Australian 2022-23 Federal Budget: Forecasts AUD 78bln budget deficit vs. AUD 98.9bln projected in December

2021/22 GDP seen at 4.25%.
2022/23 GDP seen at 3.5%.
2022/23 Unemployment seen at 3.75%.
2022/23 inflation seen at 3%.
2023/24 inflation seen at 2.75%
Commodity prices staying at current levels for the next six months would be worth around AUD 30bln to the budget's bottom line.
From 1 July this year, over 10 million individuals will receive a one-off AUD 420 cost of living tax offset.
One‑off, income tax-exempt payment of AUD 250.
Will reduce fuel excise by 50% for 6 months. This will see excise on petrol and diesel cut from 44.2 cents per litre to 22.1 cents per litre.