FEDERAL BUDGET – WHAT WE SHOW TO:
THAT BIG PICTURE
* With the COVID-19 pandemic, floods and Ukraine-Russia war wreaking havoc, Treasurer Josh Frydenberg stressed the “tax dividend of a stronger economy”.
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* Budget deficit is estimated at about $ 70 billion, instead of the $ 98.9 billion estimated in the mid-year budget review in December 2021
* Debt rises to $ 1 trillion, but budget papers will show that it stabilizes before declining in the medium term based on further economic growth
* Unemployment at four percent (official February figure)
* Budget papers give a conservative estimate of revenues from minerals such as coal and iron ore, although they earn record prices
THE GOVERNMENT PLAN
* Maintain a tax-to-GDP ratio at or below 23.9 percent
* Infrastructure investment
* Boost skills
* Continue new manufacturing
* Energy plan
* Digital economy
* Modest Budget Repair
* Improve service delivery and fund national security measures
HIP POCKET
* “Targeted and proportionate” living expenses relief, possibly cash payments for low- and middle-income earners
* Expected (but not confirmed) to include another 12 months of low and medium income tax compensation
* Introduce childcare subsidy changes from July 1st to March 7th, to cost approximately $ 224 million in 2021/22 and $ 670 million per year on an ongoing basis
* Retirement and welfare payments rise March 20, benefit 4.9 million people and cost the budget $ 2.2 billion extra over the year
* No benefit from high-end income tax cuts
Environment
* $ 800 million over 10 years for strategic and scientific research and exploration in Antarctica.
* $ 86 million forest industry support in Tasmania
* $ 60 million for recycling modernization
BIOSECURITY
* National BioSafety Strategy
DEFINE
* $ 10 billion invested over two decades for an East Coast submarine base in Queensland or NSW
* $ 4.3 billion to help build new dry dock facility in Henderson, Western Australia, to begin construction by 2023
* Defense spending is expected to be around 2.1 percent of GDP
* $ 282 million in Northern Territory for 34 capacity projects in maintenance and service work
* Support for Ukrainian military forces
INFRASTRUCTURE
* $ 500 million for Urannah Dam in central Queensland
* $ 678 million for the 1000km seal of the Outback Way
* $ 2.26 billion for Adelaide North-South Corridor freeway
* $ 40 million for bridges
* $ 74 million top-up for Perth City Deal
* $ 668 million for Southeast Queensland City Deal
DAMMEN
* $ 189 million over five years to strengthen prevention and early intervention efforts in the family, household and sexual violence
* $ 104 million to prevent the use of technology and devices to commit or facilitate domestic, domestic and sexual violence.
RED TAPE
* $ 128.5 million reform package to provide more security around environmental protection and streamline ratings
* Deregulation with international safety standards to save businesses $ 136 million a year
* Refrain from fees and taxes for reef-based industries over 2022/23 fiscal year.
bless you
* Medicare cost about $ 126 billion over four years of forward estimates
* Four-Year Rolling Funding Agreement and Annual Increases of July 1, 2023, for Aboriginal Community-Controlled Health Services
* $ 61.2 million for the Australian Genomic Cancer Medical Center to research and develop drugs for people with advanced cancer
* $ 315 million over four years to extend its national ice drug action strategy
Education / Skills
* $ 6.4 billion for independent schools, to $ 8.5 billion by 2029.
* $ 1.2 billion over four years for an expanded transition to employment services for disadvantaged youth
* Support for Native American boarding students
RESEARCH
* Critical Minerals Industry to receive $ 200 million Accelerator Scholarship Program, $ 50 million to support research and development and an updated industry strategy.
Manufacturing
* $ 55.4 million for BlueScope Steel’s Advanced Steel Manufacturing Precinct around the Port Kembla Steelworks.
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