That is what the Labor Government has promised of its 2022-2023 plan released on Tuesday.
While the government’s claims the budget will ease cost of living pressures has been refuted by many organisations and spokespeople, it maintains the budget is designed to respond to challenges created by the COVID pandemic, a substantial global economic slowdown, high inflation and rising interest rates.
“The nation is facing widespread skills shortages and falling real wages, and a
budget burdened by one trillion dollars of debt and persistent structural deficits,“ the government stated in its budget papers.
“The government's plan is focused on responding to these challenges and building a better future for all Australians.
“This budget delivers on the government's commitments by providing responsible cost-of-living relief; building a stronger, more resilient and more modern economy; and repairing the budget to pay for what's important.”
Key budget commitments highlighted by Labor in these areas are as follows.
Cost-of-living relief
- $4.7 billion over four years to deliver cheaper child care for 1.26 million families.
- $531.6 million over four years to expand Paid Parental Leave to 26 weeks by 2026.
- More affordable housing, including through a new national Housing Accord which brings together governments, investors and industry to boost supply and deliver up to 20,000 new affordable homes.
- $787.1 million over four years to reduce the general patient co-payment for treatments on the Pharmaceutical Benefits Scheme from $42.50 to $30 per script.
- Supporting wage increases for our lowest paid workers and getting wages moving again.
A stronger, more resilient and more modern economy
- Delivering 480,000 fee-free TAFE places and a $50 million TAFE Technology Fund to modernise TAFE campuses.
- Providing 20,000 additional university places for disadvantaged Australians.
- $474.5 million over two years to support student wellbeing and improve classrooms.
- Supporting women's workforce participation and advancing gender equality.
- Boosting the Work Bonus income bank to give older Australians the option to work and keep more of their pension.
- A Powering Australia Plan to drive investment in cleaner, cheaper energy, including $20 billion of low-cost finance under Rewiring the Nation to upgrade our electricity infrastructure.
- Acting on climate change and a $1.8 billion investment in strong action to protect, restore and manage our precious natural environment.
- Up to $200 million per year on disaster prevention and resilience initiatives through the Disaster Ready Fund, as well as additional funding for flood affected communities and extra staff to quickly get Australians the support they need.
- Establishing the $15 billion National Reconstruction Fund to support a future made in Australia.
- More than $120 billion of investment in transport infrastructure over the next 10 years.
- $2.4 billion in NBN Co to extend fibre access to 1.5 million more premises and $1.2 billion for the Better Connectivity for Regional and Rural Australia Plan.
- Protecting our farmers from pests and diseases such as foot-and-mouth disease.
Repairing the Budget to pay for what's important
- $28.5 billion in budget improvements, including spending reductions, re-prioritisations and strengthening the fairness and integrity of the tax system.
- Returning 99 per cent of upgrades to tax receipts to the budget and offsetting nearly all policy decisions across this year and next.
- $235 million to commence the rollout of Urgent Care Clinics and $750 million set aside for the Strengthening Medicare Fund.
- New investment of $3 billion to deliver better aged care.
- Preparing for the referendum to enshrine a First Nations Voice to Parliament in the Constitution.
- Begins the task of restoring the NDIS and securing its future.
- $1.7 billion over six years to support women’s safety.
- Deepening relationships with our Pacific family and across our region.
- Equipping defence to respond to global and regional security challenges, with funding for defence rising to more than two per cent of GDP over the forward estimates.
- Ensuring the integrity and security of Australia's borders.
- Establishing a National Anti-Corruption Commission to restore trust and integrity in government.
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