Budget

2022 - 3 - 28

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Image courtesy of "The Sydney Morning Herald"

How does the budget affect you? (The Sydney Morning Herald)

It's easy to get bogged down in the numbers and politics of it all – but how does the budget directly affect you?

A further $365 million was set aside for the Australian Apprenticeships Incentive Scheme, which will supplement an extra 35,000 apprenticeship wages. The same deduction will apply to small businesses that embrace digital technology. But the budget delivered on some pre-made promises in the form of tax offsets and a cut to the fuel excise. Another $23 million will be set aside for stillbirth and miscarriage support services and autopsies. Young job seekers or concession cardholders could also be eligible for the one-off $250 cash payment, and benefit from the fuel excise reduction and tax offset for low-middle income tax offset. The four-year project would dedicate $16.4 million to establish two clinics in each state and territory to make treatment more accessible. It will target vulnerable people who have had a history of drugs, abuse or who’ve come from broken homes. The tax offset will mean those who earn less than $126,000 a year can access a one-off $420 payment at tax time on top of up to $1080 that is normally available to them. The scheme means that first-home buyers won’t need to spend tens of thousands of dollars on lenders mortgage insurance, which is usually required if a person’s deposit is less than 20 per cent. Ten thousand of those places will be set aside for people wanting to build or buy brand-new homes. This will mean they won’t get taxed for leaving more money in their super fund. Treasurer Josh Frydenberg’s 2022-23 budget has the government spending big on defence and state-based infrastructure.

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Image courtesy of "Gilbert + Tobin"

Federal Budget 2022-23: “targeted” cash misses the mark on true ... (Gilbert + Tobin)

Sadly, genuine structural tax reform remains missing in action. Banner with the text Individuals and families. No income tax cuts. There are no changes to the ...

An additional $458.1 million will be provided over 5 years from 2021-22 to support older Australians in the aged care sector with managing the impacts of the COVID-19 pandemic. In last October’s federal budget, the Government committed to a significant infrastructure spend of $110 billion over 10 years with a focus on near-term investments in major road and rail projects, road safety and community infrastructure. A further $501.7 million has been committed to this program bringing the total Government commitment to $3 billion. Funding in this year’s Budget in relation to the digital economy strategy includes: There will be a small lag where bonus deductions for expenditure incurred by 30 June 2022 will be claimed in tax returns in the following income year. It is anticipated the systems will be in place by 31 December 2023. There is no mention of annual caps on training courses that can be deducted at the bonus rate, but certain rules apply such as the boost will not apply for in-house or on-the-job training. For families, this means a reduction of 22c per litre of fuel, working out at approximately $300 over the six-month period. The offset starts to phase out thereafter until it reduces to nil at a taxable income of $126,000. Unemployment is forecast to remain around the 4% mark over the forecast period, with wages increasing slightly over that period. This will be automatically paid next month (April 2022) to eligible pensioners, welfare recipients, veterans and eligible concession card holders. Small businesses are the main beneficiaries of incremental tax incentives and compliance or administration measures.

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Image courtesy of "ABC News"

Budget 2022 as it happened: Josh Frydenberg addresses National ... (ABC News)

With an election looming, Treasurer Josh Frydenberg uses his address at the National Press Club to convince Australians his government's budget is the way ...

"We were finalising content in the details of that, but we provisioned for it in the responsible way you do. - 1.From 12:01am today, Australia's fuel excise (aka the money you're giving to the government at the petrol pump) has been halved from 44.2 cents per litre to 22.1 cents. Here's a super quick rundown on what you should know. "Last night's budget demonstrates that our economy now has real momentum. "The price of oil is up by 50 per cent since the start of the year. "The verdict is now in. So there are some important developments occurring across the economy, where we are being required to spend more on aged care, NDIS and defence. By Maani Truu By Maani Truu By Maani Truu By Maani Truu By Maani Truu

Federal Budget fails to prioritise rapid transition to renewable energy ... (Clean Energy Council)

The 2022-23 Federal Budget has missed the mark when it comes to cementing Australia's place as a global clean energy superpower.

Tonight's budget allocation towards Women in Science, Technology, Engineering and Mathematics (STEM), and in the trades, supports a more inclusive clean energy workforce. There is also $550 million in tax relief that electricians can use to upskill into solar rooftop and battery system design and installation, for example. Instead, the Clean Energy Council says that greater focus on the electrification of transport would critically release our shackles from fluctuating fuel costs as a result of events overseas. More significant is the proposed Australian Apprenticeship Incentive System that is aimed at supporting both employers and employees in priority occupations such as electricians. Instead, yet another Federal Budget has prioritised the fossil fuel industry when Australia's bottom line should be focused providing a better future for communities through clean, low-cost renewable energy and storage." Over the next decade, infrastructure spending that supports Australia's rapid transition to renewable energy, which is in progress right now, is critical.

Morrison's budget a deplorable failure for public education (AEU)

The Morrison Government has once again failed public school, preschool and TAFE staff, students and parents across the nation with this year's Federal ...

Unfortunately, this year is no different with his government handing out billions of extra dollars in unwarranted and unneeded funds for private schools. “It is public schools that are witnessing booming enrolment growth and have the greatest need for capital spending on new buildings and state of the art facilities and yet the Morrison Government has failed to deliver that funding. “This budget is incredibly disappointing, but not surprising given the blatant preference for private schools and private VET providers that the Morrison Government continues to show at the expense of public schools and TAFEs.”

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Image courtesy of "Prime Minister of Australia"

2022-23 Budget boost to support Australian women and girls | Prime ... (Prime Minister of Australia)

The 2022-23 Women's Budget Statement builds on our record $3.4 billion investment made last year and the 2018 and 2020 Women's Economic Security Statements.

