Budget 2022: Sector-by-sector guide
In another big spending budget, small businesses in a range of sectors stand to benefit. Here’s SmartCompany’s sector-by-sector guide.
In another big spending budget, small businesses in a range of sectors stand to benefit. Here’s SmartCompany’s sector-by-sector guide to the budget measures that will affect your business.
Construction
The 2022-23 budget has assigned $2.8 billion to support apprenticeships, including $5,000 payments to new apprentices and up to $15,000 in wage subsidies for employers who hire new apprentices.
A number of significant infrastructure projects have received funding in this budget, largely focusing on regions and transport.
The regional investment package includes infrastructure projects in the Hunter, Pilbara, the Northern Territory and north and central Queensland. A further $7.4 billion is going towards dams and water projects, mostly towards Hells Gates Dam in Queensland.
Tourism
The tourism industry will receive only $146.6 million over three years to contribute to its recovery from the COVID-19 pandemic. The money will largely go towards marketing and support for travel agents and tour service providers.
Agriculture
Much of the funding targeting the agriculture sector is focused on strengthening biosecurity. This includes $135.6 million over five years to go towards mostly a range of biosecurity threats, but also funding for agricultural shows and trade events to promote agribusiness.
Funding is also allocated to future drought readiness, which will hopefully benefit agriculture businesses into the future.
Health
Aged care providers will receive additional funding to support their response to COVID-19 outbreaks, and $340 million will contribute to the embedding of pharmacy services to aged care facilities.
Education
While the government’s annual funding for schools stands at $25.3 billion, representing continued increase, there aren’t any additional funding announcements for the education sector.
Businesses in the tertiary sector may feel the impact of a decrease in funding to universities.
Defence
Defence companies will likely benefit from the increasing government spending on national security, with the total funding committed across the next decade a whopping $575 billion, and defence spending exceeding 2% of Australia’s GDP.
Telecommunications
The budget includes a new package to expand mobile coverage across regional routes, costing $1.3 billion.
