Federal Budget Cash Splash – Winners and Losers

With an election only a couple of months away, the campaign fuelled Federal Budget 2022-2023 offers $8.6 billion in payments, tax rebates and cuts to fuel excise.

Federal Treasurer Josh Frydenberg opened his budget speech on Tuesday night, boasting the nation’s unemployment rate, which currently sits at four per cent, "the equal lowest in 48 years". 

“Despite the challenges, our economic recovery is leading the world”

“This is not a time to change course. This is a time to stick to our plan,“ Frydenberg urged.

Australia Today's Steve Price talks to Sky News Business Editor Ross Greenwood for a breakdown of the budget

The key take-aways are:

• $b to cut the fuel excise from 44.2 to 22.1 cents per litre over 6-months
• $1.5b in a $250 one-off, tax-exempt cost-of-living payment in April for pensioners and concession card holders
• $4.1b to extend the low and middle-income tax offset, offering up to $1,500 for individuals and $3,000 for couples, over 2-years
• $1.1b for a women’s safety package focusing on women in family & domestic or sexual violence, a campaign aimed at boys and young men, and national counselling services, over 4-years
• $2.4b adding new items to the Pharmaceutical Benefit Scheme, including various cancer drugs, cystic fibrosis, Covid treatments and other chronic or terminal illnesses
• $9.9b towards Australian Signals Directorate and increasing cyber defence and attack capabilities within 10-years
• $2.4b providing RATs to concession card holders, GPs, Aboriginal Community Health centres, and remote communities
• $468.3m to implement recommendations from the Royal Commission into Aged Care Quality and Safety over 5-years 

Meanwhile, one key agenda that is not going up, is wages.

The budget instead forecasts that wages will only be marginally higher than inflation over the coming years, which in turn means that the cost of living is unlikely to ease any time soon. 

Also missing out on increased funding is the public hospital sector, despite amped-up strain during the pandemic, with campaigns to increase funding to 50-50 with state and territories, not even getting a look in. 

The arts also missed out again, with only $38.3m invested over the next 2-years after Covid ravaged the live performance industry.

Homeowners also missed out, with interest rates expected to go up.

Meantime, Prime Minister Scott Morrison is expected to call the election as soon as next week, with the Treasurer discarding claims the government was trying to buy votes in the lead-up to the election.