Women have experienced significant health gains in recent years and the Morrison Government is continuing to provide further targeted funding for women’s health and wellbeing. To support women’s recovery from the trauma of violence, the Government will provide $290.9 million for a range of legal and health services. This includes $9 million from 2023-24 to 2025-26 to expand the successful Future Female Entrepreneurs program to develop and grow women’s core entrepreneurial skills. “As the largest employer of Australian women, the private sector must work in partnership with government to drive change. The Government will build on last year’s commitment to response services through an additional $480.1 million commitment including $240 million to extend the Escaping Violence Payment. The payment provides up to $5,000 in financial assistance to establish a life free from violence and the funding is estimated to support 37,500 victim-survivors on a demand driven basis. support women to get a diagnosis earlier. The Government is investing $222.6 million in prevention initiatives including expanding the role of the national prevention organisation, Our Watch, establishing a national consent campaign and extending the Stop it at the Start campaign as well as investing in community-led prevention programs. This change will particularly support women who are the primary earner and do not currently have access to employer‑funded parental leave. Women who commence in higher paying trade occupations on the Australian Apprenticeship Priority List will be provided additional supports, such as mentoring and wraparound services. This including $127.8 million for trauma-informed national counselling services to support victim-survivors including children impacted by family and domestic violence and behaviour change services for individuals who have or are at risk of perpetrating gendered violence, supporting about 80,000 Australians. We will also extend our investment in Aboriginal and Torres Strait Islander Family Support Services for families who are experiencing, witnessing or at risk of family or domestic violence. And the gender pay gap has narrowed to 13.8 per cent, the second-lowest on record and significantly lower than the 17.4 per cent gender pay gap when the Government was elected in 2013.” The Government is investing $328.2 million to expand and establish early intervention programs.

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Image courtesy of "Pro Bono Australia"

Welfare sector slams band-aid budget (Pro Bono Australia)

“Almost $3 billion goes to reducing the fuel excise, which offers little help at the bowser and would have been much better spent lifting income support and ...

The ReBoot initiative aims to support 5,000 young people at disadvantage with employability and pathway to employment program opportunities. Australia’s under-employed cohort is typically in the 18 to 24 year old bracket and often includes young people at risk of homelessness. “That means raising Centrelink payments over the poverty line, investing in job programs, and taking action to make housing more affordable.

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Image courtesy of "The Guardian"

Treasurer delivers budget speech – as it happened (The Guardian)

What we learned: Budget 2022-23 ... As expected, cost of living ruled the day. The treasurer, Josh Frydenberg, was spruiking the fuel excise cut, those tax ...

That’s because we’ve got so many more people now in insecure work. He also backed the “very positive” tax deductions for training employees in digital skills. Addressing reporters at Parliament House, Bandt said jobseekers were being left in poverty. Khorshid claimed GPs would be “let down” by the budget, but he was also calling on Labor to outline its health policies soon. He was heavily critical that the Coalition had still not taken any action on resolving the ongoing hospital funding crisis “blame game” between the federal and state governments, an issue several state premiers have been livid about for years. Updated Home care workers don’t take residents on shopping and other trips as a result of the cost squeeze. Updated He voiced support for initiatives to support low-emissions technologies and said innovation and cost-competitiveness was important in the global “war for capital”. Updated Annie Butler, the secretary of the Australian Nursing and Midwifery Foundation, claimed aged care workers had been “let down” with no word on wage increases in the sector. Helen Dalley-Fisher, of the Equality Alliance, claimed the budget had “forgotten” Australian women.

2022-23 Budget backs Australian industry, energy security and net ... (Minister for Industry, Science)

As part of the Morrison Government's plan for a stronger future, the 2022-23 Budget is creating highly-skilled jobs, backing traditional Australian industry ...

- $300 million to support low emissions LNG and clean hydrogen production at Darwin, together with associated carbon capture and storage infrastructure. For small businesses, the average cost has fallen by 10 per cent over the last two years, and for large business customers, costs have fallen by 12 per cent over the same period. “Manufacturing is an essential driver of skills, jobs and capability. - $100 million to support pre-Final Investment Decision activities and early works to make the Port of Newcastle ‘hydrogen ready’.$50.3 million to accelerate the development of priority gas infrastructure projects consistent with the Future Gas Infrastructure Investment Framework and support investment in carbon capture and storage pipeline infrastructure. The Government is investing an additional $750 million into the Modern Manufacturing Initiative to support transformational manufacturing projects and catalyse private sector investment in Australian manufacturing. Minister for Industry, Energy and Emissions Reduction Angus Taylor said $2.4 billion of new initiatives in the 2022-23 Budget under the industry, energy and emissions reduction portfolio set a path for a stronger economy.

2022-23 Budget: Investing in a strong future, advancing our national ... (Minister for Foreign Affairs)

Senator the Hon Zed Seselja, Minister for International Development and the Pacific. 29 March 2022. As part of our plan for a stronger future, the Morrison ...

Together with our partners in the Pacific and Timor-Leste, we continue to prioritise quality, climate-resilient infrastructure that does not add to unsustainable debt burdens. “Australia has bolstered our support to the Pacific in light of the ongoing challenges faced by the COVID-19 pandemic. “This is a very important and crucial step towards our shared recovery across the region. The Government has doubled the lending “headroom” for the Australian Infrastructure Financing Facility for the Pacific from $1.5 billion to $3 billion to respond to demand from the region and to demonstrate the strength of our partnerships. Minister for International Development and the Pacific Zed Seselja said the Government will deliver a record $1.85 billion in ODA to the Pacific in 2022-23. Under our Pacific Step-Up, the Government will provide a further $324.4 million to partner with our Pacific family on the regional response to COVID-19. Of this $314 million will be a temporary and targeted ODA measure.

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