BUDGET HIGHLIGHTS: key priorities at a glance

David Plank

Head of Australian Economics at ANZ

The Australian Government has delivered its 2022-2023 Federal Budget, focusing on “reprioritisation” and a start to budget repair in a difficult economic environment.

With household spending slowing and cost of living on the rise, relief comes in the form of childcare subsidies, disaster-related spending, amended medication subsidies and more.

You can see all the details in our easy-to-read infographic below.

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Federal Budget October 2022-23 At a glance Families $A4.7bn to make childcare more affordable and $A531.6m to extend paid parental leave to 26 weeks. Health $A1.4bn for extra subsidies on the Pharmaceutical Benefits Scheme and $A2.5bn for aged care reforms. Environment $A3bn for disaster recovery from the recent floods and a $A1.9n net-zero transition fund for the regions. Jobs & Skills 480k free TAFE and vocational education places and a 35k increase in the permanent migration cap in 2022-23. Housing $A350m of funding over five years to deliver an additional 10,000 affordable homes. Infrastructure $A8.1bn to deliver key infrastructure projects including the suburban Rail loop and the Bruce Highway.

David Plank is Head of Australian Economics at ANZ

The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.

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