ANALYSIS: 'The government hopes that if it can't buy your love, it can at least rent it for a while because there's an election coming up and it wants to win.' Political Editor CUhlmann gives his immediate reaction to Budget2022. 9News
is headlined by a cost-of-living package that includes a one-off $250 payment to six million Australians, a $420 saving for more than 10 million taxpayers and a slashing of the fuel excise in half for six months.said “events abroad are pushing up the cost of living at home” as he announced “temporary, targeted and responsible” financial support.
Low- and middle-income earners will get $420 in relief at tax time, on top of the up to $1080 they will save from the extension of the existing offset. Unemployment is forecast to plummet to 3.75 per cent in the September quarter, the lowest rate for almost 50 years.“Drought, fire, floods. A global pandemic for which there was no playbook.The Budget papers say the Federal Government is expecting to spend more than $6 billion on disaster relief and recovery from the recent floods in Queensland and NSW.The tax cut – officially called a “one-off cost of living tax offset” in the Budget papers – applies for those earning below $126,000.
It allows aspiring homeowners to buy into the market with a deposit of two per cent for single parents and five per cent for first homebuyers. Altogether, the government has forecast the new deductions will bring a collective $1.6 billion of tax relief to small businesses.The Budget for women
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