Australian Treasurer Josh Frydenberg hands down his fourth budget. Source: AAP / LUKAS COCH/AAPIMAGE

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Migration, cost of living and climate change - all the key reactions to the federal budget

Josh Frydenberg handed down the federal budget on Tuesday night.

Australian Treasurer Josh Frydenberg hands down his fourth budget. Source: AAP / LUKAS COCH/AAPIMAGE

Published 29 March 2022 7:00pm

Updated 29 March 2022 10:20pm

Source: SBS News

Unemployment tipped to fall to 3.75 per cent, treasurer says

Mr Frydenberg said the nation’s unemployment rate, currently at four per cent, is "the equal lowest in 48 years".

Unemployment is tipped to fall even further, to 3.75 per cent in the September quarter of 2022.

"There are nearly two million more Australians in work today than when we came to government. More women in work than ever before," Mr Frydenberg said.

“This budget will see unemployment go even lower, delivering more jobs and higher wages. This is not luck. Our economic plan is working.

“JobKeeper saved 700,000 jobs. HomeBuilder helped more than 100,000 Australians into a home.

"Taxes are lower for more than 11 million Australians and 3.6 million small businesses and sole traders.

"Our AAA credit rating maintained. This is our record.”

29 Mar 2022 7:46pm

The fuel duty cut will cost $3 billion

29 Mar 2022 7:46pm

Fuel duty to be cut in half from midnight

As the cost of fuel soars past $2 per litre, drivers can expect some relief from high prices, with the government halving the excise duty for petrol and diesel from midnight tonight for a period of six months.

This means a saving of 22 cents per litre at the bowser for drivers, which will come at a cost of $3 billion to the nation’s underlying cash balance. The government says the excise cut will deliver an average benefit of around $300 to households with at least one vehicle.

Treasurer Josh Frydenberg argued that the cut to the fuel excise will help families and put “downward pressure on inflation”.

“This is a temporary measure, it’s only there for six months … but it will provide cost of living relief now,” he told reporters.

The consumer watchdog says it expects retailers to “pass on the cut in fuel excise to reduce the price at the bowser as soon as possible”.

“In light of today’s announcement, our petrol team will focus on this price monitoring work for the next six months to determine how retailers are passing through the excise reduction to consumers,” ACCC chair Gina Cass-Gottlieb said.

“We will contact petrol retailers to set out our clear expectations that the savings are passed on to consumers and advise them that we will be monitoring their margins.”

29 Mar 2022 7:30pm

What is the federal budget?

Treasurer Josh Frydenberg will deliver the federal budget in the House of Representatives at approximately 7:30pm (AEDT) tonight.

The budget is the federal government’s annual statement of how it plans to raise and spend money. As the Parliamentary Education Office explains, it is a collection of financial documents that detail the government’s assessment of the national economy and its policy priorities for the coming year.

The budget documents are prepared and presented to the Parliament by the treasurer and the treasury department. The treasurer then works with other ministers to develop budgets for each government department. Cabinet must approve the budget before it is introduced to Parliament.

The treasurer usually hands down the budget in May, when it is presented to Parliament. But this year, with a looming federal election, that has been brought forward.

29 Mar 2022 7:25pm

Welcome to SBS News’ federal budget live blog

Good evening and welcome to SBS News’ live blog of the 2022-23 federal budget.

Treasurer Josh Frydenberg will unveil his fourth budget for the Coalition at 7:30pm (AEDT) tonight - and we’ll be here to steer you through.

Later, SBS World News will have you covered with a budget special from 10:30pm.

SBS News in Arabic will have full analysis tomorrow,

streaming live from 8pm

or you can watch it back anytime

on SBS OnDemand

.

SBS News in Mandarin will also have analysis tomorrow

from 8:30pm

or anytime on

SBS On Demand.

While we wait, we’ll bring you up to speed with everything we know so far about this year’s budget, and why it matters with the upcoming election.