Key Points From The 2022 Federal Budget

The Federal Budget 2022 has dropped a cash bomb to ease the number one topic on the minds of ordinary Australians: the climbing cost of living.

It includes an extra tax cut for 10 million low- and middle-income workers worth up to $420 – while fuel excise will be slashed for the next six months.

Here's what you need to know.

Firstly, from July 1 this year, more than 10 million individuals will receive a one-off $420 cost of living tax offset, meaning eligible low- and middle-income earners will be up to $1,500 better off for a single income household, or $3,000 better off for dual income household.

Additionally, the Government has committed to helping Australians most in need by providing a one-off, income-tax-exempt payment of $250 to six million eligible pensioners, welfare recipients, veterans, and eligible concession card holders in April 2022.

The fuel excise will also be slashed by 50 per cent for six months, dropping to 22.1 cents per litre, which will see prices drop at the bowser over the next two weeks.

Another major issue addressed in the 2022 Budget is unemployment, training, and job security.

To help Australians gain more highly skilled and better paying employment, the Government is investing in the following measures to expand and upskill the workforce.

On top of the $1.5 billion Modern Manufacturing Strategy announced in the 2020-21 Budget, the Government will invest a further $1 billion into the manufacturing sector.

More Australians will be trained in key skills across key industries, with $2.8 billion committed to supporting apprenticeships, building on the $13.3 billion spent on apprenticeships and traineeships since 2013.

$3.7 billion in Commonwealth funding has been committed to a new skills agreement that has the capacity to deliver up to 800,000 additional training places for Australians.

The Budget also includes $2.2 billion for a research commercialisation action plan to bring industries and universities together and develop the next generation of innovative Australian companies.

Small businesses will have access to a new 20 per cent bonus deduction for eligible external training courses for upskilling employees.

The Government is also providing $1 billion for a new Technology Investment Boost to encourage small businesses to go digital.

Federal Member for Capricornia Michelle Landry says 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 3.75 per cent in 2022, the lowest rate in close to 50 years,” Ms Landry said.

Federal Member for Capricornia Michelle Landry says the Government’s plan for a stronger future provides cost of living relief, creates more jobs, guarantees essential services, and keeps Australians safe. Photo: supplied

‍