Cuts and spending

Major cuts and new spending

$3 billion in the next 6 months to cut the fuel excise from 44.2 to 22.1 cents per litre, from tomorrow (March 30).
$1.5 billion this year for a $250 one-off, tax-exempt cost-of-living payment in April for pensioners and concession card holders.
$4.1 billion over the next 2 years to extend and increase the low and middle-income tax offset (LMITO) for this tax year – up to $1,500 for individuals and $3,000 for couples.
$1.1 billion for a women’s safety package over the next 4 years, including programs to help women suffering family, domestic or sexual violence, an early intervention campaign aimed at boys and young men, and national counselling services.
$2.4 billion over the next 5 years to add new Pharmaceutical Benefit Scheme items, including drugs targeting various cancers, cystic fibrosis, COVID treatments and other chronic or terminal illnesses, and a further $525.3 million to reduce the PBS safety net threshold from July 1 2022.
$9.9 billion ($589 million in the next four years) to double the size of the Australian Signals Directorate and increase cyber defence and attack capabilities within the next 10 years.
$2.4 billion in total by the end of June to provide RATs to concession card holders, GPs, Aboriginal Community Health centres, and remote communities.
$468.3 million over the next 5 years to implement recommendations from the Royal Commission into Aged Care Quality and Safety.
$2.7 billion in savings from unused fuel credits thanks to the 6 month cut to the excise.
$2.1 billion in additional receipts over the next 4 years expected from tax caught by ATO’s Tax Avoidance Taskforce.
$115 million saved over the next 4 years in by reallocating 10,000 partner visas to the skilled visa stream from July 1 2022.
$150 million in savings from the consolidated Paid Parental Leave scheme (which will fund the extension of the program to a shared 20 weeks for both partners).

Key cuts and spending by policy area