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March 2022 Australian federal budget

 () Australian federal budget 2022
2022–23 Australian Federal Budget
Submitted29 March 2022
Submitted byMorrison government
Submitted toHouse of Representatives
Parliament45th
PartyLiberal/NationalCoalition
TreasurerJosh Frydenberg
Total revenue$547.6 billion[1][2]
Total expenditures$628.5 billion[1][2]
Debt payment$714.9 billion[1]
Deficit$78 billion[1]
Websitebudget.gov.au
Notes: Surplus = receipts - payments - net Future Fund earnings.
Italics are estimates in the budget
‹ 2021

The March 2022 Australian federal budget was the federal budget to fund government services and operations. The budget was presented to the House of Representatives by Treasurer Josh Frydenberg on 29 March 2022. It was the ninth budget to be handed down by the Liberal/National Coalition since their election to government at the 2013 federal election, the fourth budget to be handed down by Frydenberg and the Morrison government and the last budget to be handed down by the Morrison government prior to the 2022 Australian federal election.[3][4] It was the first of two federal budgets to be handed down in 2022; a second budget was delivered in October by the successive government.

Background

Despite a surplus having been projected for 2023/24,[5] the March 2022 budget predicted a deficit as result of increasing cost of living pressures imposed due to the ongoing COVID-19 pandemic.[1]

Forecasts

Revenues

Revenue was forecasted to be $547.6 for 2022–23.[1]

Income taxation

Indirect taxation

Non-taxation receipts

Memorandum

Expenditure

Total expenditure for 2022–23 was forecasted to be $628 billion.[1][6][7][8]

Debt and deficit

Deficit

The Budget underlying cash deficit for 2022/23 was expected to be $78 billion, falling $20.9 billion from 2021/22.[1]

Debt

The Australian government's debt level was forecasted to be $977 billion for 2022–23, whilst net debt was forecasted to be $714.9 billion. Debt was forecasted to reach $1.16 trillion by the 2015/26 financial year.[1]

Opposition and crossbench response

Reception

See also

References

  1. ^ a b c d e f g h i "Budget 2022–23: Budget Strategy and Outlook" (PDF). budget.gov.au. Parliamentary Budget Office. 29 March 2022. Archived from the original (PDF) on 14 October 2022. Retrieved 30 October 2022.
  2. ^ a b "2022–23 Budget Snapshot" (PDF). Parliament of Australia. Parliamentary Budget Office. March 2022. Retrieved 30 October 2022.
  3. ^ Worthington, Brett (29 March 2022). "Cheaper fuel and one-off cost-of-living payments in federal government's pre-election budget". ABC News. Australian Broadcasting Corporation. Retrieved 30 October 2022.
  4. ^ Crabb, Annabel (30 March 2022). "The 2022 budget is the yin to 2014's yang — and just as likely to come true". ABC News. Australian Broadcasting Corporation. Retrieved 30 October 2022.
  5. ^ David Crowe & David Uren (9 May 2014). "Joe Hockey to swing axe on public sector". The Australian. Retrieved 9 May 2014.
  6. ^ "The winners and losers in a pre-election budget". Australian Financial Review. Fairfax Media. 29 March 2022. Retrieved 30 October 2022.
  7. ^ Hitch, Georgia (29 March 2022). "Federal budget 2022: Winners and Losers". ABC News. Australian Broadcasting Corporation. Retrieved 30 October 2022.
  8. ^ Martin, Sarah (28 March 2022). "Australian budget 2022: Coalition unveils $17.9bn pre-election cash splash on road and rail projects". The Guardian. Retrieved 30 October 2022.
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