Business – Assisting adoption of digital technology and train and upskill employees with new tax incentives. Also providing $2.8 billion for apprentices and $2.2 billion to support Australian industries and universities to develop innovative companies and products
Economy – Budget deficit of $78 billion in 2022/23 with the deficit reducing to $56.5 billion in 2023/24, $47.1 billion in 2024/25 and then $43.1 billion in 2025/26. Economic growth to increase by 3.5% in 2022/23 then easing to 2.5% in 2023/24. The unemployment rate is expected to be 3.75% in 2022/23, continuing the same the following two years.
Migration – Maintain the 2022-23 permanent migration planned intake at 160,000. Skilled migration places will increase from the 2021-22 planning levels to 109,900, and account for about 70% of the permanent migration program.
Cost of living – $420 cost of living tax offset for low and middle-income earners with a $250 cost of living payment for pensioners, welfare recipients, veterans and concession card holders. The petrol and diesel excise will be cut in half for six months, delivering an estimated saving of $300 for the average household.
Health – $6 billion extra for COVID-19 including a winter response plan and $368 million in additional funding over five years for Medicare.
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