Drivers, jobseekers and middle-income earners are big winners from the 2022 Budget – but state schools, the arts, and high earners have been left in the cold

Drivers, jobseekers and Freelance Web Designer Malaysia middle-income earners are big winners from the 2022 Budget – but state schools, the arts, and high earners have been left in the cold. 

Ten million Australians will get up to $1,500 back in their next tax return and another six million will get a $250 cash handout under the Government’s pre-election cash-splash Budget which will also slash petrol prices.

Australians earning less than $126,000 will from July 1 get an existing tax offset of up to $1,080 plus a bonus $420 to help manage the rising cost of living in a $4.1billion policy.

Meanwhile, a one-off payment of $250 will hit the accounts of pensioners, welfare recipients and veterans in April in a $1.5billion splash of taxpayer money.

Treasurer Josh Frydenberg hugs his children after delivering the Budget in the House of Representatives

Treasurer Josh Frydenberg hugs his children after delivering the Budget in the House of Representatives

Mr Frydenberg also gave his wife Amie a kiss after delivering the Budget

Mr Frydenberg also gave his wife Amie a kiss after delivering the Budget

Amid soaring petrol prices, the Government is spending $3billion to slash fuel duty in half for six months – saving an average household $300 over six months and families with two cars $700.

But there could be more cost of living pain on the horizon with interest rates predicted to rise from June, pushing up mortgages – and inflation set to hit 4.25 per cent, the highest in 14 years.

Treasurer Josh Fyrdenberg said the Government’s plan to help the economy recover after the Covid-19 pandemic was working, with unemployment predicted to reach 3.75 per cent in September, the lowest level since 1974.

‘Three years ago we said to the Australian people that under the Coalition, the economy would be stronger.We delivered,’ he said in his speech.

So what’s in the 2022 Budget for you? 

The budget spending will create thousands of jobs for tradies (Pictured: Sydney tradies Alline Lapruza, 32, (right) and Gleyse Silva, 26)

The budget spending will create thousands of jobs for tradies.Pictured: Sydney tradies Alline Lapruza, 32, (right) and Gleyse Silva, 26

If you’re a low or middle-income earner

Australians earning less than $126,000 will get up to $1,500 when they submit their tax returns from July 1 under a new cost of living boost announced in the Budget.

Treasurer Josh Frydenberg has introduced a one-off $420 cost of living tax offset, costing a total of $4.1 billion.

When combined with the already existing Low and Middle Income Tax Offset (LMITO) worth up to $1,080, Aussies will get back up to $1,500 after submitting their tax returns.

<div class="art-ins mol-factbox floatRHS news" data-version="2" id="mol-884a8880-af3b-11ec-a0c4-398c6233e474" website of Aussies get $420 tax cut and $250 cash handouts in Budget

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