2022 Federal Budget “disappointing” says G21

THE Morrison government’s pre-election ‘cost of living’ budget has received a lack lustre endorsement from the regions most powerful lobby, the Geelong Region Alliance describing it as “disappointing for G21 communities.”

Headline budget measures designed to provide short term relief on day-to-day expenses include halving the fuel excise for six months, saving drivers 22 cents a litre, $250 one off payments to welfare and pension recipients, veterans, eligible self-funded retirees and $420 to Australians earning less than $126,000 a year next time they lodge their tax return.

For those looking to get into the housing market, the first home buyers grant has been extended for another two years and a new Regional Home Guarantee (RHG) established, enabling first home buyers to purchase a property with five per cent deposit (two per cent for single parents), on homes valued up to $700,000 in Geelong and $500,000 for the rest of the region.

While welcoming the immediate Budget relief for hip pockets, G21 CEO Giulia Baggio is seeking a commitment to longer term cost of living solutions when the election campaign starts.

“Our communities are very car dependent and the sharp rise in petrol prices puts immediate stress on household budgets. This leaves fewer dollars to cover the rising cost of food, housing and other essentials.

“The RHG scheme is a good start but will need to be topped up to meet our region’s surging property prices and delivered on a greater scale to alleviate the affordability crisis in many of our communities.

“A lack of affordable housing is causing chronic staff shortages for our businesses and service providers. We also have 883 people experiencing homelessness and 5000 people reporting rental stress,” said Ms Baggio.

Pre-budget leaks and announcements have already revealed the government will commit further funding towards communication, transport and energy infrastructure projects in the region.

Last week an additional $480 million for the NBN was announced, helping to improve internet connections for just over 10,000 premises in the Geelong region.

Earlier this week $740 million was earmarked for the Western Interstate Freight Terminal in Truganina and $920 million for the Outer Metropolitan Ring that will connect South Rail to the Western Interstate Freight Terminal and in keeping with the federal governments gas fired recovery from COVID, the APA Group’s Southwest pipeline expansion and Lochard Energy’s Underground Gas Storage project will share in an additional $50 million investment for the sector.

While noting two other measures that will benefit the region, such as $2 billion over 5 years for the Regional Accelerator Program that will fund recycling, advanced manufacturing and defence industry projects and a $1.3 billion program to expand digital coverage on transport routes, Ms Baggio said the Budget falls short of expectations and needs for the region.

“Disappointingly, the Regional Investment Package applies only to four regions outside Victoria. As one of the fastest growing regions in Australia, G21 will be advocating in the coming election campaign for investment required to meet the pressures of a rapidly growing population.”