As inflation continues to rise, so does the impact on the economy.

Treasurer Jim Chalmers announced the Federal budget on Tuesday afternoon which is aimed to address the skyrocketing cost of living pressures on families and individuals which has increased significantly since the last budget in March.

Here are the key takeaways from the 2022 – 23 Federal Budget.

Infrastructure

• The Government is delivering on its election commitments as part of the more than $120 billion pipeline of investment in transport infrastructure over the next 10 years. This includes $250 million to expand the Local Roads and Community Infrastructure Program.

Households

• The new national Housing Accord has an aspirational target of one million new, well-located homes to be delivered over 5 years from mid-2024 as capacity constraints are expected to ease.
• Under the Accord, the Government will provide $350 million over 5 years, with ongoing availability payments over the longer term, to deliver an additional 10,000 affordable dwellings.
• The new national Housing Accord builds on the Government’s $10 billion investment to establish the Housing Australia Future Fund. Returns from the Fund will be used to build 30,000 new social and affordable dwellings over 5 years.
• The $224.3 million Community Batteries for Household Solar Program will assist up to 100,000 households in reducing their power bills by delivering up to 400 community batteries to store excess solar energy.
• The $102.2 million Community Solar Banks program will help up to 25,000 households access cheap solar-powered energy.

Education

• The Government is investing $474.5 million over 2 years to help students bounce back.
• All schools will benefit from the $203.7 million Student Well-being Boost. The Schools Upgrade Fund will provide $270.8 million to support improvements to ventilation and air quality.
• The Government is delivering 480,000 fee-free TAFE and community-based vocational education places over 4 years. As well as a $50 million TAFE Technology Fund to modernise TAFEs across Australia.

Families

• The Government is investing $531.6 million over 4 years from 2022-23 to expand the Paid Parental Leave scheme.
• In 2026, families will be able to access up to 26 weeks of Paid Parental Leave.

Health

• From 1 January 2023, the Government will decrease the maximum co-payment under the PBS from $42.50 to $30 per script, a 29 per cent reduction.
• This Budget restores the 50 per cent loading for telehealth psychiatry services in regional and rural areas.
• Total funding for the NDIS will reach $166.5 billion over 4 years, an increase of $8.8 billion. The Government will immediately invest $158.2 million for additional 380 permanent staff for the National Disability Insurance Agency.

Small Business

• The Government is providing $15.1 million to extend the tailored small business mental health and financial counseling programs, NewAccess for Small Business Owners, and the Small Business Debt Helpline.

Childcare

• The Government is investing $4.7 billion over 4 years from 2022-23 to make early childhood education and care more affordable for Australian families.
• From July 2023, Child Care Subsidy rates will increase up to 90 per cent for eligible families earning less than $530,000. Families will continue to receive existing higher subsidy rates of up to 95 per cent for any additional children in care aged 5 and under.

Women’s safety

• The Government is delivering $1.3 billion to support the implementation of the National Plan to end violence against women and children 2022-23.
• To increase support for women experiencing violence, the Government is investing $169.4 million in an additional 500 frontline community workers.

Aged Care

• The Government is providing $810.2 million for additional support for aged care providers to manage COVID-19 and $34.9 million to continue in reach testing in aged care.
• The Government will provide $2.5 billion over 4 years, to deliver on its commitments to increase average care minutes per resident and mandate that facilities have a registered nurse on-site 24/7.

Veterans

• $233.9 million over 4 years will be invested to recruit 500 additional staff to speed up compensation claims processing. With a further $87 million over 2 years to improve veterans’ access to support and services.
• To improve the welfare of veterans $46.7 million will be provided for 10 veterans’ and families’ Hubs across Australia.

Environment

• The Government is increasing funding for the Great Barrier Reef to $1.2 billion by 2030. This will accelerate and scale up reef protection and restoration activities and address gaps in the implementation of the Reef 2050.
• The Government is investing $2.6 million to restore the Climate Change Authority, introducing an Annual Climate Change Statement to Parliament.

NBN

• A $2.4 billion investment in NBN Co will extend fibre access to 1.5 million more premises, including over 660,000 homes in regional Australia.
• A further $1.2 billion in the Better Connectivity for Regional and Rural Australia Plan will enhance connectivity.