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Watch: Treasurer Josh Frydenberg delivers the budget
By Latika Bourke
Treasurer Josh Frydenberg is about to deliver the federal budget.
Watch live here:
Budget 2022: Frydenberg’s pre-election cash splash
By Latika Bourke
Petrol tax cut starts at midnight
By Latika Bourke
Treasurer Josh Frydenberg is announcing his “cost-of-living” tax relief package which includes one-off $250 cash payments and a temporary halving of the petrol tax or fuel excise.
Treasurer Josh Frydenberg during the Budget speech.Credit:Alex Ellinghausen
“For the next 6 months, Australians will save 22 cents a litre every time they fill up their car,” he said.
“A family with 2 cars who fill up once a week could save around $30 a week or around $700 over the next six months.”
The fuel excise cut will take effect midnight tonight and the Treasurer said relief would flow through to the bowser over the next fortnight.
As we reported earlier, the government is announcing a new one-off $420 tax offset for around 10 million people on low and middle incomes.
And there will also be an election-year payment worth $250 given to six million Australians within the next weeks, when the election campaign is underway.
Mr Frydenberg said that payment would go to pensioners, carers, veterans, job seekers, eligible self‑funded retirees and concession cardholders.
“This will see a single pensioner receive more than $500 in additional support over the next 6 months, just when they need it most,” he said.
Josh Frydenberg unveils $78 billion deficit
By Latika Bourke
The deficit will be $78 billion or 3.4 per cent of the projected GDP for 2022‑23, Treasurer Josh Frydenberg has said in his budget speech.
Budget forecasts show this is expected to halve over the next three years.
Treasurer Josh Frydenberg delivers the federal budget.Credit:Nine
Net debt as a share of the economy will peak at 33.1 per cent in 2026.
However, Mr Frydenberg said these numbers are a testament to the Coalition’s economic management, saying the government had “drawn clear lines” when it ended the economy-wide emergency support introduced during the pandemic.
“When we did so, those opposite were quick to criticise,” he said.
“When Labor starts spending, they simply can’t stop.
“The result is higher taxes and higher interest rates.
“Only the Coalition can responsibly manage the budget and strengthen our nation’s finances,” The Treasurer said.
‘Our recovery leads the world’ says Frydenberg
By Latika Bourke
Treasurer Josh Frydenberg begins his budget speech by warning the global pandemic “is not over”, but says the Australian economy is outperforming global competitors.
“Our recovery leads the world,” he told MPs. “Faster and stronger than the United States, the United Kingdom, Canada, France, Germany, Italy and Japan.”
Treasurer Josh Frydenberg delivers the federal budget.Credit:Nine
Mr Frydenberg said that the opposition set the government the test of job security throughout the pandemic, a test he said the Coalition had passed.
“Tonight, I can confirm to the House, unemployment is at 4 per cent, the equal lowest in 48 years,” he said.
“There are nearly 2 million more Australians in work today than when we came to government.
“This budget will see unemployment go even lower, delivering more jobs and higher wages,” he said.
The Treasurer said this was “not luck” and that “our economic plan is working.”
Reports of major increase to security spending ahead of khaki election
By Latika Bourke
The ABC has just reported that the budget will include $9 billion in extra spending on national security.
Details about what that would be spent on exactly were not included in the report, but we’ll know all the details in less than 20 minutes.
Chief of the Defence Force General Angus Campbell and Prime Minister Scott Morrison announcing Australia acquire nuclear-powered submarines.Credit:Alex Ellinghausen
However, the report certainly paves the way for a khaki, cost-of-living election.
What does business want?
By Latika Bourke
Business has its wish list for what it would like to see in tonight’s budget and Jennifer Westacott from the Business Council of Australia has been blitzing the media today to outline some of those.
Earlier in his morning news conference, Treasurer Josh Frydenberg said that the unemployment rate would have a three in front of it. The unemployment rate was 4.0 per cent in February.
BCA chief executive Jennifer Westacott Credit:Alex Ellinghausen
Ms Westacott says this low unemployment is good, but poses a huge problem when it comes to labour shortages.
“If I speak to businesses, small, medium, large, they all say, ‘I just can’t get enough people,’” Westacott told the ABC on Tuesday afternoon.
“What we’re seeing is that, as that goes on projects will get delayed, restaurants or services that were going to open five days a week, only open three.”
The BCA says the government needs to invest in skills training, but also allow more skilled migrants to come to Australia because they not only fill the current gaps in the economy, but ideally transfer their skills into the local economy.
“That’s why we called for a temporary increase to the skilled migration cap to 222,000, but re-weighting it towards the skills end,” she said.
She conceded that this was not the solution to wages growth which she was a separate issue that also needed to be fixed.
What will the opposition support?
By Latika Bourke
The opposition’s treasury spokesman Jim Chalmers savaged the proposed budget ahead of its release.
“This will be a panicked, desperate, tapped-out budget from a panicked, desperate, clapped-out government,” he said at a news conference in Canberra, standing alongside Labor leader Anthony Albanese.
Shadow Treasurer Jim Chalmers.Credit:Alex Ellinghausen
But what of the measures we know about so far?
Asked on the ABC earlier, Mr Chalmers said the opposition would be open to supporting some, if not all, of the “cost of living relief” measures.
“I’ve certainly made it clear many times in the last few weeks – that we think that Australians are doing it tough, there is a lot of uncertainty, and so there is a role for genuine cost of living relief,” Mr Chalmers said.
“We’ll have a look at what’s actually proposed, we’ll respond in a responsible and constructive way, as we always do.”
Cash sweetener included in tonight’s budget
By Latika Bourke
Tonight’s budget will include a $420 increase to the tax offset that those on low-and-middle incomes can claim, writes our federal politics reporter Angus Thompson.
Thompson reports: The Sydney Morning Herald and The Age can confirm the measure will be announced by Treasurer Josh Frydenberg in Tuesday night’s budget, boosting the offset for people earning less than $126,000 a year by up to $1500 for this year.
Read more: One-off boost for tax offset in budget for low to middle incomes
Play along with Jessica Irvine’s fantasy budget
By Latika Bourke
While we watch the Treasury’s budget countdown clock, this piece just in from our senior economics writer Jessica Irvine may delight you.
Many economists had been calling for better childcare funding.Credit:
She’s had a go at delivering her fantasy budget.
Spoiler – it includes free childcare.
Read more: My fantasy budget speech, if the Treasurer was otherwise occupied
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2022-03-29 08:40:49Z
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