Wednesday 30 March 2022

Federal Budget 2022

The 2022/2023 Federal Budget was handed down last night, Tuesday 29th March 2022, with the theme of building a stronger nation running through it.  The 'Government's economic plan' is aimed at helping 'Australia weather the biggest economic shock since the Great Depression.'

From the shocking bush fires of 2 years ago, through Covid-19 for the past 2 years (and foreseeable future) and the recent catastrophic flooding through South East Queensland and Northern New South Wales, the Nation, and its businesses, have been put through the ringer.

The unprecedented staff shortages and absenteeism from these events is having a serious affect on businesses growth and profitability.

The Government is responding by helping businesses build a stronger, more resilient foundation through providing investment in training,  IT and taking on apprentices.

Money is also being heavily invested in the tourism industry to help it recover from the effects of Covid-19.

The Budget also recognises home ownership is becoming more out of reach for everyday people and is investing in initiatives so that homeowners can 'achieve their dreams sooner.' This will have a positive knock on effect for the housing industry.

On a positive note for everyone, a reduction in the fuel excise tax will see money being saved at the petrol pump which hopefully can then be reinvested back into the economy!

 

For more detailed Budget initiatives, please visit the Federal Government's website: https://budget.gov.au/