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Economy

BUDGET 2022: INFOGRAPHIC

David Plank Head of Australian Economics, ANZ

Published on 29 March 2022

The Australian Federal Government has announced almost $A40 billion of new spending across the five years from 2021-22, comfortably beating ANZ Research expectations.

Importantly, more than half is set to occur in the current financial year and 2022-23. This adds to demand at a time when the economy is already strong.

You can see some the key details in the easy-to-read and easy-to-share infographic below.

"Federal Budget 2022 - 2023 at a glance

Easing cost of living
One-off $A420 tax offset for low and middle income earners, $A250 payments for concession card holders and welfare recipients and a 50 percent fuel excise discount (22c per litre).

Skills
$A3.7bn increase to funding for skills in each state/territory. Additional $A2.8bn to university related projects.

Infrastructure
$A17.9bn extra committed funding for infrastructure projects including freight, regional rail and city transport infrastructure.

Defence
An additional $A38bn to add 18.5k Defence personnel by 2040.

Tax changes
No more low middle income tax offset after 2021-22.

Water
$A7.4bn for new and expanded dam projects, including $6.6bn for water security and the establishment of a new food bowl in Queensland."
{CFINFOGRAPHIC: infogrpahic-budget.jpg}

David Plank is Head of Australian Economics at ANZ

anzcomau:article-hub/topic/economy,anzcomau:article-hub/geographies/australia
BUDGET 2022: INFOGRAPHIC
David Plank
Head of Australian Economics, ANZ
2022-03-29
/content/dam/anzcom/images/article-hub/articles/institutional/2022-03/budget-infographic-thumbnail.jpg

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