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$vuetify.icons.faPhone1300 650 620

Federal budget 2022-2023

Federal budget 2022-2023

Supporting home ownership

This year’s federal budget has fallen at an interesting time. So close to a federal election it was anticipated that the government would leverage the budget announcements to appeal to the electorate.

However, in context of the concerns about accelerating inflation it would be imprudent to maintain the expenditure levels of the previous two years. Rather than a customary ‘pre-election budget’, the government is forced to strike a balance between ensuring adequate spending to sustain an economic recovery as pandemic supports are withdrawn, while also responding to community concerns over the rising cost-of-living.

The Australian economy has come a long way since the onset of the pandemic in 2020. During that time, we have seen a budget with crisis level spending followed by a budget focused on supporting Australia’s recovery. Funding commitments made over the last two years will see expenditure remain high for several years to come and continue to provide economic support. Stronger than expected revenues were generated over the past year, allowing the Government to focus on stabilising gross debt as a proportion of the economy while still making substantial investments in infrastructure, skills, the digital economy and energy.

Navigating the transition from the expansionary fiscal policies enacted in response to the pandemic to a focus on repairing the nation’s balance sheet will be a task for the next parliament.

 

Housing measures in the budget include:

  • Increasing the number of guarantees under the Home Guarantee Scheme to 50,000 per year for 3 years (the First Home Loan Deposit Guarantee Scheme have been renamed). Including:
    • 35,000 places for the First Home Guarantee
    • 5,000 places for the Family Home Guarantee
    • 10,000 places for the Regional Home Guarantee (new homes only)
  • Extension of the Indigenous Home Ownership Program
  • Three month extension to the Boosting Apprenticeship Commencements (BAC) and Completing Apprenticeship Commencements (CAC) wage subsidy, now ending on 30 June 2022.
  • A new Australian Apprentice Incentive System will apply from 1 July 2022 which provides a combination of financial supports for both employers and apprentices. 

 

Other measures to support business include:

  • Temporary 50 per cent reduction in the fuel excise for 6 months.
  • Small Business skills and training boost to support business train and upskill their employees.
  • Small Business technology investment boost will enable deduction of an additional 20 per cent of the cost of business expenses and depreciating assets that support adoption of digital technology.

Federal budget 2022-2023


 

Find out more about what additional support has been announced in the Federal budget for:

  • homeowners
  • the housing industry
  • business.

Download PDF

Contact us

Tim Reardon

Chief Economist

Kristin Brookfield

HIA Chief Executive - Industry Policy