On Tuesday 29th March 2022, ahead of the May election, Treasurer Josh Frydenberg outlined the government's proposed spending in this year's federal budget.
In an economic and social environment dealing with pandemic recovery, conflict in Europe, global inflation, an upcoming election, and a new Omicron Variant, how did the budget reflect the growing needs of society?
With billions of dollars being split across various industries, here is a breakdown of the budget including all the key points you will want to know.
- Budget deficit of $78 billion
- Fuel excise will temporarily be cut by half
- Commonwealth net debt to rise to $714.9 billion (31.1 percent of GDP)
- Economic growth to rise by 3.5 percent
- increased defence spending
- Inflation as measured by CPI to be 3.0 percent
- Small business tax incentives
- Wages to rise by 3.25 percent
- Investments into the Great Barrier Reef
- Extension of national school reform funding and Indigenous board school grants
- Greater flexibility in the paid parental leave scheme
- Expansion of home guarantee scheme
But what does all this mean? And how does this budget impact you and your business?
Saxton works with a range of economists and political experts who can unpack the new budget and provide insights into how your business operations and strategies will need to adapt to match the frame of this budget.
