The Morrison Government’s plan for a stronger future provides cost of living relief, creates more jobs, guarantees the essential services and keeps Australians safe, including in Monash.
Russell Broadbent Member for Monash said, “Australia’s economic recovery is leading the world.”
“More Australians are in work than ever before and the unemployment rate is now forecast to reach 3¾ per cent in 2022, the lowest rate in close to 50 years.”
Risks to the outlook remain, with the pandemic and the invasion of Ukraine all putting pressure on the cost of living for Australian households.
As part of the Budget 2022‑23, the Government is:
Cost of living relief
“The Government is introducing a new temporary, targeted and responsible cost of living package to take the pressure off household budgets.” Mr Broadbent said.
Jobs
The Government is investing in measures to expand and upskill the workforce to secure the workers we need now and for the future, including people in Monash.
This will also help Australians into more highly skilled and better paying jobs.
Backing small businesses
Small businesses will have access to a new 20 per cent bonus deduction for eligible external training courses for upskilling employees.
The Skills and Training Boost will apply to expenditure incurred from Budget night until 30 June 2024, providing $550 million in tax relief.
The Government is also providing $1 billion for a new Technology Investment Boost to encourage small businesses to go digital.
Small businesses will be able to deduct a bonus 20 per cent of the cost of expenses and depreciating assets that support digital uptake.
Expenditure of up to $100,000 per year will be supported by this new measure, which applies from Budget night until 30 June 2023.
Essential services
“A strong economy enables the Government to guarantee the essential services Australians rely on.” Mr Broadbent said.
“Since coming to office, we have delivered record levels of funding for health, aged care, education and disability support.”
The Government has allocated $6 billion for the COVID-19 Health response, which includes support for the Governments’ Winter Response Plan to prepare for the next wave of COVID‑19 and influenza.
Infrastructure
Mr Broadbent said, “The Government is investing an unprecedented $37.9 billion in regional Australia and priority infrastructure across the nation to create jobs and unlock the economic potential in our regions, including vital local projects such as the South Gippsland Highway – Koonwarra realignment, the Cowes Cultural and Community Centre and the GSRT Railway Precincts Development in Leongatha and Korumburra.
This includes $7.1 billion for transformative investments including in the Northern Territory, North and Central Queensland, the Pilbara and the Hunter to unlock new economic frontiers of production in agriculture, low emissions manufacturing and renewable energy.
The Government has increased its 10‑year transport infrastructure pipeline to a record $120 billion with an additional $17.9 billion committed to road, rail and community infrastructure projects supporting around 40,000 jobs.
Including through its $8.9 billion National Water Grid Fund, the Government will provide a further $7.4 billion to improve Australia’s water security and open up new land for irrigation.
As well as projects in each state and territory, the Government is investing:
Keeping Australians Safe
We are living in a time of uncertainty.
The pandemic, the invasion of Ukraine and extreme weather events have and continue to cause enormous disruption.
To keep Australians safe the Government will:
Russell Broadbent, Member for Monash said, “the Budget delivers the next stage of the Government’s plan to build a strong economy and a stronger future.”
Budget documents are available at www.budget.gov.au
