KEY FORECASTS
- Budget deficit of $78 billion in 2022/23
- Commonwealth net debt to rise to $714.9 billion (31.1 per cent of GDP) in 2022/23
- Economic growth to rise by 3.5 per cent in 2022/23
- Unemployment rate of 3.75 per cent in 2022/23
- Inflation as measured by CPI to be 3.0 per cent in 2022/23
- Wages to rise by 3.25 per cent in 2022/23
KEY MEASURES
COST OF LIVING
- $420 cost-of-living tax offset for low- and middle-income earners, and a $250 cost-of-living payment for pensioners, welfare recipients, veterans and concession card holders
- Halving petrol and diesel excise for six months, delivering a saving of $300 for the average household
- From July 1, the Pharmaceutical Benefits Scheme Safety Net threshold to be reduced for general and concessional patients lowering out-of-pocket costs for medicines for 2.4 million people.
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