The entitlement will expand from 20 weeks to 26 weeks in 2026-27. $531.6 million is being spent on government paid parental leave entitlements. The subsidy would be offered to families earning up to $530,000 annually. The budget included a $6.2 billion plan to remove the limits to annual Child Care Subsidy (CCS) payments, effective from July 2022. Income taxation Indirect taxation Non-taxation receipts Memorandum Expenses Expenditure $720 million is expected to be raised after a "crackdown on large companies using related-party debts to artificially reduce their local profits and tax bills". The increased price of energy is a windfall for energy exporters. The cause is higher company taxes generated by resource exports. Government revenues were $57.3 billion better than last predicted in the March budget. Total government revenue is $644 billion this financial year. This is the lowest since the early 1990s recession, aside for the drop in growth during the pandemic. Forecasts Īustralia’s gross domestic product is expected to grow 3.25% this financial year, dropping to 1.5% in the following financial year. The plan is to introduce targets next year. The initiative provides the framework that measures and reports on the quality of life for Australians, beyond the indicators of financial prosperity. The budget featured a new set of well-being measures. He warned our key trading partners faced the risk of recession. īefore the budget was delivered the Treasurer was cautioning the state of the global economy. The consumer price index had risen to 7.3% over the past year, the highest since June 1990. The budget was handed down during a period of high inflation. It was the second budget to be handed down in 2022, with the preceding budget being delivered in March by the prior government. It was the first budget to be handed down by the Australian Labor Party since their election to government at the 2022 federal election. The budget was presented to the House of Representatives by Treasurer Jim Chalmers on 25 October 2022. The October 2022 Australian federal budget was the federal budget to fund government services and operations.
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