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Federal Budget Released

April 2022

Last week, Treasurer Josh Frydenberg delivered the 2022/23 Federal Budget…can anyone smell an upcoming election?

The team at SW (Accountants and Advisors), has put together some insightful fast facts for various sectors.

Here are their key takeaways for the Property and Infrastructure sector:

  • $1.3B on offer for new apprentices in priority occupations and wage subsidies for employers who retain existing apprentices and/or take new ones.
  • Doubling the Home Guarantee Scheme to 50,000 places per year.
    • First Home Guarantee (35,000)
    • Family Home Guarantee (5,000)
    • Regional Home Guarantee (10,000)
  • Additional $2.0B for National Housing and Finance Investment Corporation to support increased loans to social and affordable housing providers.
  • Additional $17.9B for priority rail and road projects, comprising:
    • $3.6B for NSW
    • $3.5B for VIC
    • $4.4B for QLD
    • $2.3B for WA
    • $2.9B for SA
    • $662.2M for TAS
    • $538.7M for NT
    • $59.5M for ACT

Did the Budget measure up?

The property sector is facing various challenges, which this budget did little to address. Material and labour supply shortages continue to place significant inflationary pressures on current and future projects.

Increases to infrastructure spend budgets are welcome, however are likely to create opportunities to relatively few property sector participants. Additional projects will create further competition for already limited resources.

Whilst recent state government budgets have had direct impacts on the property and infrastructure sector, the federal government has not announced anything noteworthy in this budget.

You can read the full Property and Infrastructure Fast Facts here and access further Federal Budget insights, summaries and webinars here.

Thank you to the SW team for sharing their insights with us.

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