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Federal Budget 2022 - Opposition Leader's Reply

Anthony Albanese on Thursday 31st March gave the opposition Leader’s reply to the Federal Budget set out earlier in the week.

To see a detailed report on this reply and Labor’s announcements, click here or read the summary below.

Opposition Leader Anthony Albanese on Thursday night unveiled a package of major aged care reforms, including a registered nurse on duty 24 hours a day in all aged care facilities, as the centre piece of his pre-election Budget reply.

Announcing a series of measures which Labor costed at $2.5 billion, Mr Albanese said, “Tonight, I’m announcing Labor’s plan to put security, dignity, quality and humanity back into aged care.

“Put simply: to put the care back into aged care.”

The Opposition Leader said that if elected to government in the election which must be called by 18 April at the latest but is likely to be called in the next few days, Labor would implement a five-part package of aged care reform:

  • Registered nurses on site 24/7
  • More carers with more time to care.
  • A pay rise for aged care workers.
  • Better food for residents.
  • New funding, more staff and better support to the aged care sector

The election must be held by Saturday 21 May at the latest but could be called for either of the two previous Saturdays.

Labor’s five-part plan for the nation

In his speech he restated Labor’s previously announced five-part plan for the nation:

Powering Australia plan to drive investment in cheap, renewable energy. We’ll create 604,000 new jobs by 2030, with five out of every six in the regions, and lower power bills for households and businesses alike.

A Future Made in Australia – making more things here, diversifying the economy and revitalising the regions. Using our National Reconstruction Fund, we will work with business to help turn good ideas into good, secure jobs and new homegrown industries.

Investment in infrastructure, because roads, rail, ports, and high-speed broadband are the building blocks of a stronger, more connected, more efficient economy.

Labor’s plan for secure work and more opportunities for training with more university places and 465,000 fee-free TAFE places, and the creation of Jobs and Skills Australia.

Labor’s plan for cheaper child care because it’s good for productivity, workforce participation, and economic growth. And it’s good for children.

The Opposition Leader outlined Labor’s record of reform under the Hawke, Keating, Rudd and Gillard Governments. “It is only Labor that ever does the big reforms.

“So, if you vote Labor in May, you can be confident that:

“Our government will always protect Medicare.”

“Our government will keep universal superannuation strong.”

“Our government will stop the Liberals’ cuts and get the NDIS back on track.”

Child care

In a media release in conjunction with his Budget reply Mr Albanese and Amanda Rishworth, Labor’s Shadow Minister for Early Childhood Education and Development noted Mr Albanese had outlined Labor’s child care policies in his first Budget reply speech.

“In his first Budget Reply speech as Leader, Anthony Albanese announced Labor’s plan to deliver cheaper child care by increasing the maximum subsidy rate to 90 per cent for families up to $80,000, removing the annual subsidy cap, and smoothing the taper rate down more gradually from the new 90 per cent rate.

“Scott Morrison was dragged into making modest changes to the system in the 2021 Budget, which matched Labor’s policy to remove the subsidy cap and introduced a higher subsidy for families with more than one child under six – changes which meant hundreds of thousands of families missed out on more support.

“Labor will lock this higher rate in – meaning under Labor, 96 per cent of all families in the system will be better off. 1.26 million families will be better off – five times more than under the Morrison Joyce Government.

“Labor’s plan for Cheaper Child Care will:

Lift the maximum child care subsidy for one child care;

Increase CCS rates for every family with one child in care earning less than $530,000 in household income; and

Lift CCS rates for the second and more children in care.”

“Importantly, Labor’s policy extends to outside school hours and vacation care – which miss out under the Liberals.

“Labor (will) also get the ACCC to design a price regulation mechanism to drive out of pocket costs down for good, and the Productivity Commission will conduct a comprehensive review of the sector with the aim of implementing a universal 90 per cent subsidy for all families.”

As always, the Ruddicks partners and staff are here to help with any questions you may have about the above announcements or any taxation matters.


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The content of this newsletter is general in nature. It does not constitute specific advice and readers are encouraged to consult their Ruddicks adviser on any matters of interest. Ruddicks accepts no liability for errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice. This information is current as at 5 April 2022, and was published around that time. Ruddicks particularly accepts no obligation or responsibility for updating this publication for events, including changes to the law, the Australian Taxation Office’s interpretation of the law, or Government announcements arising after that time.

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