Federal Budget 2022 - Key facts for Mitchell

The Treasurer, the Hon Josh Frydenberg, recently delivered the 2022-23 Federal Budget.

The last two years have been tough for our country. Despite the challenges, Australia’s economy is strong and unemployment is at 4%, the equal lowest in 48 years.

Around 69,300 taxpayers in Mitchell will benefit from tax relief of up to $1,500 this year, made up of the $1,080 low- and middle-income tax offset and a $420 cost of living tax offset.

• Fuel excise relief to help the owners of approx. 106,000 passenger vehicles in Mitchell
• 23,800 businesses in Mitchell will be eligible for the continued asset write-off tax incentive
• Small businesses will have access to a new 20 per cent bonus deduction for training and upskilling employees – benefitting around 5,800 businesses in Mitchell

In addition to the one-off cost of living tax offset the Government is also providing a one-off cost of living payment of $250 for Australians most in need.

In Mitchell, these payments will be delivered to:

• 11,989 pensioners;
• 1,924 disability support recipients;
• 787 carers;
• 5,030 jobseekers; and
• 10,361 eligible self-funded retirees.

Together, with the recent pension increases, this will see the 11,989 pensioners in Mitchell receive more than $500 in additional support over the next 6 months, when they need it most.

The Budget also encourages small businesses, increases apprenticeships and invests strongly in manufacturing, infrastructure and regional development.  It will support Australian’s by delivering record funding for schools, hospitals, Medicare, mental health, aged care, women’s safety and disability support.

Visit www.budget.gov.au for more information.