The Federal Budget: What We Know So Far | Liverpool City Champion

FEDERAL BUDGET – WHAT WE KNOW SO FAR:

* With the COVID-19 pandemic, floods and the Ukraine-Russia war creating headwinds, Treasurer Josh Frydenberg stresses the ‘fiscal dividend of a stronger economy’

* Fiscal deficit estimated at around $70 billion, down from the $98.9 billion estimated during the mid-year fiscal review in December 2021

* Debt nears $1 trillion, but budget documents will show it stabilizing before declining over the medium term due to continued economic growth

* Four percent unemployment (official February figure)

* Budget documents will give a conservative estimate of revenues from minerals such as coal and iron ore, despite their record price

* Maintain a tax/GDP ratio equal to or less than 23.9%

* Investment in infrastructure

* Management of new productions

* Improve service delivery and fund national security measures

* Planned temporary fuel excise reduction of up to 20 cents per liter

* “Targeted and proportionate” cost-of-living relief, possibly cash payments for low- and middle-income people

* The first-time buyer guarantee system has increased from 20,000 to 50,000 places per year

* Advance changes to child care subsidies from July 1 to March 7, at a cost of approximately $224 million in 2021/22 and $670 million annually thereafter

* Pension and social assistance payments increase from March 20, benefiting 4.9 million people and costing the budget an additional $2.2 billion over the year

* No deferral of high-end income tax cuts

* Extension of the 50% reduction in minimum drawdown requirements until June 30, 2023 for self-funded retirees

* $1.85 billion in cash flow support for 2.3 million small businesses by reducing installment payments in 2022/23

* $800 million over 10 years for strategic and scientific research and exploration in Antarctica

* $86 million in support of the forestry industry in Tasmania

* $60 million for recycling modernization

* National Biosafety Strategy

* $10 billion over two decades set aside for an east coast submarine base in Queensland or NSW

* $4.3 billion to help build a new drydock in Henderson, Western Australia, with construction to begin in 2023

* Defense spending is expected to be around 2.1% of GDP

* $282 million in the Northern Territory for 34 capacity projects and maintenance and upkeep works

* Support for Ukrainian military forces

* Total spending will exceed $120 billion over ten years

*Additional spending for states and territories: Queensland ($3.9 billion), NSW ($3.3 billion), Victoria ($3.3 billion), SA ($2.8 billion), WA ($2.1 billion), Tasmania ($639 million), ACT ($51 million), NT ($361 million)

* $500 million for Urannah Dam in central Queensland

* $678 million for 1000 km waterproofing of the Outback Way

* $2.26 billion for the Adelaide North-South Corridor Motorway

* $40 million for bridges

* $74 million top-up for City of Perth deal

* $668m for a deal with the southeast Queensland city

* $5.4 billion for Hells Gates Dam in North Queensland

* $189 million over five years to strengthen prevention and early intervention efforts for family, domestic and sexual violence

* $104 million to prevent technology and devices from being used to perpetrate or facilitate family, domestic and sexual violence

* $128.5 million reform package to provide greater certainty around environmental protections and streamline assessments

* Deregulation using international safety standards to save businesses $136 million a year

* Fees and taxes waived for reef-based industries in fiscal year 2022/23

* Medicare will cost about $126 billion over four years

* Four-year rolling funding agreement and annual increases starting July 1, 2023 for Indigenous community-controlled health services

* $61.2 million for the Australian Genomic Cancer Medical Center for research and development of drugs for people with advanced cancers

* $315 million over four years to extend the National Ice Drug Action Strategy

* 700 million dollars for the training of regional health specialists

* $375 million WA Cancer Center

* An additional $52.3 million over four years for Lifeline services

* $58 million endometriosis package

* $206.5 million for youth mental health

* $365.3 million to help 35,000 additional apprentices and interns find jobs

* $6.4 billion for independent schools, growing to $8.5 billion by 2029

* $1.2 billion over four years for an expanded transition-to-work employment service for disadvantaged youth

* Support for native boarders

* Critical minerals industry to receive $200 million accelerator grant program, $50 million to support research and development and an updated industry strategy

* $55.4 million for BlueScope Steel’s advanced steelmaking enclosure around the Port Kembla steelworks

* Support to Moderna for the construction of an mRNA vaccine manufacturing plant.

Australian Associated Press

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