The October 2022-23 Budget Snapshot
The October 2022-23 budget aims to build a resilient future for Australia and focuses on implementing a budget that is responsible and suited to the current times. The Government plans to provide relief to the cost-of-living pressures and build a stronger, more modern economy. The budget outlines its aim to invest in Australia by growing our industrial base, diversifying our economy and supporting regional development.
2022-23 Budget Snapshot
Parents
$4.7 billion over 4 years to provide more affordable childcare
$531.6 million over 4 years to expand Paid Parental Leave to 26 weeks by 2026
Housing
The Regional First Home Buyer Guarantee will assist 10,000 eligible first home buyers each year in regional Australia by guaranteeing up to 15% of the purchase price
A new national Housing Accord to increase supply and deliver up to 20,000 new affordable homes
$46.2 million to expand the Defence Home Ownership Assistance Scheme
Help to Buy allows eligible home buyers to access equity contribution to buy a home with a smaller deposit and a smaller mortgage
Extending the exemption of home sale proceeds from pension asset testing by 12 months
Infrastructure
Delivering infrastructure projects including in regional areas
$1.9 billion Powering the Regions Fund to help regional industries and regional Australians access the economic benefits of decarbonisation
$20 billion of low-cost finance to upgrade our electricity infrastructure
Over $120 billion towards transport infrastructure over the next 10 years
$2.4 billion in NBN Co to expand access and $1.2 billion for the Better Connectivity for Regional and Rural Australia Plan
Training & Workforce
Investing in a better-skilled workforce with 480,000 fee-free TAFE places over the next 4 years
$50 million TAFE Technology Fund to improve TAFEs
Endorsing wage increases for the lowest-paid workers
Medicine
Reducing the cost of medicines to alleviate cost of living pressures from January 2023
$1.4 billion towards new and amended listings on the Pharmaceutical Benefits Scheme (PBS)
Supportive Investments
$474.5 million over 2 years to support students and improve classrooms
Up to $200 million per year on disaster prevention and funding for flood-affected communities
Providing $22.6 million over 4 years to assist in reducing the cost of insurance in disaster prone communities
Environment
$1.8 billion investment in strong action to protect, restore and manage our precious natural environment
$91.1 million over 6 years to clean up urban waterways and protect local species