Budget 2022

From tax cuts to slashing spending, here's what to expect.

“And that’s why in the inflationary period ... “The good news for Australia is we are in better nick than most of our peers, but we need to be much better still, and that’s because the best defence against this pretty severe deterioration in the global economy is a good, strong responsible budget and that’s what I will be handing down.” On the eve of the budget, the government said it had identified $10 billion in projects that could be shed from the budget in the first phase of its “rorts and waste” audit. Chalmers said deficits were forecast for the next four years - meaning the budget won’t be “back in the black” before the next federal election. And what is important is the welfare of Australians,” she said. Foster said identifying unnecessary spending and redirecting that funding would measure the success of the budget. “So enabling people to get into the market to provide family-based childcare without having to go through heaps and heaps of hoops,” she said. Foster said that tax adjustments were among the “levers” the government has in its arsenal to ease “pressure on people’s pocketbooks”. “If you want to help to actualise that pain and lift the welfare of everyday Australians, I’d go for middle-class tax cuts,” she said. “It’s been my contention for at least two years now that the government needs to just pull back on all of the spending on the COVID theatre, which has been phenomenally expensive, and get out of the way of private business and consumers just making the choices that they want to make and letting them have the freedom to do so,” she said. “Any cut is a risky decision and there will be spending cuts in the budget,” he told reporters. If the government announces handouts in the federal budget, it would likely push inflation higher, counteracting the work of the Reserve Bank in trying to reign inflation in.

Federal budget 2022 live updates: Jim Chalmers flags affordable homes plan; Lidia Thorpe says 'I'm not going anywhere'. Treasurer says Tuesday's ...

There is a certain poignancy and that, though if any of my children stand for parliament I know it will be time to get my affairs in order. Since Covid, the lockups happen in our office, so we know where the bathrooms and emergency proceedings are. So many remembrances have noted that he was a gentleman, that he was gracious and gentle. Or ask a colleague in the lockup. I’m sure that will be offered in a bipartisan way and I think the opposition for that. If they are asked to evacuate, please do so, the authorities are acting upon the advice of the experts and we will continue to, as a government, continue to offer every support possible. But remember, one day you will be out, that it will be over and be ready for that too. I learned from him then that when you are in parliament, make the most of it. in the hours, days, weeks, months in the aftermath of these natural disasters. In light of this I resigned as deputy leader in the Senate. referred to before, the support we provide[d] to communities … For those Australians facing the prospect of rising waters, please continue to heed the advice of emergency services, especially when given rain forecasts and are likely wet summer ahead.

With a second federal budget on the way, Treasurer Jim Chalmers has a chance to introduce some novel economic fixes.

The reverse when the economy is going well. When the economy is going badly, the government takes less tax and pays more income support. But once people saw how it made the future easier to predict, it would reduce uncertainty dramatically. But as the economic situation deteriorates, the next budget — and the important spending decisions that could rapidly help resolve our economic situation — will still be a long way away. When the economy starts to go to hell, everyone remembers fiscal policy is really important in these scenarios and they start to scramble. The second budget of 2022 stands as a moment when it is not just budget policy that should change but the whole machinery of how we run budgets. The mismatch is resolved in an ad hoc fashion. And the budget process doesn’t really allow for that as it stands. Might it not be better to have these “ad hoc” strategies lined up, announced and understood in advance? Monetary policy is slow and lumbering but meets each month. There are plenty of reasons to think the way we’ve always done it might be less than optimal. Why does the government make and announce all its spending and taxing decisions at once?

We chatted to some Aussie startup founders to find out what they wanted to see in Labor's 2022-23 federal budget.

“We also need to see the creation of tax concessions that actually benefit startups who are not yet in profit. “We would like to see more public investment in innovation ecosystem builders to support the development of an inclusive innovation career path for all Australians. We also welcome any changes that provide tax incentives for angel investing in early-stage tech startups, in particular the need to allow non-redeemable convertible notes under the current ESIC rules.” Turnbull rightly said in 2019 that innovation is ‘key to productivity, and to the economy’ and this has never been more true post-pandemic. Grants and tax cuts for early and growth-stage deep technology companies will incentivise the right entrepreneurs to stay here and invest in the country’s talent pool. A strong national innovation ecosystem will lead to more job opportunities and enable Australian businesses to become more globally competitive in the long term.” We should invest in intelligent automation such as Robot Process Automation to halve the time of this process and spend money on the technology rather than just on people to process the visas. We should also consider a new class of visa for urgent tech skills.” We need to attract new job reskilling not just graduates, and at the same time, invest more in schools and curriculum to ensure kids finish school seeking careers in tech. To attract companies to train people in these areas, there will be an inherit cost of setup and logistics as part of distributing their workforce further. But that hasn’t stopped speculation and opinion on what should be included in the budget for 2022-23. This is because the cuts mostly benefit the wealthy — most of whom are men — so they will almost certainly help to worsen Australia’s gender wealth gap if they proceed unchanged.

WATCH LIVE: Jim Chalmers speaking around 8am AEDT; budget coming tonight; heavy rain expected in NSW, Victoria; Rishi Sunak wins contest to be British PM.

We’re currently reviewing our processes including in light of recent events to ensure this is the case,” Bandt told the lower house. “The Albanese government won the 2022 election promising to provide permanent protection for refugees and people seeking asylum who are currently subjected to cruel [‘Fast Track’] temporary visas. And I note, no one has offered any evidence to the contrary. Shortly after making the statement, the Senate voted with a clear majority to refer Thorpe to the Senate privileges committee. So thank you to all who have sent messages of love and solidarity. We remained friends and have collaborated on our shared interests, advocating for the rights of First Nations people. He said the opposition was “incapable of actually moving at all”. They carry on about cost of living – here we have a practical measure that will make 96 per cent of families better off but they’re going to vote against it. “I learned from him then that when you are in parliament, make the most of it. Private businesses will be encouraged to look at investing in low-carbon hydrogen projects as well as solar and energy storage systems. The country is planning large projects to import clean electricity, but they’re still several years away. Its return is good timing with Labor’s first budget in a decade to be released this evening.

From environment to housing, This is what Australia's industry bodies and lobby groups want from Labor's 2022 federal budget.

[wants](https://nff.org.au/wp-content/uploads/2022/09/2022-Revised-NFF-Pre-Budget-Submission.pdf) more money put towards bolstering biosecurity, opening up carbon markets through homegrown programs and natural capital systems, strengthening supply chain services, shoring up the domestic and migrant workforce, and building up regional towns. While there is no formal process for industry bodies and lobby groups to make pre-submissions to the October 2022-23 federal budget, many have made their demands and recommendations known. Crikey took a look at what’s on everyone’s budget wishlist to find out what they're asking -- and whether it’s wishful thinking.

More than half a million high-income earners in Australia will get a tax break amounting to around $9,075 a year if the Labor Government goes ahead - as ...

Click here to find out more about our partners. Find out more about how we use your information in our Privacy Policy and Cookie Policy. You can select 'Manage settings' for more information and to manage your choices.