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Federal Budget 2022 2023
Team Intello
Team Intello

Analysis: the 2022/2023 Federal Budget

Last night the Treasurer, Josh Frydenberg, released the Government’s 2022-23 Budget. It featured a range of proposed measures including an extension of the 50% reduction to account-based (SMSF and Superannuation) income stream payments, targeted tax relief, and social security and aged care changes.    

For a change, there was very little said about Superannuation, apart from the extension to reduced pension payments we’ve just mentioned.  

Here’s a summary of the budget announcements, in addition to a short video presentation for those that prefer to watch than to read.

The 2022-2023 Federal Budget

  • Budget deficit of $79.8 billion (3.5% of GDP) expected this year (2021/22)
  • Budget deficit of $78.0 billion (3.4% of GDP) expected next year (2022/23)
  • Economy tipped to grow 3.5 per cent in 2022/23
  • Net debt tipped at $714.9 billion (31.1 per cent of GDP) in 2022/23
  • $17.9 billion lift in infrastructure spending (in excess of $120 billion over 10 years)
  • Infrastructure details: https://minister.infrastructure.gov.au/joyce
  • Focus is on cost of living relief for vulnerable Australians
  • One-off cash payment of $250 for pensioners, welfare recipients, veterans and concession card holders
  • Cut fuel excise by 50 per cent for six months
  • Increasing low and middle income tax offset by $420 in 2021/22
  • Bring forward of child care subsidy changes ($670m a year)
  • $2.0 billion Regional Accelerator Program
  • $7.1 billion investment in infrastructure projects in four key regions seen as export frontiers
  • $9.9 billion over 10 years to deliver a Resilience, Effects, Defence, Space, Intelligence, Cyber and Enablers (REDSPICE) package
  • Small business will be able to deduct a bonus 20% of the cost of business expenses and depreciating assets that support digital uptake
  • $365 million to extend apprenticeship wage subsidies schemes
  • $10 billion over two decades set aside for an east coast submarine base
  • $1.2 billion over four years for an expanded Transition to Work scheme
  • $800 million over 10 years for Antarctica
  • $38 billion out to 2040 to recruit 18,500 new soldiers
  • $875 million for 234 defence site projects including barracks and airfields
  • Paid Parental Leave scheme integrating existing schemes 
  • $4.3 billion for a new dry dock facility in Western Australia
  • $243 million for four projects under Modern Manufacturing Initiative
  • Expanded home guarantee scheme
  • $6 billion disaster support for flood relief in NSW and Queensland
  • $480 million regional NBN upgrade
  • $547 million for targeted mental health and suicide prevention initiatives.
  • $331 million to promote the health of women and girls, including to support the National Women’s Health Strategy.

For more detailed information visit https://budget.gov.au/.

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