Budget October 2022-23 – Comprehensive summary

The Federal Government is to continue spending more than it earns for at least the next two years at least.

The Federal Budget estimates a deficit of $36.9 billion for 2022-23 and another $44 billion for 2023-24. While the economy is expected to grow by 3.25 per cent in 2022-23, it is predicted to slow to 1.5 per cent for 2023-24, a full percentage point lower than forecast in March 2022, a drop almost entirely due to global influences such as the Ukraine war and slowing economies, especially China.

Inflation is expected to peak at 7.75 per cent later in 2022 but is projected to moderate to 3.5 per cent through 2023-24 and return to the Reserve Bank's target range in 2024-25.

Below are the key categories of the 2022-23 budget.

Cost of Living Relief

We are providing responsible cost of living relief that doesn’t put additional pressure on inflation.

• Cheaper child care
• Expanding Paid Parental Leave
• More affordable housing
• Helping more Australians to realise their dream of home ownership
• Cutting the cost of medicines
• Getting wages moving again
• Secure and well paid jobs

A stronger, more resilient economy

Investing in the capabilities of our people and the capacity of our economy.

• Training, skills and supporting students
• Skilled migration
• Advancing gender equality
• Powering Australia
• Climate change, environment and disasters
• Investing in priority industries, infrastructure and connectivity
• Supporting small business
• Driving regional growth and backing agriculture

Responsible Budget repair

The best defence against uncertainty overseas is a responsible Budget at home

• Structural pressures on the Budget
• Managing the Budget responsibly

Paying for what’s important

By responsibly managing the Budget, we can pay for the things that Australians value the most.

• Better health care
• Securing the NDIS
• Better aged care
• Supporting our veterans
• A better future for First Nations people
• Ending violence against women

Source
budget.gov.au