ADIA CEO Update - 2022-2023 Federal Budget
2022-2023 Federal Budget
Federal Treasurer Josh Frydenberg delivered the Government’s annual budget on Tuesday night. The Treasurer declared the Coalition’s budget supported a “dramatic and material improvement to the bottom line”.
In the lead-up to the federal election, the spending package focused mainly on individuals and “cost of living relief in a targeted and temporary way”. The relief measures included one-off payments and an immediate 50 per cent cut to the fuel excise, which should trickle down to the user in the next fortnight, lasting until September.
You can read the Government release on the 2022-2023 Budget in full.
With a forecast deficit of $78 billion in 22-23, the package also included some incentives for business, relevant to ADIA members.
Technology Investment Boost
The increased Instant Asset Write-off is also still available. Originally released in March 2020 until June of the same year, the purchase threshold increased from $30,000 to $150,000 (per asset) and expanded access to include businesses with aggregated annual turnover or income of less than $5B. The instant asset write-off is available until June 2023.
Read the ‘Delivering for Small Businesses’ package.
COVID-19 Winter Response Plan
The Treasurer briefly outlined the COVID-19 Winter Response Plan, including a $6 billion spend to ensure the transition to an open economy is insulated from increased cases of COVID-19 and Influenza during the colder months. The spend includes priority access to treatment for vulnerable populations, maximising access to vaccinations and testing, health system resilience, public communication, and a sizeable PPE investment for the National Medical Stockpile.
The Healthcare Package
As well as the COVID-19 strategy, the main healthcare focus on Tuesday night was the continued measures taken following the Royal Commission into Aged Care Quality and Safety, along with a substantial package for mental health support services.
Healthcare and hospitals were also a key part of the Regional Accelerator Program, outlining heavy investment in several regional areas across Australia.