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Federal Budget 2022 – What’s in it for you? Cost of living relief, homebuyers scheme expansion, infrastructure spending


A massive cash splash is expected from tomorrow’s Federal Budget, with the government hoping to score good reviews from Australians by relieving cost of living pressures.

A cut to the fuel excise has been repeatedly suggested but not yet confirmed, with drivers feeling the pinch at the pump.

Fuel prices remain sky-high due to international factors stemming from Russia’s invasion of Ukraine, with a cut to the excise one of the few measures available to the government that would provide relief.

High petrol prices are putting drivers in the pinch at the pump. (9News)

However, not all are in favour of the move, with the NRMA’s Peter Khoury recently suggesting any excise cut would be swallowed up by rising prices.

Money raised from the excise goes toward road projects and maintenance.

Nonetheless, it’s expected the government will announce a reduction for the next six months.

And Labor is unlikely to oppose it.

“There’s a reasonable chance that there’ll be a petrol excise cut of course, and we’re unlikely to stand in the way of that,” Shadow Treasurer Jim Chalmers told Today.

First home buyers are also being courted in the Budget. (9News)

Young Australians are also set to be targeted, with the government expanding the New Home Guarantee scheme to 50,000 places.

Under the scheme, first home buyers can put up a deposit of as little as five per cent – two per cent for single parents – without having to pay lenders mortgage insurance.

Instead, the National Housing Finance and Investment Corporation guarantees part of the loan – up to 15 per cent of the property’s maximum value.

Road and rail projects are a focus. (9news)

Currently the average house price in Australia’s capital cities is over $1 million, nationwide.

Infrastructure spending is also expected to be a major focus, with the government announcing this morning $17.9 billion will be included in the Budget for projects around the country.

This will include a $1 billion fast rail link between Newcastle and Sydney, new rail connections for south-east Queensland, and $3.1 billion for a major freight hub in Victoria.

Treasurer Josh Frydenbeg will hand down the Budget tomorrow.



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