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Highlights
- Australian federal budget is expected to be announced on 29 March.
- The FY22 budget will focus on building the economic strength of the country.
- The federal government focuses on the healthcare sector, supply chain issues, low consumer confidence.
Usually, the Australian federal budget is delivered on the first Tuesday of May. However, the budget is expected to be announced earlier than usual this time.
Treasurer Josh Frydenberg will deliver the federal budget in Parliament on 29 March.
While Morrison Government's Mid-Year Economic and Fiscal Outlook (MYEFO) delivered last year projected for a stronger-than-expected economic outlook, this time, the situation has changed as several factors have impacted the country.
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So, what to expect from the FY22 budget?
Severe economic headwinds have impacted the country from the Russia-Ukraine war, COVID-19, NSW & Queensland floods, and other related issues.
Hence, this time, the budget will be likely focus on the healthcare sector, supply chain issues, low consumer confidence.
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Meanwhile, a possible fuel tax cut is also expected with lower beer prices. The budget deficit is anticipated to be slightly lower than the AU$98.9 billion forecast in last year's update.
Meanwhile, debt is also expected to edge towards the AU$1 trillion mark. The government is further aiming to keep the tax-to-GDP ratio at or below 23.9%.
There will be further investment in defence to bring the total military spending above 2% of GDP.
Meanwhile, the budget will also include:
- Policies with respect to women's economic status.
- Funding for skills and manufacturing.
- Focusing on job generations in the region.
Also, the Australian space sector will likely get a boost to invest in local jobs, businesses, and technologies.
Bottom line
The FY22 budget will focus on economic strength to bring national security with improved service delivery and funding national security measures.
