Budget 2022: By the numbers
In a budget that’s big on spending, there’s plenty of money to go around. Here are all the key figures and forecasts in the 2022-23 budget.
The 2022-23 expected deficit: $78 billion.
Deficit as a percentage of GDP: 3.4%.
Three-year forecast of deficit as a percentage of GDP: 1.6%.
Unemployment rate: 4%.
Australia’s employment rate increase relative to pre-pandemic levels: 3.1%.
United Kingdom’s employment rate increase relative to pre-pandemic levels: -1.3%.
The last time the Australian unemployment rate was lower than at present: 1974.
Total support for flood-affected communities: more than $6 billion.
Inflation rate forecast for 2021-22: 4.25%.
Inflation rate forecast for 2022-23: 3%.
Inflation rate forecast for 2023-24: 2.75%.
Saving per litre owing to the halving of the fuel excise: 22c a litre.
One-off cost of living tax offset for lower- and middle-income earners: $420.
Number of Australians who will receive the tax offset: more than 10 million.
One-off cost of living payment for pensioners, carers, veterans, job seekers and concession card holders: $250.
Number of Australians who will receive the cost-of-living payment: 6 million.
Forecasted increase in the Wage Price Index from June 2021 to June 2022: 2.75%.
Forecasted increase in the Wage Price Index from June 2022 to June 2023: 3.25%.
Defence spending across the next decade: $575 billion.
Spending for Australia’s intelligence and cyber capabilities: $9.9 billion.
Defence spending as a percentage of Australia’s economy: more than 2%.
Mental health investment in the 2022-23 budget: $547 million.
Mental health and suicide prevention investment in the 2021-22 budget: $2.3 billion.
Total number of new drugs listed on the PBS by the Coalition government: 2800.
Aged care spending in the 2022-23 budget: $29.8 billion.
Aged care spending in the 2012-13 budget: $13.3 billion.
Investment to end violence against women and children: $1.3 billion.
How often Australian women are killed by their current or former partner: one every 11 days.
This article was first published by Crikey.
