Economy
What you should know:Much like the last budget,these figures show Australia’s economy is roaring back to life after lockdowns. The government will be crossing its fingers those wages growth forecasts are right.
Debt and Deficit
What you should know:The COVID-induced debt and deficit red ink continues and Josh Frydenberg is leaning heavily on higher revenues from the resources sector,a booming employment market and – as the budget papers state – “growing the economy to reduce debt and rebuild fiscal buffers”. It will help,over time,but the headline debt figures are still confronting.
Cost of living
What you should know:Did somebody say “election”? These cost of living measures are squarely targeted at middle Australia and the calculation is clear:Scott Morrison and Josh Frydenberg are plotting a second come-from-behind victory.
Families
What you should know:Spending targeted towards tackling domestic violence is always welcome,while new mums and dads may be pleased by the more flexible paid parental leave. But the big one here is the super-sized lamington,which will put more money in voters pockets – though not until after polling day.
Defence
What you should know:The government regularly reminds us we are living in a more uncertain world and they’re right. So more spending on defence is sensible. The trick is ensuring these promises – some of which span decades – are delivered efficiently and on time.
Infrastructure
What you should know:The headline figure is $17.9 billion in infrastructure investment in the 2022-23 budget and it’s an absolute certainty these projects will feature during the election campaign.
Health and Mental Health
What you should know:This is a steady-as-she-goes budget on the health front. It’s designed to protect the government from another “Mediscare” election campaign and contains some worthy measures but no major new commitments.
Regional Australia
What you should know:More pork,anyone? The regional ministerial budget statement lays claim to 600 initiatives,including 260 major new packages and measures “to boost regional communities and industries”. The Nationals were always going to extract a pound of flesh for supporting net zero emissions and this is it. Expect a blizzard of targeted local announcements during the election campaign.
Education,Skills and Small Business
What you should know:After “saving the weekend” at the 2019 election,the Coalition is determined to stay in tradies’ good books – and hang on to their votes.
Jacqueline Maley cuts through the noise of the federal election campaign with news,views and expert analysis.