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5 Point Friday

Posted on April 1, 2022 by admin

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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This publication has been prepared solely for the information of the particular person to whom it was supplied by Phillip Capital Limited (“PhillipCapital”) AFSL 246827. This publication contains general securities advice. In preparing the advice, PhillipCapital has not taken into account the investment objectives, financial situation and particular needs of any particular person. Before making an investment decision on the basis of this advice, you need to consider, with or without the assistance of a securities adviser, whether the advice in this publication is appropriate in light of your particular investment needs, objectives and financial situation. PhillipCapital and its associates within the meaning of the Corporations Act may hold securities in the companies referred to in this publication. PhillipCapital believes that the advice and information herein is accurate and reliable, but no warranties of accuracy, reliability or completeness are given (except insofar as liability under any structure cannot be excluded). No responsibility for any errors or omissions or any negligence is accepted by PhillipCapital or any of its directors, employees or agents. This publication must not be distributed to retail investors outside of Australia.

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