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Budget 2022 with Chief Economist Bill Evans

Federal Budget highlights

Responsible balance between budget repair and spending

The budget position has improved dramatically on the back of a stronger than expected economy, as the government looks for a responsible balance between fiscal repair and spending.

Federal Budget full report

In depth analysis of the Budget by our Westpac Economics team. 

Federal Budget infographic

Get a snapshot of the headline figures and policy highlights in this Westpac Economics infographic.

Key initiatives

Defence $575bn

Existing and new spending over a decade to 2029-30, including $270bn for defence capability.

Infrastructure $120bn

Additional $17.9bn in spending on road and rail takes 10-year pipeline to $120bn.

Cost of living $5.6bn

$420 tax offset for low/ middle income earners for 2021-22; $250 payment to pensioners, carers, veterans and other social assistance recipients.

Fuel excise $2.9bn

Temporary halving of fuel excise for 6 months, from 44 cents per litre to 22 cents.

Skills $2.8bn

To upskill apprentices in priority trades and streamline pathway for employers and apprentices.

Home ownership

50,000 places made available for home guarantee scheme. Also, super saver scheme max release increased to $50,000.

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Things you should know
*For each key initiative, cost is for the five years from 2021/22 to 2025/26 inclusive, unless otherwise stated.
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