Australia's Albanese government has taken office for five months, and the first federal budget for the 2022-23 fiscal year was submitted. This is the first budget for Labor in the past 10 years. Below, Xinghan editor will take you to take a look at the more important positive parts of this new budget. Maybe there will be surprises.
About immigration policy
1. The permanent immigration visa quota increased by 35,000, from 160,000 to 195,000, "to deal with the serious shortage facing the Australian economy"
2. The visa review was increased by 36.1 million Australian dollars, supporting 500 staff members to speed up the resolution of a large number of trials in the next 9 months
3. The term of employment rights after graduation (485 visa) for international students increased:
- bachelor's degree graduation increased from 2 years to 4 years;
-master's degree increased from three years to 5 years;
-doctoral degree increased from four years to 6 years;
4. The Labor government will also give AUD 42.2 million in additional assets to speed up visa solutions and reduce visa backlog.
About economic operation
1. In the second quarter of this year, the inflation rate rose to 6.1%. RBA predicts that the consumer price index will peak at 7.75% this year.
2. Central Bank has raised interest rates for six consecutive months, and the current official cash rate is 2.6%.
3. As of June, wage growth rate has risen to 2.6%, the highest level since September 2014, but is still far below inflation.
4. The unemployment rate remained at 3.5% in September.
5. The GDP is expected to grow by 3.25% in 2022.
Regarding education,
1. It is estimated that 485.5 million will be allocated within two years, adding 20,000 university places to students in low social and economic environments or rural and remote areas.
2. The plan is to invest 1.1 billion yuan to increase 180,000 free vocational education TAFE quotas, which will be half-financially funded by the federal government, states and various fields.
Regarding infrastructure
, a total of 9.6 billion yuan will be allocated in this regard.
.122 billion was used for the Victoria suburban railway ring line, and 330 million was used for road engineering construction.
2685 million Australian dollars allocated to Tasmania, and 585 million yuan was used to upgrade the Bass Expressway, Tasman Expressway and the East and West Tama Expressways.
.367 billion AUD was allocated to Western Australia, of which $125 million was spent on electric bus charging infrastructure.
4147 million AUD to Queensland, of which 800 million is used for major upgrades to Bruce Highway (Bruce Highway).
566 million AUD 0.566 billion AUD 60 million was allocated to South Australia, of which AUD 60 million was used to build South Expressway ramps on Majors Road in South Australia, and to remove the level crossing of Marion Road and upgrade the road surface of the ramp.
.625 billion Australian dollars allocated to Northern Territory , mainly including road renovation and provincial projects.
.61 billion AUD is allocated to NSW, of which 300 million AUD is used for the construction of Sydney western pavement and 500 million AUD is used to connect Sydney, Central Coast and the initial development of Newcastle Railway.
There is about tax expenditure
1. Labour Party refused to cancel the former government's third phase tax cut plan, canceling the 37% marginal tax rate , and reducing the 32.5% marginal tax rate to 30%. This means that when the plan comes into effect in 2024-25, the annual salary of about 600,000 high-income people will increase by AU$9,075.
2. The government revenue and expenditure in 2021-22 are better than forecast, with the basic cash deficit of AU$32 billion, accounting for 1.4% of the GDP (GDP). The deficit is predicted to reach nearly 80 billion in March this year. The government bonds reach AU$1 trillion, and the GDP interest expense will increase by 14% each year, and the cost of repaying principal and interest will become higher and higher.
4. In the next four years, hospital expenditures will increase by 6.1% each year, elderly care expenditures will increase by 5.5%, and defense expenditures will increase by 4.4%. The National Disability Insurance Plan (NDIS) will increase by 12.1%.
Regarding living expenses
1. Reconstruction after destructive floods in Victoria, New South Wales and Tasmania will cost “billions”
2. The government completed the policy of reducing fuel tax before the cancellation at the end of September, which will generate 30 billion Australian dollars in revenue within six months.
As can be seen from the above, in the fiscal budget, the Labor government confirmed a number of policy adjustments, and these changes are closely related to everyone living in Australia!
What do you think about this fiscal budget? Welcome to leave a message for discussion.
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-