BUDGET 2022-23: COST OF LIVING RELIEF
The Liberal Nationals Government is delivering immediate cost of living relief for families and businesses across our region.
As part of Budget 2022‑23, from midnight tonight, the Federal Coalition Government will reduce fuel excise by 50 per cent for 6 months. This will see excise on petrol and diesel cut from 44.2 cents per litre to 22.1 cents per litre.
Federal Member for Lyne Dr David Gillespie said the excise cut would flow through to the petrol bowser over coming weeks.
“The Government is introducing a new temporary cost of living package to take the pressure off household budgets,” Dr Gillespie said. “This is targeted and responsible support, just when local families and small businesses need it.”
• One-off Cost of Living Tax Offset - From 1 July this year, more than 10 million individuals will receive a one-off $420 cost of living tax offset. As a result, eligible low- and middle-income earners will be up to $1,500 better off for a single income household, or $3,000 better off for dual income household.
• One-off Cost of Living Payment - To help Australians most in need, the Government is providing a one-off, income-tax-exempt payment of $250 to 6 million eligible pensioners, welfare recipients, veterans and eligible concession card holders in April 2022.
• Temporary fuel excise relief - The Government will reduce fuel excise by 50 per cent for 6 months. This will see excise on petrol and diesel cut from 44.2 cents per litre to 22.1 cents per litre. The reduction in excise will flow through to lower petrol prices over the next two weeks, as petrol stations replenish their stocks.
As part of Budget 2022‑23, the Government is:
• providing temporary and targeted cost of living relief for households and tax relief for small businesses,
• delivering more jobs and working towards an unemployment rate below 4 per cent,
• making record investments in health, education and other essential services,
• building roads, rail, dams and the renewable energy technology that we’ll need for our future, and
• investing in stronger defence, borders and security.
Jobs
More Australians are in work than ever before and the unemployment rate is now forecast to reach 3¾ per cent in 2022, the lowest rate in close to 50 years.
The Government is investing in measures to expand and upskill the workforce to secure the workers we need now and for the future.
This will also help Australians into more highly skilled and better paying jobs.
• We have committed $2.8 billion to support Australian apprenticeships, building on the $13.3 billion spent on apprenticeships and traineeships since 2013.
• The Government has committed $3.7 billion in Commonwealth funding for a new skills agreement, which has the capacity to deliver up to 800,000 additional training places for Australians.
Backing small businesses
Small businesses will have access to a new 20 per cent bonus deduction for eligible external training courses for upskilling employees.
The Skills and Training Boost will apply to expenditure incurred from Budget night until 30 June 2024, providing $550 million in tax relief.
The Government is also providing $1 billion for a new Technology Investment Boost to encourage small businesses to go digital. Small businesses will be able to deduct a bonus 20 per cent of the cost of expenses and depreciating assets that support digital uptake.
Expenditure of up to $100,000 per year will be supported by this new measure, which applies from Budget night until 30 June 2023.
Essential services
The Government has allocated $6 billion for the COVID-19 Health response, which includes support for the Government’s Winter Response Plan to prepare for the next wave of COVID‑19 and influenza.
• $3.0 billion over five years for cheaper medicines to support a healthier Australia.
• $1.3 billion to support delivery of the next National Plan to End Violence against Women and Children 2022-32.
• $165.0 million for wellbeing programs and $104.2 million for health services to support veterans and families
Budget documents are available at www.budget.gov.au