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DB - Budget2022 Summary

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  • Josh Frydenberg announced a $2.8 billion investment to increase the take up and completion rate for apprentices providing $5,000 payments to new apprentices and up to $15,000 in wage subsidies for employers who take them on.
  • The budget will lay the foundation for reform with a $3.7 billion investment for national skills reform, supporting an additional 800,000 training places. This will ensure businesses get the skilled workers they need.
  • The budget will also reward small businesses that invest in skills and new technology. Starting tonight, for every $100 a small business spends on training employees, they will get a $120 tax deduction, helping them to become more productive and competitive.
  • There will also be backing for small businesses embracing the digital revolution. From tonight, every $100 small business spend on digital economy technologies for example cloud computing, e-invoicing, cyber security, and web design will get a $120 tax deduction. Investments of up to $100,000 a year will be supported by this new measure.
  • There will also be new funding to solve for vulnerabilities in supply chains. A new patent box for the agriculture and low-emissions technology sector. This will see income from new patents developed in Australia taxed at almost half the rate that applies to large companies.
  • A new unprecedented regional investment package that includes transformational investments in agriculture, infrastructure, energy in the NT, and north-central QLD to grow our national economy. Major investments in water projects, a new regional accelerator, telecommunications, and health. A new $7.4 billion investment in more dams and water projects to improve vital water security and expand irrigation
  • A new $2 billion regional accelerator program to invest in skills, education infrastructure, export market development, and supply chain resilience for our regions. A new $1.3 billion telecommunications package to expand mobile coverage across 8,000 km of regional transport routes, more training places for doctors at regional universities, better access to MRI machines, mental health services, and child care centers across regional and remote Aus.
  • New commitment roads and infrastructures with faster rails from Brisbane to Sunshine coast Sydney to Newcastle, metro net project, north-south corridor south Australia, great eastern drive Tasmania, and central Australian tourism roads. More than $500 million is in this budget for local councils to deliver priority projects in Australia.
  • Lastly, investments in microgrids to support regional and remote communities that don’t have access to the grid with small scale renewable energy projects like solar and wind. A low-emissions future with reliable and affordable power is critical in the government’s plan for a stronger economy.
Nour Ahmad

Nour Ahmad

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