LMI) in the extended First Home Buyers Scheme.

  • 10000 places increased to 35000 places per year.

  • Introducing a Regional Housing Scheme with 10000 places per year starting from 1 October for first home buyers or people who haven't owned property in the last 5 years.

  • Extends to Family Home Guarantee scheme aimed at helping single parents buy a first home or to re-enter the property market so eligible people only need a 2% deposit to buy a house and no LMI.

Apprentices: For The “Prioritised”

  • New Australian Apprenticeships Incentive Scheme will offer 10% wage subsidies for first- and second-year apprentices, and 5% for third-year apprentices on a list of "priority occupations".

  • Those who work in "non-priority" occupations will receive a one-off payment of $3500.

  • Those who work in "priority" occupations will receive $5000 direct cash payments over the first 2 years.

  • From July 2024: Wage subsidies replaced with $4000 hiring incentive for employers and $3000 for apprentices on "priority" list.

Mental Health: Creating a “Healthy” Country?

  • $500 million over next 5 years for next stage of National Mental Health and Suicide Prevention Plan.

  • 10 partially-Medicare subsidised visits to a psychologist.

Farmers: Net-Zero Goals

  • $100 million over 4 years for tax break for farmers who make money selling carbon credits.

  • Existing initiatives to streamline exports and protect Australian agriculture from biosecurity risks.

Draught Beer Retailers: Sorry, Boys

  • No relief in this budget.

Cyber-Spyers: Alexa Play The Spy Music

  • $9.9 billion for Australian Signals Directorate (ASD) over next 10 years to boost cybersecurity and intelligence capabilities.

  • REDSPICE (Resilience, Effects, Defence, Space, Intelligence, Cyber, and Enablers) package will provide more than 1900 jobs at ASD.

Recycling: Plastic Waste Begone

  • $250 million to find new and innovative ways to make recycling more efficient.

  • Includes $60 million to better fund technology to recycle soft plastics.

Young People: No Changes (Unfortunately)

  • No changes in budget for students at university/TAFE.

  • First home buyers scheme may help some young people.

  • Mental health funding may help young people.

Great Barrier Reef: We Found Nemo

  • $1 billion to improve water quality, reef management, and research.

Tax Evaders: You Win Some, You Lose Lots

  • Government taskforce to target tax evaders by multinational corporations, large public and private groups, trusts, and wealthy individuals.

  • Under $600 million over next 3 years to ATO to target these groups.

  • The above is forecasted to earn the government $2.1 billion revenue from tax over next 4 years.

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